DON BUCKLES, Richland
On Aug. 11, the Wall Street Journal reported the White House budget plan would spend $46.959 trillion and bring in $40.274 trillion in taxes over the next 10 years. (See tinyurl.com/WSJ-Ryan).
During the Democratic National Convention, President Obama stated he would lower the national debt by $4 trillion in 10 years.
This means he must offset the $6.685 trillion shortfall reported by the WSJ and the $4 trillion reduction promised at the convention.
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Over the next 10 years, Obama must find $10.685 trillion in additional taxes or reductions in spending.
Estimates for additional revenue from ending Bush tax cuts for Americans making over $250,000 are $70 billion a year. Obama must still find $10.615 trillion over the next ten years or $1.06 trillion a year by spending less or taxing more.
In 2008, Obama said he would cut the budget deficit in half. He failed. At the convention, Bill Clinton suggested no president could have done this. Did Obama lie in 2008, or was he over his head?
Now in 2012, Obama says he will cut $4 trillion from the budget deficit in 10 years. The math is provided above. Is Obama lying again, or is he over his head? You decide.