During last week’s State of the Union address President Obama proposed a "spending freeze" on discretionary government expenses. However, the National Taxpayers Union (NTU) estimated that the president still called for at least $70.46 billion in new federal spending.
According to the organization, Obama outlined 21 proposals that have a fiscal impact, including eight that would boost spending, three that would cut it and 10 whose costs or savings cannot be predicted at the moment.
The most expensive item was the call to pass a cap-and-trade national energy tax legislation, with a predicted cost of $51.5 billion, not counting revenue increases or possible price hikes in energy bills, NTU calculated.
Other pricey initiatives included immigration reform, at $9.8 billion, and subsidies for retirement savings among low-income Americans.
Meanwhile, the proposal for student loan forgiveness and a new round of mortgage refinancing subsidies were unquantifiable at present.
"This analysis doesn’t include huge potential burdens from big-government healthcare legislation, a new ‘stimulus’ plan or greater obligations to bailed out entities like auto companies and banks," said Demian Brady, policy analyst for the NTU Foundation.
He concluded by saying that Obama failed to provide taxpayers with specifics regarding future direction of federal expenditures.