Obama’s “Plan” Adds $8.6 Trillion to the Debt
“President Obama’s ‘Plan’ Adds $8.6 Trillion to the Debt,” the minority side of the Senate Budget Committee contends. Here’s a chart put together by the Republicans on the committee to explain how Obama’s plan adds to the debt:
The $400 billion in deficit reduction would be achieved by a $1.6 trillion tax hike, which Obama has proposed as part of the “fiscal cliff” deal.
With Obama’s latest plan, debt in 2022 is expected to be $25.4 trillion; otherwise, in ten years, it is expected to be $25.8 trillion.
“With the adoption of the Budget Control Act (which immediately raised the debt ceiling $2.1 trillion in exchange for $2.1 trillion in spending cuts over 10 years), the United States is presently on course to add $9 trillion to the gross federal debt by 2022,” write the Republicans on the Senate Budget Committee.