Yesterday, President Obama submitted his budget to Congress, and not surprisingly, the House of Representatives panned it on sight. The $4 trillion spending plan creates $2.4 trillion in new spending (i.e. debt), which is justified by tax increases.
According to Bob Unruh, the Obama Budget calls for $2.1 trillion in new taxes. That comes out to be slightly less than $6,500 in new taxes for every U.S. citizen. The new spending, combined with the new taxes, would create up to $8.5 trillion in new debt.
If fulfilled, this would more than double the U.S. national debt within the course of Obama’s presidency.