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Garrett: President’s budget reads like a how-to guide for debt, deficit, and taxes

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February 16,2016
the staff of the Ridgewood blog

Ridgewood Nj, Rep. Scott Garrett (NJ-05), a senior member of the House Budget Committee, released the following statement after President Obama unveiled his Fiscal Year 2017 budget proposal to Congress today:

“President Obama’s budget proposal reads like a how-to book on creating debt, raising taxes, and crippling the economy. Unfortunately, the final edition of this wildly unpopular story is full of broken budget policies that hurt New Jersey families and—spoiler alert—it still never balances. And as soon as hardworking families were starting to feel some relief at the fuel pump, the president’s budget proposes a new tax on oil that will increase costs for all Americans.

“It’s unfortunate that, after years of an underperforming economy and a nearly $20 trillion national debt, the president still feels that the best solution is more spending and higher taxes. I’ll continue to fight to rein-in wasteful spending and create a government that is efficient, accountable, and effective so everyone can have the opportunity to get ahead.”

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White House: Deficit Will Increase 20% This Year (Despite Record Tax Revenue)

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Obama-Golf

White House: Deficit Will Increase 20% This Year (Despite Record Tax Revenue)

February 3, 2015 – 12:00 PM

(CNSNews.com) – The data that the White House published with President Obama’s fiscal 2016 budget proposal yesterday indicate that the federal deficit will increase by 20 percent during this fiscal year (2015) even though the administration predicts the Treasury will bring in record revenue during the year.

According to Table S-1 in the “Summary Tables” appendix to the Obama budget, the deficit was $485 billion in fiscal 2014 and will be $583 billion in fiscal 2015—an increase of $98 billion, or 20.2 percent.

The federal fiscal year begins on Oct. 1 and ends on Sept. 30.

In fiscal year 2015, according to the Obama budget tables, the federal government will take in $3.176 trillion in tax revenue and spend $3.759 trillion.

The $3.176 trillion in tax revenues the White House estimates the federal government will bring in this year is a record in both current and inflation-adjusted dollars.

According to the White House Office of Management and Budget’s historical table that shows federal tax receipts and outlays in constant 2009 dollars, fiscal 2015 federal receipts will equal $2.8952 trillion in constant 2009 dollars.

https://www.cnsnews.com/news/article/terence-p-jeffrey/white-house-deficit-will-increase-20-year-despite-record-tax-revenue