If I triple my household budget over the next ten years, I will either need to borrow the money or steal it from someone in order to pay for my increased spending. The U.S. government is going to do both by massive borrowing from foreign countries like China and by stealing from you and me in the form of massive tax increases...
"In the next five years, President Obama's budget will double the national debt. In the next 10 years, it will triple the national debt," said Gregg, R-N.H.
"His budget assumes the deficit will average $1 trillion every year for the next 10 years and will add well over $9 trillion in new debts to our children's backs," said Gregg, the top Republican on the Senate Budget Committee. "He also is proposing the largest tax increase in history, much of it aimed at taxing small business people who have been, over the years, the best job creators in our economy."
Gregg said Obama's proposals "represent an extraordinary move of our government to the left."
He acknowledged that Obama "is very forthright in stating that he believes that by greatly expanding the spending, the taxing and the borrowing of our government, this will lead us to prosperity."