Obama’s Political Budget
Today, President Obama will release his Fiscal Year 2013 (FY13) budget. Instead of serving as the President’s reelection blueprint, the budget will be a ringing indictment of his failure on everything from deficits and spending to jobs and health care costs. House Budget Chairman Paul Ryan (R-WI) said it was a “complete political document.” If this is President Obama’s last and best attempt to change the political narrative, his presidency is surely in a crisis (though no more so than the nearly 20 million Americans without work).
Here is what we know about the budget proposal, thus far:
- predicts the fourth $1 trillion-plus deficit, and another $901 billion deficit in 2013;
- the Pentagon’s core budget drops for the first time since the 1990’s, while funding for the State Department and foreign aid would grow;
- funding for the National Institutes of Standards and Technology increases by 13% and funding for the National Science Foundation increases by 5%;
- taxes increase by $1.5 trillion;
- improving the energy efficiency of homes will carry a $6 billion price tag;
- a 50% increase in transportation spending – part of his stimulus proposal – will be paid for, in part, by gimmicky “war savings” costs; and,
- includes numerous new programs to jumpstart job creation, job training and reward unions.
Aside from the massive deficits – even in 2022 the deficit will be $704 billion – the one thing that really jumps out is the embedded stimulus. Despite Solyndra, the focus of the stimulus remains on “green” technology. The budget proposes a goal of one million electric vehicles on the road by 2015 and a doubling of so-called clean energy sources by 2035.
As budget details continue to leak out, one thing is painfully clear: the budget simply doubles down on President Obama’s failed policies.