Senate Republicans were quick to pounce on President Obama's budget, even before its (delayed) official release today. A few takeaways from their fact sheet, released moments before the budget:
- It spends $47 trillion over ten years.
- It raises taxes by $1.9 trillion.
- It spends $3.8 trillion in the next fiscal year.
- Total national debt (including both public and government held) goes to $26 trillion by 2022.
- By 2022, annual interest payments will be $1 trillion annually.
If you don't think this budget looks like it contains Obama's claimed $4 trillion in "savings," then you're not alone. So where did he get that number? It looks like the "Death Star budget" (i.e., "save" $20 trillion by not building a Death Star) has been included as well:
...over $2 trillion in savings already in law...including almost $1 trillion in “savings” from money that was never requested and never to be spent in Iraq and Afghanistan.