By Robert Romano
When he addressed students at George Washington University on the
dire fiscal emergency facing the nation, Barack Obama attempted to lay
blame for the $1.645 trillion budget deficit at the feet of tax cuts
enacted in 2001 and 2003.
said, “we made the problem worse with trillions of dollars in
unpaid-for tax cuts — tax cuts that went to every millionaire and
billionaire in the country; tax cuts that will force us to borrow an
average of $500 billion every year over the next decade.”
There’s only one problem. It’s not true.
In 2007, with the current tax rates in place the budget deficit was
$160.7 billion, but it is projected by the Office of Management and
Budget to rise to $1.645 trillion this year. That’s a 923 percent
increase, and it is adding velocity to the growth of the $14.2 trillion
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