Ever-Increasing Budget Projections

The chart here shows two things:

(1) the Obama Administration plans on spending a whole lot of money over the next few years on all sorts of items (though apparently one of the core functions of government, national defense, will receive most of the “cuts” the administration is proposing).

(2) the Obama Administration seriously underestimated how much their goody bags of government giveaways would cost. The chart, which has been floating around since the president released his initial budget proposal a few months ago, is already out-of-date (at least the administration’s projections). According to Brian Reidl of the Heritage Foundation, the administration raised its 2009 budget deficit projection to $1.8 million. For context, Reidl says, “it took President Bush more than seven years to accumulate $1.8 trillion in debt.” We will also borrow $.45 for every dollar spent over the next fiscal year. Incredulous.

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