Inquiring minds are in awe this morning at the new deficit numbers. Proving that the leftist/progressives have never met a spending bill they could vote against, statistics show that spending went up another 9 percent:
Basic government spending rose by 9 percent in fiscal 2010, driving the country to a $1.291 trillion deficit down $125 billion from 2009, but still the second-largest hole on record, the Congressional Budget Office said Thursday.
CBO said the 9 percent rise in spending for defense, social programs, entitlements and interest on the debt was “somewhat faster than in recent years” a stark evaluation at a time when President Obama and Congress are working to convince voters they are pursuing a fiscally frugal course in Washington.
Still, the nearly $1.3 trillion deficit for fiscal 2010, which ended Sept. 30, is lower than prior projections, thanks in large part to expiring tax breaks, higher corporate tax receipts and the winding-down of the Troubled Asset Relief Program and payments to Fannie Mae and Freddie Mac.
Just think…in the last 2 years Obama and the Democrats have added almost $3 trillion to the National Debt, roughly a 23 percent increase.
Notice that second paragraph? What is one of the factors that caused the deficit to go up? Interest on the debt. Brace yourself. When interest rates go up over the next couple of years, “interest on the debt” will become the largest factor.
Also, notice how the author bundles “military spending, social programs, and entitlements” together? Yet no mention that about 50% of ‘military’ spending is foreign aide. That’s right…welfare to other countries is consider ‘military spending’.
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