ABC News’ Jake Tapper and Sunlen Miller report: In an interview with ABC News’ Cincinnati affiliate WCPO-TV WednesdayIn an , President Obama said that his “budget freezes spending for five years, and what that does is it solves the short-term problem by saying, we’re not going to spend any more money than we’re taking in.”
That is factually incorrect. Even after the president’s proposed budget – with its optimistic prediction of 3.9% growth – achieves a point, in 2017, when spending is roughly equivalent to taxes coming into the government, the U.S. government will continue to borrow hundreds of billions of dollars a year to pay for interest on the national debt accrued until that point – including debt racked up during the Obama presidency.
Indeed, the U.S., according to Obama’s own budget projections, would borrow $627 billion in 2017 to pay the interest on past debt; $618 billion in 2018; $681 billion in 2019; $735 billion in 2020; and $774 billion in 2021.
Or: $3.435 trillion.