Headline: Obama wants to cut $17B from budget
The reality: President Barack Obama is seeking $81 billion more in spending on domestic initiatives in his record $3.55 trillion budget plan while calling on Congress to trim $17 billion worth of programs, including raising more tax revenue from the oil and gas industries.
Only in Washington can you increase spending by $64 billion and get credit for budget cuts.
Update: Now Yahoo is showing the headline "Obama seeks to trim 121 federal programs." What a joke!
UPDATE: IBD reports: Bush was ridiculed in his last budget for proposing cuts of $18 billion on 151 separate discretionary programs, but the GOP was hammered relentlessly for its supposed profligacy. Where are the critics now, as deficits are estimated to hit $4.42 trillion through 2012, and total debt will soar from 41% of GDP in 2008 to 67%?
Random musings on the world, the markets, and economy from an Austrian economics perspective.
