The Hot Air in the President’s Newly Worsened Budget

The White House revised its long term budget outlook yesterday, but not in a good way-President Barack Obama tacked another $2 trillion onto America’s tab (to China). Two days ago, the U.S. taxpayer was projected to owe “only” $7 trillion (to China) through 2020; now, it’s $9 trillion.

But wait! There’s more! America’s dismal deficit is even worse than Obama is willing to admit.

Yesterday Reuters reported that Obama’s budget predictions include more than $600 billion in revenues raised from a cap-and-trade energy rationing scheme to fight so-called “global warming.” That’s a problem, because the House of Representatives in June passed a climate bill that gives away 85% of the cap-and-trade revenue that the White House was counting on in its new and unimproved budget.

So it looks as if the Obama administration needs to further revise the deficit.

Tagged as: budget, cap and trade, climate change, global warming, Obama