Friday, February 27, 2009

Obama's $1 Trillion Tax Hike; Plan Will Bankrupt America

It's mind-boggling the amount of money President Obama and the Liberal Social-Crats are playing with.

It's unsustainable and will, in fact, bankrupt our nation.

From The NY Post:

WASHINGTON - Big government is back - and so are big taxes. President Obama unveiled a mammoth, $3.6 trillion budget yesterday that would dramatically boost federal spending almost across the board - and pay for it with tax hikes of $1 trillion on individuals and businesses over the next decade.

Experts immediately tagged the new president's supersized spending plan the most sweeping government overhaul since Lyndon Johnson's Great Society in the 1960s.

Marty Regalia, the chief economist at the US Chamber of Commerce, called it "the biggest return to the welfare state that we've seen in decades."

The budget would create an eye-popping $1.8 trillion deficit for the 2009 fiscal year - the highest ever in dollar terms - amounting to a 12.3 percent share of the economy, which is the largest since 1945.

The big budget - which Obama released two days after telling Congress the "day of reckoning" for past economic blunders had arrived - encompasses his key priorities, from a troop drawdown in Iraq to big new investments in health, science, and education.

Republicans immediately balked at the spending free-for-all.

House GOP leader John Boehner of Ohio said, "The era of big government is back, and Democrats are asking you to pay for it. We can't continue to pile debt on the backs of our kids and grandkids."

Senator Judd Gregg appeared on last night's "Hannity" and stated, without reservation, the Obama budget and Congressional Spend-a-thon, will bankrupt our nation.

Senator Gregg: This budget does nothing to get under control what I call the fiscal tsunami which is this huge cost that is coming at our country and specifically at the next generation to support my generation as we retire. And it will basically overwhelm our children and our grand children... Basically, it will bankrupt our country... The spending in this budget expands. In my opinion there is excessive spending on the entitlement side which is where we should have savings rather than new spending. And, of course, there is a lot of new taxes here about 1.4 trillion dollars.

Sean Hannity: Senator, you say it is going to bankrupt the country...

Senator Gregg: It is going to bankrupt the country.

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