New CBO Report Proves Fiscal Conservatives Are Right on Taxes and Spending

President Obama missed the deadline to submit a budget to Congress once again this year. That makes four out of the last five years that Obama has flouted the law. As the Congressional Budget Act of 1974 reads:

“On or after the first Monday in January but not later than the first Monday in February of each year, the President shall submit a budget of the United States Government for the following fiscal year.”

As you should have come to expect by now, the White House blamed House Republicans for their tardiness. Specifically, they blamed Congress for the protracted debate over the fiscal cliff, which prevented them from having adequate revenue targets. Excuses, excuses. The law is the law.

More shocking than the fact that the White House missed yet another budget deadline, is their utter lack of urgency to fix the situation. As Zeke Miller of Buzzfeed reports (h/t HotAir):

“White House Press Secretary Jay Carney said Monday that he had no updates on when President Barack Obama will release his budget for the next fiscal year.

“I don’t have an update on the President’s budget,” Carney told reporters aboard Air Force One as the president travels to Minneapolis to discuss his gun control proposals when asked when Obama will submit his spending plan to Congress. The deadline for submitting his budget for fiscal year 2014 is Monday, February 4, 2013 under the Budget and Accounting Act of 1921. …

. . . Carney encouraged reporters to “focus on substance over deadlines,” . . .

Yes, let’s please focus on substance. Unfortunately, we can’t look at the president’s proposal though I’m sure it will call for a continuation of their tax-and-spend (or in reality their tax-and-spend-, and spend-, and spend-, and spend) agenda. But we can look at the just released budget forecast just issued by the Congressional Budget Office. And boy does it paint a scary picture.

On the revenues front the government seems to be doing very well for itself. With Obama’s latest tax hikes going into effect revenues are projected to grow from 15.8 percent of GDP in 2012 to 19.1 percent of GDP in 2015 – a more than 20 percent increase. That’s also more than a full percentage point higher than the post-World War II average of 17.9 percent.

But despite the influx of cash – at the expense of taxpayers like you and me – the CBO projects the gross federal debt to rise to $26.1 trillion in the next decade. And that’s a conservative figure!

The vast majority of those costs are tied to entitlement programs. According to the CBO, mandatory programs will cost roughly $29 trillion over the next ten years. Of the “big three” – Social Security will cost $11.15 trillion, Medicare will cost $8.07 trillion and Medicaid will cost $4.36 trillion.

That doesn’t include Obamacare, which the CBO calls a “source of great uncertainty.” Nevertheless, they do project that “[s]pending for major health care programs will be nearly 5 percent of GDP in 2013, and such spending is projected to grow rapidly when provisions of the Affordable Care Act are fully implemented by mid-decade.”

The combination of historically-high tax rates coupled with soaring debts pretty much goes to show just how right Republicans have been all along. As the Washington Examiner’s Philip Klein writes,

“These numbers, taken together, make it abundantly clear that the only reason for additional tax hikes at this point would be to chase skyrocketing spending on entitlements. Paying for this spending wouldn’t be a matter of asking the very rich to pay a little more — it would necessitate large tax hikes on the middle class that far exceed historical levels.

Sure, liberals could still make a case for raising taxes on all as their way of restraining the growth of the debt. But there should be no doubt what’s driving that debt.”

No wonder President Obama and Congressional Democrats have been coy about releasing a budget.