Tax group: Obama promises would cost $293 billion a year

The National Taxpayers Union Foundation has been adding up the cost of all the campaign promises made by Sen. Barack Obama and Sen. John McCain since January.

The bill so far? Sen. Obama's promises would cost American taxpayers $293 billion in annual federal spending, according to the latest NTUF candidate cost analysis.

Sen. McCain's promises would cost $92.4 billion, the group says.

From a release issued by NTUF:

Though it appears that Obama's platform cost has dropped since NTUF's last update on June 3 ($343.6 billion), excluding a previously unavailable savings estimate for reducing troop levels in Iraq ($90.5 billion annually), Obama would actually boost annual federal outlays by $383.4 billion - a 12 percent jump from June, Brady noted. Obama's annual spending platform has increased by about 34 percent since January 29 (when it was $287.0 billion).

Likewise, McCain's spending total has jumped by 37 percent since June 3 ($68.5 billion) and by more than 13 times the amount he was backing in January ($6.9 billion).

"If eight months on the campaign trail can mean an increase of tens of billions of dollars in yearly federal outlays, imagine what four - or potentially, eight - years in office could bring," says Demian Brady of the NTUF. "Both candidates have talked about reducing wasteful spending, but neither has been specific enough."

Pretty scary numbers, especially when you consider the federal government is about to sign a check for $700 billion to bail out the nation's financial institutions.

Oh well, there's always Bob Barr, the Libertarian Party candidate for president. The tax group says Barr promises to cut federal spending by $200 million. That's right, cut spending, not increase it. Too bad he doesn't have a chance of winning.

Read the full release at the link below:

As Election Day Nears, Presidential Candidates Continue Out-Promising, Out-Spending Each Other