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Trump Campaign Press Release - White House Releases New Budget Report, Debt Up 9 Trillion Under Obama

July 15, 2016

"President Obama's final federal budget request calls for more of the same failed policies that lead to slow growth-higher taxes, higher spending, and less freedom. The labor force is 14 million smaller from Americans leaving the workforce under Obama policies. A Clinton presidency would surely continue this policy mix, with the same result. A Trump presidency would put in place strong growth policies that would lower taxes while lowering deficits, and promote strong wage growth for all Americans." - Dan Kowalski, Senior Advisor for Budget Policy

President Obama today released his final Mid-Session review of the federal budget, his final wish list for the future trajectory of federal taxes, spending, and debt. The report uses glowing tones - an "engine of economic expansion" - but describes a disaster in terms of growth and government debt. Noteworthy findings include:

  • The Obama administration forecasts economic growth of only 2.2 percent this year, down 0.5 percent from projections made just 6 months ago.
  • The long-term outlook has been reduced to only 2.2% per year. That's a continuation of the weakest economic recovery on record. Due to the slow recovery, the U.S. economy has already suffered an $8 trillion reduction in GDP compared to a normal recovery.
  • Obama/Clinton tax increases total $3 trillion over the next 10 years, including additional job-killing taxes on energy production, large and small businesses, and individuals.
  • President Obama even calls for a 7 percent increase in wasteful Washington non-defense discretionary spending after he leaves office next year.
  • Debt under the Democrat policies soars from $19 trillion today to almost $27 billion ten years from now - and the Obama administration calls that an accomplishment.
  • President Obama has operated for almost eight years without caring much about the budget. He will have added more debt than all the previous presidents combined.

Donald J. Trump, Trump Campaign Press Release - White House Releases New Budget Report, Debt Up 9 Trillion Under Obama Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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