That is the proposed Obama budget for FY 2011, that is the fiscal year that begins October 1, 2010. A whopping $3.83 trillion. That staggering sum is following the $3.72 trillion for the fiscal year we are currently in. Assuming that Obama doesn’t ask for, and Congress doesn’t approve, any other spending, and assuming that tax receipts hold true to predictions, and assuming that interest rates don’t rise, the US government will show a $1.56 trillion deficit in 2010, and a $1.27 trillion deficit in 2011, bringing the national debt to about $15.2 trillion by the end of FY2011.
There are quite a few assumptions there. I am sure that something else will happen in the next two years to force the administration to spend more than predicted. After all, when has the government ever done anything under budget?
When Obama took over the presidency, we were $10.6 trillion in debt. We are now $12.3 trillion in debt. We are budgeted to be $15.2 trillion in debt by the end of next fiscal year. This is change?
I think we have reached the point of no return. There is no way we can pay back the money we owe, even if we had the will to do what is required of us, and we don’t have the will to stop spending.