1) While President Bush spent like crazy and added a crap load to the deficit Obama has dwarfed Bush's spending. If you include 2009 as largely Bush's deficit, it was $1.3 Trillion. That is a staggering amount of money. Remember however, if you take out TARP which was supposed to be a temporary bailout program and not a year over year expenditure, that reduces the 2009 deficit to about $588 billion dollars (which is still a huge disgusting number). President Obama has averaged in his almost 3 years as president a $1.6 trillion deficit EACH YEAR. To put it another way, Bush added $5 trillion dollars to the national debt...disgusting. According to the National Debt Clock (http://www.usdebtclock.org/index.html) the current national debt stands at $14.6 Trillion. If the national debt was just over $10 Trillion when Bush left office, Obama has added almost as much ($4.5 Trillion) to the national debt as Bush did in his eight years in office.
2) No amount of tax increase, closing tax loopholes or anything else will make a serious dent into the yearly deficit which currently stands at $1.6 trillion dollars. An article located HERE blows the myth of raising taxes on the rich, as a means of balancing the budget. According to the article, if the US Government taxed those making $200,000 or more (Obama's definition of a millionaire) at 100% the government would only collect about $1.2 trillion dollars in extra revenue. This still leaves the US with a $400 billion deficit.
Obama and his goons are playing class warfare and are trying to goad people into thinking that the rich don't pay their fair share. Considering the fact that the top ten percent pay over fifty percent of the taxes, and that the bottom FIFTY percent have an effective federal tax rate of zero, if we are to be intellectually honest the question has to be asked who is paying their fair share and who is not?
The one thing that we can be almost certain of is that if Obama raises taxes, America will almost certainly slip back into a recession and possibly a depression. Why do you ask might this happen? It's really quite simple. The one place that a president can really have an effect on the economy is through regulations and taxation. Regulate and tax more and businesses have less capital to spend. Cut regulations and taxes on small businesses and corporations alike and they will have more flexibility to spend their capital on hiring new workers.
Marco Rubio said it best this week. "We don't need more taxes. We need more taxpayers." I do not subscribe to the idea that we should not raise our debt ceiling. I think we have to considering all of the debt that we have accumulated; However the Obama administration wants to have the debt ceiling raised with tax increases that will take effect immediatly, but only promises of future spending cuts. What is sad is that we have several countries in Europe that are on the verge of defaulting on their debt (Italy, Greece, Spain for starters). If it happens in any of these countries, it will send shock waves through the financial world. The US economic bus is headed toward this same cliff. We are a ways from it, but the rail is getting closer all the time. If the government does not figure out that cutting spending and shrinking the size of government is really the only answer, we could go over that cliff.