How Much has Obama really Spent?

[FarLeftFist]

Does the president really suffer from what House Speaker John Boehner calls a “spending illness”? Not according to an exclusive Newsweek-Daily Beast estimate of his outlays on new legislation since taking office.
• The Newsweek Daily Beast team found that President Obama “spent” $21 billion more on GOP-friendly tax cuts than on government programs.
• He’s laid out $884 billion for six major, immediate spending increases that aren’t offset elsewhere in the budget, from the stimulus package to Cash for Clunkers.
• But he’s made $905 billion in tax cuts, including the Bush tax-cut extension in December.
• His health-care reform will tilt his spending vs. tax-cutting equilibrium toward the former in future years.

snip

The math isn’t particularly complicated. So far, the Obama administration has pushed for six major, immediate spending increases that aren’t offset elsewhere in the budget: the American Reinvestment and Recovery Act (aka “the stimulus package”), which had a 2009-10 price tag of $340 billion, according to the nonpartisan Congressional Budget Office; the GM/Chrysler bailout and other portions of the Troubled Asset Relief Program, which have largely been paid back ($25 billion); unemployment-insurance extensions ($67 billion); COBRA extensions ($9 billion); Cash for Clunkers ($3 billion); and loans to automakers for energy-efficiency improvements ($8 billion). That’s $452 billion. Factor in $296 billion in stimulus funds that have yet to be spent and $136 billion in refundable tax credits that passed in December as part of Congress’ bipartisan tax compromise, and you wind up with $884 billion on the spending side of the equation.

snip

That’s a hefty sum of money. But here’s the interesting thing: Obama’s tax cuts have been even bigger. The first of them, $238 billion in cuts for taxpayers and businesses, came as part of the stimulus package. The second portion, $721 billion worth, arrived in December, again as part of Congress’ bipartisan tax compromise. Subtract $54 billion in forthcoming stimulus-related tax hikes, and you’ve got a grand total of $905 billion in tax cuts. In other words, Obama has slashed one tax dollar for every dollar he’s spent on government programs.

Link: http://www.thedailybeast.com/blogs-and-stories/2011-02-08/obamas-spending-exclusive-estimate-of-the-true-number/?cid=hp:mainpromo2

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The GOP lie/propaganda machine is unwinding.

[Oceansaway]

1. K&R...n/t