CBO Reports Current Administration’s Budget Is Not Balanced

According to Investment.com, the CBO, Congressional Budget Office, recently released alarming news, “the 10-year deficit cut is half what Obama claims, and all of it — 100% — comes from tax hikes.“ This is much different from the spending cuts and closing of tax loopholes on the wealthy that the President promised. In addition, this article reports that the President has his sights set on raising taxes on tobacco and creating a $48 billion “responsibility fee” on banks that would translate into higher borrowing costs for everyone. When it comes to a balanced budget, perhaps the President should refrain from taking such an unbalanced approach to spending reduction and reform of entitlement spending.