Obama's Busted Budget | Michael D. Tanner | Cato Institute: Commentary

Obama's Busted Budget | Michael D. Tanner | Cato Institute: Commentary: 'The president claims that his budget proposal reduces debt by $4 trillion over the next 10 years, combining $2.4 trillion in spending cuts with $1.6 trillion in tax hikes.'

'The president actually counts $681 billion in cuts that were agreed to last year as part of the deal to raise the debt ceiling. '

'The president also counts as a cut the $741 billion we will save from not occupying Iraq over the next 10 years, and from not being in Afghanistan a decade from now.'

'And, finally, $595 billion of the claimed budget cuts is actually interest savings resulting from not having to borrow for the other phony cuts.'

That shows that 84% of the cuts are phony.