Obama's 2014 budget numbers are based on bad math, phantom revenues, imagined spending cuts and a middle-class tax hike.Submitted by emalvini on Wed, 04/10/2013 - 09:02
Obama's 2014 budget numbers are based on bad math, phantom revenues, imagined spending cuts and a middle-class tax hike.
*White House promises $1.8 trillion in deficit reduction, although similar previous claims have been debunked
*New method of measuring cost-of-living increases will lower benefit payouts and push middle-class earners into higher tax brackets
*Speaker Boehner's spokesperson: 'Any deficit reduction will come exclusively from tax hikes'
*Administration's formula depends on cost savings from Obamacare, which may be more costly to implement than previously thought
By David Martosko
PUBLISHED: 05:11 EST, 10 April 2013
UPDATED: 05:16 EST, 10 April 2013
The Obama administration released an outline of its fiscal 2014 budget to reporters on Tuesday, forbidding its release until 6:00 a.m. Wednesday. The preview promises that President Barack Obama's budget 'reduces the deficit and puts the Nation on a sound fiscal course.'