The Republican National Committee has blasted the Democratic administration’s $3.6 trillion budget proposal as too lavish and based on unrealistic economic expectations.
Reminding Americans that President Obama promised to produce a budget that honestly accounted for the money the government would spend and would be free of gimmicks and deception, the RNC has set out to warn that the bill does not offer an accurate picture of the country’s financial situation.
Citing a wealth of research, the RNC claims that the economic forecasts in the budget are much higher than private forecasts.
In particular, it emphasizes that in order for the government to reduce the deficit to $600 million by 2012 the economy would have to grow by more than 4 percent a year.
However, most economists believe that it will fall by 2 percent this year and grow by between 2-3 percent during subsequent years.
The RNC also questions Obama’s predictions regarding the future direction of unemployment. While his administration assumes that it will stabilize at 7.9 percent in 2010, the committee cites expert opinions which suggest that it will far exceed 8 percent.
The Republicans have also expressed their dismay at the fact that the budget proposal will increase taxes on businesses and on individuals who make more than $250,000 a year.