President Obama has proposed spending $50.3 trillion over the next 10 years while only collecting $44.7 trillion in taxes. Breaking down this proposed budget gives us a clearer idea of the impact such spending could have:
- The federal debt could reach $26.3 trillion by 2025.
- The federal government will spend $15.5 trillion during Obama’s second term.
- Deficits over the next 10 years will total about $5.7 trillion if Obama’s budget plan is approved.
- There will be a total of $2 trillion in tax increases over the next decade.
- The current administration’s proposed budget includes $74 billion more in discretionary spending than allowed by the 2011 sequester agreement.
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