The proposals outlined in President Barack Obama’s 2014 State of the Union address would cost taxpayers at least $40 billion, according to an analysis by the National Taxpayers Union Foundation.
““Even though the President largely reiterated or reframed issues that have long been on his party’s current agenda, the proposals for new federal expenditures he outlined last night would still add up to a hefty price tag,” said Demian Brady, Director of Research at the National Taxpayers Union Foundation. ”Moreover, his push for new mandates, regulation, and tax hikes, particularly on energy, will give taxpayers and business owners plenty to be wary of.”
Of the 29 proposals outlined in the speech by President Obama, only one would reduce spending, according to the analysis, while 12 would increase spending. The costs of 16 proposals couldn’t be quantified.
The most costly proposal outlined by President Obama was the Senate version of immigration reform — the Border Security, Economic Opportunity, and Immigration Modernization Act — which would cost $20.2 billion each year. Extention of federal unemployment benefits was the second-most costly item, at $12.8 billion.
President Obama’s universal pre-K proposal is would cost $3.5 billion each year, making it the third-most costly item in his State of the Union address.
The only proposal that would cut spending is the FHA Solvency Act, a measure that President Obama supports. This bill, which would protect taxpayers from bearing the cost of another housing crisis, would reduce federal outlays by $103 million, according to the National Taxpayers Union Foundation.