The Obama Budget: A Tipping Point?

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Yesterday President Obama proposed a $3.8 trillion budget for fiscal year 2011 that projects record deficits for the next decade. In announcing the plan, the president did what he does best: bash his hapless predecessor. Obama:

The fact is, 10 years ago, we had a budget surplus of more than $200 billion, with projected surpluses stretching out toward the horizon.  Yet over the course of the past 10 years, the previous administration and previous Congresses created an expensive new drug program, passed massive tax cuts for the wealthy, and funded two wars without paying for any of it -– all of which was compounded by recession and by rising health care costs.  As a result, when I first walked through the door, the deficit stood at $1.3 trillion, with projected deficits of $8 trillion over the next decade.

It is true the Republicans do not have a lot of credibility when it comes to fiscal responsibility. George W. Bush increased the size of the federal government more than any president since LBJ, with the help of GOP congresses. Nevertheless, President Obama did not mention that one of those “previous congresses” was controlled by Democrats. He omitted the fact that Democrats supported a much larger prescription drug benefit than the one that Bush ultimately signed into law. Nor did he note that he has continued to fund two wars “without paying for any of it” and seeks to maintain some of the Bush tax cuts for households making less than $250,000 a year. America’s fiscal mess is the result of decades of policies enacted by both parties. Obama says this is “a new era of responsibility.” Why can’t he take any?

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