Some of the Reasons Why the "Staggering" Federal Budget Is So Staggering
Rep. Ike Skelton (D-Mo.) calls President Bush's proposed budget "staggering," which it is. And will likely be even worse once the new majority has gone through the thing. Some highlights/lowlights via the Wash Times:
Projects revenue of $2.662 trillion and spending of $2.902 trillion, for a deficit of $240 billion.
Spends $410 million to help the Internal Revenue Service collect taxes and tweaks tax rules—which the administration says could help collect $29 billion over 10 years in unpaid taxes.
Calls for Medicare spending to rise at 6.7 percent annually over the next decade, down from the current projection of 7.4 percent, and for smaller reductions in Medicaid, for savings of $96 billion over five years.
Pushes back the start date for private accounts in Social Security another two years, to 2012—a recognition that Congress is unlikely to approve such a program any time soon.
Includes Mr. Bush's proposals for boosting alternative fuels to help decrease the use of gasoline, and his new health care proposal, which would amount to a tax cut on most Americans but a tax increase on those with the most generous health insurance plans.
Calls for slashing 141 programs, which would save $12 billion in 2008.
Awright, we'll save $12 billion on what will likely be a $3 trillion budget in just two years!. More here.