According to the Obama administration’s Office of Management and Budget, the federal government will have to borrow nearly 40 percent of its total expenditures in 2010.
This squiggly-decorated report, titled Mid-Session Review, Budget of the U.S. Government, Fiscal Year 2010, gives the bad news.
The second largest component of federal revenue — after this unprecedented level of borrowing — is personal income tax, which accounts for only 27.3 percent of federal fund, according to a CNS News report.
Still Obama is committed to push through his nationalized health care extravaganza, which is estimated to cost $1.3 trillion dollars over ten years. Most Americans think the House plan will cost about $130 billion a year. The Heritage Foundation reports they have been mislead. In reality, by 2019 the House health plan will cost $245 billion a year.
Brings this Johnny Cash original to mind.