Obama Runs Up Largest Budget Deficit in U.S. History

Obama Runs Up Largest Budget Deficit in U.S. History

March 11, 2010
Originally published in Opposing Views

“The Obama Administration has run up the largest budget deficit in
American history in February of 2010, a whopping total of $220.9
Billion in just one month. February 2010’s unprecedented total is more
than most year-long budget deficits in American history, including
2007’s year-long total of $161 Billion.”

“President Obama’s
policies would add more than $9.7 trillion to the national debt,” the
Congressional Budget Office said. That’s roughly fifteen times the cost
of the Iraq and Afghanistan Wars combined.

The president’s
healthcare proposals will add still more to the national debt, which he
is attempting to conceal through budget gimmicks. Even Democrats have
expressed alarm about their unaffordable cost. The true cost of his
healthcare plan, experts say, is at least $2.3 trillion, dramatically
increasing the budget deficit. ObamaCare would reduce medical
innovation, raise taxes, drive up insurance premiums, break campaign
promises, and increase state deficits. It would cut the quality of
care, while imposing restrictions that failed when tried at the state
level. It ignores advice from experts about how to cut costs.

In
the 2008 campaign, Obama promised a “net spending cut,” but as soon as
he was elected, he proposed massive spending increases.

Economists
and real estate experts say that a mortgage bailout program the Obama
administration spent $75 billion on has backfired and harmed the real
estate market.

The Washington Post today reports that the
administration has no plans to reform Fannie Mae and Freddie Mac. Those
mortgage giants are receiving huge bailouts (more than $125 billion and
rapidly rising) to enable them to carry out Obama’s policy of giving
billions of dollars in handouts to deadbeat mortgage borrowers, some of
whom have high incomes, and lived beyond their means.