ARRA News Service
News Blog for social, fiscal & national security conservatives who believe in God, family & the USA. Upholding the rights granted by God & guaranteed by the U.S. Constitution, traditional family values, "republican" principles / ideals, transparent & limited "smaller" government, free markets, lower taxes, due process of law, liberty & individual freedom. Content approval rests with the ARRA News Service Editor. Opinions are those of the authors. While varied positions are reported, beliefs & principles remain fixed. No revenue is generated for or by this "Blog" - no paid ads - no payments for articles. Fair Use Doctrine is posted & used.
Blogger/Editor/Founder: Bill Smith, Ph.D. [aka: OzarkGuru & 2010 AFP National Blogger of the Year]
Contact: (Pub. Since July, 2006)
    Home Page

One of the penalties for refusing to participate in politics is that you end up being governed by your inferiors. -- Plato (429-347 BC)

Thursday, April 17, 2014

CBO: President's Budget To Nearly Quadruple Annual Interest Payments On The Debt

Today, the Congressional Budget Office released its estimation of the President’s FY15 budget plan. According to CBO’s estimate, the President’s plan will bring annual interest payments on the debt to $838 billion in one single year. That single year’s payment will be more than 82 times what we’ll spend on the FBI in that year and nearly 17 times what we’ll spend on the federal highway and road safety budget.

CBO Analysis: The President’s FY 2015 Budget
Tax-And Spend Plan Would Raise Nation’s Debt By $9.4 Trillion
The Congressional Budget Office (CBO) estimates that the President’s budget would increase the 2015 deficit to $509 billion, up 3.5 percent from the $492 billion deficit CBO estimates for 2014. Over 10 years, CBO projects that the President’s policies would result in deficits of $6.6 trillion and total federal debt of $26.1 trillion.

The President’s budget would increase deficits by $117 billion over the first five years covered by the plan, and reduce deficits by just $261 billion over the full 11 years covered by the budget projections (after equalizing costs for overseas contingency operations). In fact, deficits will not be reduced below current policy projections until 2018—after President Obama leaves office. Fully 85 percent of the net reduction in deficits will occur in 2023 and 2024, the last two years of the budget window, making it less likely that those reductions in the deficit will come to pass.

Moreover, $158 billion of the net deficit reduction in the CBO’s analysis of the President’s budget comes from the assumption that Congress will enact an immigration bill similar to the legislation that passed the Senate last year, which the House of Representatives says it will not consider. Additionally, because that money results from pension payments, it should not be double-counted towards new spending—those who paid in will draw out that and more upon retirement. Removing that phantom deficit reduction from CBO’s figures reveals that the President’s taxing and spending policies reduce deficits by only $103 billion, with all of that amount coming from tax increases.

According to JCT and CBO, enacting the President’s revenue policies would increase net taxes by almost $1 trillion ($934 billion) over the budget window, while net expenditures would be increased by $831 billion. The President’s budget calls for a total 10-year spending increase of 67 percent from today’s levels (from an annual budget of $3.5 trillion today to $5.9 trillion in 2024).

Tax increases stem primarily from proposals to limit the tax benefits of itemized deductions and exclusions ($498 billion), increases in estate and gift taxes ($96 CBO Analysis: billion), and higher taxes on tobacco products ($78 billion). Mandatory spending increases are primarily for continuing and increasing temporary refundable tax credits (accounted for as spending, $193 billion), ending current law across-the-board savings in cCBO Analysis: ertain mandatory programs ($121 billion, largely Medicare), and increased funding for education and job training ($119 billion).

CBO’s report confirms that the President would increase FY 2015 discretionary (that is, annually appropriated) spending $56 billion above the Ryan-Murray spending caps, which he just signed into law in December. In addition, the budget would provide for higher spending above the caps of almost $2 billion through proposed cap adjustments for wildland fire management and IRS tax enforcement. The President proposes increasing base discretionary budget authority by $309 billion above the current-law caps over the next five years, and by $457 billion over the next 10 years.

The budget reduces net health care spending by $125 billion over the 10 years. Medicare is reduced by $373 billion, but $228 billion of the savings are restored ($124 billion for a permanent ‘doc fix’ plus $104 billion to turn off the Medicare sequester), for a net savings of $146 billion. That amount is further reduced by $21 billion in net mandatory spending increases proposed for Medicaid and other health programs.

Because the President’s policies do little to change the nation’s dangerous debt trajectory, interest costs climb and gross federal debt continues to soar. Interest costs exceed base defense spending in 2019, just five years from now. The annual carrying cost of the national debt reaches $838 billion in 2024, almost quadruple the $227 billion cost projected for this year in CBO’s baseline. Debt reaches $26.1 trillion by the end of 2024, up $9.4 trillion from where it stood at the beginning of this budget year—and fundamentally unchanged from the $26.4 trillion it would reach in the absence of the President’s budget.

Tags: CBO, CBO Analysis, FY15, White House, President Obama, budget, quadruples, annual interest payments, on debt To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service. and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 6:00 PM - Post Link


Anonymous Tish T301 said...

Administration Liberal attitude:what the hell!It's not our money so why worry!


Post a Comment

<< Home

View U.S. National Debt

Don't miss anything!
Subscribe to the
ARRA News Service
It's FREE & No Ads!

You will receive a verification email
& must validate you subscribed!

You Then Receive One Email Each AM
With Prior Days Articles / Toons / More

Also, Join & leave conservative posts & comments on

Recent Posts:
Personal Tweets by the editor:
Dr. Bill - OzarkGuru - @arra
#Christian Conservative; Retired USAF & Grad Professor. Constitution NRA ProLife schoolchoice fairtax - Editor ARRA NEWS SERVICE. THANKS FOR FOLLOWING!

