The White House must be jumping for joy now that it’s the first administration in history to propose spending more than $4 trillion in a single fiscal year!
According to the Office of Management and Budget (OMB), Obama’s fiscal year 2014 budget proposal projects that the federal government will spend a whopping $4.1 trillion in fiscal year 2016. And if you think that’s bad, federal spending will increase by another $2 billion in fiscal year 2017.
By our calculations, the president could buy himself at least 42 billion new sets of golf clubs with that much money!
Annual spending, however, isn’t the only record that Obama is breaking with his proposed budget. His administration is expected to collect more than $2.7 trillion in taxes this year – breaking the previous record of $2.5 trillion set under President Bush in 2007.
The OMB also projects that the Obama administration will never bring the national debt down to $458.5 billion, or the amount of federal debt the country had when he took office in January 2009. It does, however, expect the national debt to decrease from $1.1 trillion in 2012 to $9.7 trillion in 2013. Shockingly, OMB also doesn’t expect Obama’s proposal to balance the budget.
Good thing Obama and several of his cabinet members are giving back part of their salary this year “in solidarity” to those affected by the sequester!
