President Obama's Treasury secretary is defending proposed tax increases on the wealthy, saying they are necessary to limit future budget deficits.
Timothy Geithner responded on Wednesday to Republican criticism that the administration wants to increase taxes during a recession. Geithner noted that tax increases on couples making more than $250,000 per year would not take effect until 2011.
Obama inherited a $1.3 trillion budget deficit that is expected to balloon to $1.75 trillion this year. Obama says his plan would reduce the deficit to $533 billion in four years. - FOX News
These numbers don't quite add up. Obama says that he inherited a $1.3 Trillion budget deficit and it is expected to balloon to $1.75 Trillion this year. How does that work? If he truly had a $1.3 Trillion budget deficit, then the stimulus of $787 Billion, would that alone put it at over $2 Trillion? That doesn't take into account the other spending.
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