Many on the Left are praising a new report from the Congressional Budget Office (CBO) showing that President Barack Obama’s budget, which was submitted two months late, would lower deficits by $1.1 trillion over the next 10 years:
President Obama’s most recent budget request would reduce borrowing by $1.1 trillion over the next decade compared with current law — almost entirely through higher taxes on the rich, large estates and smokers, congressional budget analysts said Friday.
In addition to raising nearly $1 trillion in new taxes, the president’s blueprint would also cut spending modestly, according to the analysis by the nonpartisan Congressional Budget Office.
So…more tax hikes, which seems to be the end-all, be-all for this White House. Remember, the $1 trillion in new taxes that President Obama wants would come after a tax hike earlier this year that raised taxes on 77% of American households.And President Obama wants to raise your taxes again.