Action Links!
State Upper & Lower House Members
State Attorney Generals
State Governors
The White House
US House of Representatives
US Senators

Facebook Accts - Dr. Bill Smith
ARRA News Service
Arkansans Against Big Government
Alley-White Am. Legion #52
Catholics & Protestants United Against Discrimination
End Taxpayer Funding of NPR
Overturn Roe V. Wade
Prolife Soldiers
Project Wildfire 4 Life
Republican Liberty Caucus of Arkansas
The Gold Standard
US Atty Gen Loretta Lynch, aka Eric Holder, Must Go
Veterans for Sarah Palin
Why Vote for Hillary (Satire)
FB Groups:
Arkansas For Sarah Palin
Arkansas Conservative Caucus
Arkansas County Tea Party
Arkansans' Discussion Group on National Issues
Blogs for Borders
Conservative Solutions
Conservative Voices
Defend Marriage -- Arkansas
FairTax Nation
Arkansas for FairTax
Friends of the TEA Party in Arkansas
Freedom Roundtable
Pro-Life Rocks - Arkansas
Republican Network
Republican Liberty Caucus of AR
Reject the U.N.


Request Via
Article Comment

Links to ARRA News
A Patriotic Nurse
Agora Associates
a12iggymom's Blog
America, You Asked For It!
America's Best Choice
ARRA News Twitter
As The Crackerhead Crumbles
Blogs For Borders
Blogs for Palin
Blow the Trumpet Ministry
Boot Berryism
Cap'n Bob & the Damsel
Chicago Ray Report - Obama Regime Report
Chuck Baldwin - links
Common Cents
Conservative Voices
Diana's Corner
Greater Fitchburg For Life
Lasting Liberty Blog
Liberal Isn't Amy
Marathon Pundit
Patriot's Corner
Right on Issues that Matter
Right Reason
Rocking on the Right Side
Saber Point
Saline Watchdog
Sultan Knish
The Blue Eye View
The Born Again Americans
TEA Party Cartoons
The Foxhole | Unapologetic Patriot
The Liberty Republican
The O Word
The Path to Tyranny Blog
The Real Polichick
The War on Guns
Twitter @ARRA
Underground Notes
Warning Signs
Women's Prayer & Action

Editor's Managed Twitter Accounts
Twitter Dr. Bill Smith @arra
Twitter Arkansas @GOPNetwork
Twitter @BootBerryism
Twitter @SovereignAllies
Twitter @FairTaxNation

Editor's Recommended Orgs
Accuracy in Media (AIM)
American Action Forum (AAF)
American Committment
American Culture & Faith Institute
American Enterprise Institute
American Family Business Institute
Americans for Limited Government
Americans for Prosperity
Americans for Tax Reform
American Security Council Fdn
AR Faith & Ethics Council
Arkansas Policy Foundation
Ayn Rand Institute
Bill of Rights Institute
Campaign for Working Families
CATO Institute
Center for Individual Freedom
Center for Immigration Studies
Center for Just Society
Center for Freedom & Prosperity
Citizens Against Gov't Waste
Citizens in Charge Foundstion
Coalition for the Future American Worker
Competitive Enterprise Institute
Concerned Veterans for America
Concerned Women for America
Declaration of Am. Renewal
Eagle Forum
Family Research Council
Family Security Matters
Franklin Center for Gov't & Public Integrity
Freedom Works
Gingrich Productions
Global Incident Map
Great Americans
Gold Standard 2012 Project
Gun Owners of America (GOA)
Heritage Action for America
David Horowitz Freedom Center
Institute For Justice
Institute for Truth in Accounting
Intercollegiate Studies Institute
Judicial Watch
Less Government
Media Reseach Center
National Center for Policy Analysis
National Right To Work Foundation
National Rifle Association (NRA)
National Rifle Association (NRA-ILA)
News Busters
O'Bluejacket's Patriotic Flicks
Open Secrets
Presidential Prayer Team
Religious Freedom Coalition
Renew America
Ron Paul Institute
State Policy Network
Tax Foundation
Tax Policy Center
The Club for Growth
The Federalist
The Gold Standard Now
The Heritage Foundation
The Leadership Institute
Truth in Accounting
Union Facts

Blogs For Borders

Reject the United Nations

Presidential Prayer Team

Thousands of Deadly Islamic Terror Attacks Since 9/11

FairTax Nation on FaceBook
Friends of Israel - Stand with Israel
Blog Feeds
Syndicated - Get the ARRA News Service feed Syndicated!
ARRA Blog Feed

Add to Google Reader or Homepage

Add to The Free Dictionary

Powered by Blogger

  • To Exchange Links - Email:!
  • Comments by contributing authors or other sources do not necessarily reflect the position the editor, other contributing authors, sources, readers, or commenters. No contributors, or editors are paid for articles, images, cartoons, etc. While having reported on and promoting principles & beleifs beliefs of other organizations, this blog/site is soley controlled and supported by the editor. This site/blog does not advertise for money or services nor does it solicit funding for its support.
  • Fair Use: This site/blog may contain copyrighted material the use of which has not been specifically authorized by the copyright owner. Such material is made available to advance understanding of political, human rights, economic, democracy, and social justice issues, etc. This constitutes a 'fair use' of such copyrighted material as provided for in section Title 17 U.S.C. Section 107 of the US Copyright Law. Per said section, the material on this site/blog is distributed without profit to readers to view for the expressed purpose of viewing the included information for research, educational, or satirical purposes. Any person/entity seeking to use copyrighted material shared on this site/blog for purposes that go beyond "fair use," must obtain permission from the copyright owner.
  • © 2006 - 2020 ARRA News Service
Creative Commons License
Creative Commons Attribution Noncommercial Share Alike 3.0 Unported License.