"Spending, not entitlements, created huge deficit"
How is it that the Federal Debt is going to rise more in Obama's first four years than in Bush's eight? Well, a lot of it has to do with the recession and the counter-cyclical fiscal policies in place (economy shrinks, tax revenues drop, direct transfer payments [welfare, food stamps, unemployment, medicaid] increase). But certainly not all.
Byron York:
There is no line in the federal budget that says "stimulus," but Obama's massive $814 billion stimulus increased spending in virtually every part of the federal government. "It's spread all through the budget," says former Congressional Budget Office chief Douglas Holtz-Eakin. "It was essentially a down payment on the Obama domestic agenda." Green jobs, infrastructure, health information technology, aid to states -- it's all in there, billions in increased spending.
Labels: deficit, national debt, stimulus
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