Obama's Budget Fails to Solve the Debt Crisis Despite $2 Trillion in Tax Hikes
In 2008, publicly held debt as a percentage of the economy (GDP) was 40.5 percent, nearly four points below the post-World War II average. Since then, the debt has increased by 45 percent. The President's FY 2013 budget would increase the debt to 76.5 percent by 2022, despite $2 trillion in tax hikes.
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PERCENTAGE OF GDP
Sources: Congressional Budget Office and Office of Management and Budget.