President Obama’s budget will add $7.3 trillion in new debt over the next ten years, according to an estimate from Senate Budget Committee Republicans based on information leaked or revealed by the White House.
Spending increases every year under the current federal baseline, but Obama’s budget would call for another $550 billion in addition to those scheduled spending increases.
The New York Times reported that Obama will call for $600 billion in new tax increases. Republican staff say there will be another $100 billion in revenue from the White House’s CPIU change, based on Congressional Budget Office estimates, and then another $100 billion in revenue to pay for the pre-K spending the president reportedly desires.
“We know from earlier reporting that the President’s pre-K plan could cost between $10 and $25 billion per year, so $100 billion over 10 years is a reasonable number for the first 10 year cost of the program, and the new taxes needed to pay for it,” according to Republican staff.