(CNSNews.com) - In a press conference today, President Barack Obama falsely claimed that under the budget he released on Monday annual federal revenues would equal annual federal expenditures by the middle of the decade and that the national debt would not increase.
In fact, his own budget documents contradict the president's claims.
"On the budget, what my budget does is to put forward some tough choices, some significant spending cuts, so that by the middle of this decade our annual spending will match our annual revenues," Obama said.
"We will not be adding more to the national debt. So, to use a sort of an analogy that families are familiar with, we're not going to be running up the credit card any more," said Obama. "That's important, and that's hard to do. But it’s necessary to do. And I think that the American people understand that."
In fact, the 2012 budget proposal increases the debt every year for the next decade and does not spend less than it takes in any of the next ten years, according documents published Monday by the Office of Management and Budget. (See p. 171, Table S-1, and p. 203, Table S-14.)
Federal receipts for fiscal year 2012, which starts Oct. 1, 2011, are projected to be $2.62 billion, while outlays(expenditures) are projected to be $3.72 billion. (See p. 171, Table S-1.)
By 2021, federal receipts are projected at $4.92 billion while expenditures are projected at $5.69 billion. Further, the White House estimates that the national debt, which was $13.5 trillion national as of Sept. 30, 2010 (the last day of fiscal 2010), will grow to $16.6 trillion by the end of fiscal year 2012 and $26.3 trillion by the end of fiscal year 2021. (See p. 203, Table S-14.)