Obama continues his war on America’s middle class. The Congressional Budget Office ( CBO) has reviewed its initial estimate of the Obama 2012 budget and discovered that Obama lied – is anyone surprised? In fact the budget will add $80,000 in debt for every family they say!
Well that too is a lie!! Since over 40% of Americans don’t pay taxes the burden for every TAX PAYING family is actually closer to $116.000 and that’s a very, very low ball figure.
One thing is certain, the national debt would soar past 87% of the Gross Domestic Product
Here is Hertage.org’s take on the subject: “The Congressional Budget Office (CBO) has completed its initial review of President Barack Obama’s budget request and found that the White House significantly understated the cost of and red ink in its budget.
While President Obama claimed his budget would produce $7.2 trillion in deficits (a staggering figure) over the next decade, CBO calculated $9.5 trillion in deficits. That is more debt than the federal government accumulated from 1789–2010 combined. Overall, CBO estimates that the national debt held by the public—40 percent of GDP before the recession—would soar past 87 percent of GDP in a decade.”
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