Obama Budget & UR Children's Debt

"But all of you are here because you believe in yourselves, you believe in your ability, you believe in the future of this country. [And that's why I'm going to propose a budget that will increase our nation's debt by such an unseemly amount, it will suffocate you and your children and your children's children. Pretty much your entire legacy will be wiped out in red ink.]" The first sentence was President Obama speaking to students at a northern Virginia community college yesterday as he released his 2013 budget. The follow-up sentence is what he should have added because that is exactly the consequence his policies would have, if enacted, on every college student in the audience. Let's break out the calculator. Obama's budget projects a $1.33 trillion deficit in 2012. If that number sounds familiar, it should. The deficit in 2011 was a similar $1.30 trillion, which comes in slightly higher than the $1.29 trillion deficit in 2010. But I guess we should all be thankful because each of those three numbers are well below the record-breaking $1.4 trillion deficit in 2009. In other words, Obama has given this country not only the first-ever trillion dollar deficit; he's given us four straight years of them. Not surprising, however. While this administration blames "tax cuts for the rich" on our uneven balance sheet, the truth is that, under Obama, federal spending has spiked 27 percent. —Jason Mattera