Obama’s hypocrisy reached levels unseen before at an event in the White House touting PAYGO, the principle that tax cuts or entitlement programs be paid for and not add to the deficit.
Mark Knoller from CBS News tweeted the following this afternoon:
Obama calls on Congress to enact PAYGO requirement so that “Congress can only spend a dollar if it saves a dollar elsewhere.”
Obama tells East Room event: “Paying for what you spend is basic common sense. Perhaps that’s why, here in Wash., it has been so elusive.”
Now, I give you news from March 21st:
In a new report that provides the first independent analysis of President Barack Obama’s budget request, the nonpartisan Congressional Budget Office predicted that the administration’s agenda would generate deficits averaging nearly $1 trillion a year over the next decade – $2.3 trillion more than the president predicted when he unveiled his spending plan just one month ago.
10 trillion dollars.
So how could this grandiose new debt coincide with Obama’s advocation of “paying for what we spend”?
If he is true to his word, Obama must raise taxes.
Here is your moment, Obama fans. We now have a quantifiable test of what kind of man President Obama really is.
Thanks to his own actions, he will have drastically increased our debt by $10 trillion. Now, he challenges Congress to pay for what we spend.
If this is the case, then Obama is advocating increasing taxes for every American by $32,894 over the next 10 years to pay for his budget.
That’s $3,289.40 per year.
Interestingly enough, the National Energy Tax that Obama has proposed, otherwise known as Cap and Trade, would increase taxes by $3,100 on every family.
UPDATE: Update from Knoller states that Obama’s plan will only go for cutting taxes and entitlements. It does not apply to discretionairy spending.