Obama’s budget would add $10.6 trillion in federal debt
August 3, 2012
President Obama’s budget will add almost $11 trillion to the federal debt over the next ten years, according to the ranking member on the Senate Budget Committee.
Obama’s budget, which was unanimously voted down in the House and the Senate, would increase the national debt to $25.4 trillion by 2022, according to the office of Sen. Jeff Sessions, R-Ala., which studied the update filed by Obama’s Office of Management and Budget.
Sessions’ office noted that the president’s budget is consistent with his claims that the country can “pay down our debt in a balanced way” by raising taxes on the wealthy. “[T]he President’s call for tax increases would not be used to reduce deficits, but rather to fund new spending,” his office said.