Thursday, February 26, 2009

Obama delivers: Higher taxes, cuts in Medicare, more bailouts

The day of reckoning is upon us.

The decision 66 million Americans made on Nov. 4, 2008, will now come back to haunt every man, woman and child in the United States.

President Barack Obama, fresh from spending more money in 30 days than anyone else in the history of mankind, has unveiled his 2010 budget.

The highlights? How about $3.55 trillion in federal spending for the 2010 fiscal year, an all-time record.

How about a budget deficit of $1.75 trillion, an all-time record.

How about higher income taxes, cuts in Medicare and Medicaid and a cap on military pay.

And let's turn the health care system over to the government, which has done such a fine job with everything else it controls.

The Obama budget includes a $634 billion down payment on expanding health care coverage.

"Everyone agrees that all Americans deserve access to affordable health care, but is increasing taxes during an economic recession, especially on small businesses, the right way to accomplish that goal?" House Minority Leader John Boehner, R-Ohio, told The Associated Press.

Obama is also planning to spend $250 billion to prop up failing banks on top of the
$700 billion Congress has already approved.

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