- Our Party
Obama proposes $9.7 TRILLION in new spending...and rising
Posted on Feb 10, 2009
Bloomberg financial news reports Monday the current price tag for the array of bailout, welfare transfers and new spending is reaching an astronomical $9.7 trillion. $700 billion of that is the first Troubled Asset Relief Program pushed by the previous Republican White House.
That's enough to pay off 90 percent of all the mortgages in the United States, and much of the spending touted as "economic recovery" is actually long-proposed Democrat plans to expand the welfare state. It is the equivalent of two-thirds of all the goods and services produced in the United States last year.