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President Obama unveiled a $3.8 trillion spending plan on Monday for 2013 and a 10-year vision that seeks to cut $4 trillion from the overall deficit, but does little to restrain growth in the U.S. government's huge entitlement programs and adds $6.6 trillion in deficits over 10 years.
"The president claims that his fiscal plan will reduce the deficit by $4 trillion over the next 10 years, including the previously enacted $1 trillion Budget Control Act cuts that are part of current law. An honest analysis reveals, however, that the president's budget would only reduce the deficit by about $300 billion in comparison to what was agreed to in the Budget Control Act last August. In other words, the White House has utterly failed to meet even the minimum target they have identified as necessary," Sessions said in a statement.
In his 10-year projection, the annual deficit falls below $600 billion just once -- in 2018. The $6.6 trillion is added on top of the president's recent additions to the federal debt -- the $15.36 trillion national debt is now greater than the annual gross domestic product.
I thought we tried all that before, Nancy?
"This budget does nothing to prevent the bankruptcy of critical programs, threatening the health and retirement security of current and future seniors," House Budget Committee Chairman Paul Ryan said in a statement. "The broken promises and recycled gimmicks contained in this budget have dramatically widened this president's growing credibility deficit."
But House Democratic Leader Nancy Pelosi called it a commitment to "reigniting the American dream and building ladders of opportunity."
Airlines and their passengers would pay up to $32 billion in new air traffic and security fees over 10 years, and grants to big airports would fall sharply under White House budget proposals on Monday aimed at deficit reduction.
The Obama administration wants major carriers, their passengers, business jets and airports to pick up more of the costs of air travel and airport improvements that for years have been borne by taxpayers.