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Monday, April 27, 2009

Clip from the Heritage Foundation

Source: http://www.askheritage.org

Obama’s First 100 Days
This week marks Barack Obama’s historic first 100 days as President. Highlights of his Presidential actions are listed below.

Impact on Spending, Debt, and Taxes

• President Obama’s $3.69 trillion budget will raise taxes on all Americans by $1.4 trillion over the next decade, and will permanently elevate federal spending to nearly 23 percent of the entire economy by 2019—a level reached only three times since the end of World War II.

• The President’s budget dumps a staggering $9.3 trillion in new debt—$68,000 per household—into the laps of America's children and grandchildren. This is more debt than has been accumulated by all previous Presidents in American history from George Washington to George W. Bush—combined.

• President Obama ordered his cabinet to identify and shave a collective $100 MILLION in administrative costs from their budgets after proposing 40,000 times that in his budget and spending bills.

• The President’s budget proposes a $646 billion cap-and-trade tax that energy companies would immediately pass on to all consumers, including those earning less than $250,000.

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