Whats Really in the Presidents Budget
Created on April 12, 2013
President Obama claims $1.8 trillion in additional deficit reduction, including a $600 billion tax increase. But his budget actually increases taxes by $1.1 trillion and has zero additional spending reductions.
Obama’s spending reductions
Spending increase from cancelling Sequester
Additional tax increase in Obama’s budget
Obama’s claimed tax hikes
Sources: White House Office of Management and Budget, FY 2014 President’s Budget, Table S–2, “Effect of Budget Proposals on Projected Deficits,” and U.S. Treasury Department, “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals,” April 2013.