Under President Obama’s Spending “Freeze,” The Debt Will Grow $4 Trillion In 5 Years
- The president’s “freeze” would continue dramatically increased spending levels at a time when we have a $1.5 trillion deficit, producing an estimated $3.8 trillion in accumulated deficits over the next 5 years. It maintains inflated levels of non-defense discretionary spending while allowing for ongoing increases in the rest of the budget.
- The “freeze” pushes us down the path to a total debt of $21.2 trillion by 2016—well over 100 percent of GDP.
- The levels locked in by the “freeze” follow the President’s 23 percent increase in total federal spending.
- At the end of 2008, debt held by the public was $5.8 trillion. President Obama’s spending “freeze” keeps us on track to double the debt by 2012 and triple it by 2018.
- President Obama’s plan spends $153 billion more on non-security discretionary spending than even his own Fiscal Commission proposes during the five-year window.
President Obama’s spending “freeze” is really just a spending spree.
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