Obama's New Proposals to Cost Another $20B

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Despite President Barack Obama vows of cutting spending, the new proposals in his State of the Union speech will actually increase the federal budget, according to the National Taxpayers Union Foundation.

The NTUF estimates that the president's plan would mean $20 billion in new spending.

"President Obama's speech (Tuesday) night hinted at tax reform and spending restraint, but also opened the door to tax increases and major spending initiatives," said NTUF Senior Policy Analyst Demian Brady

"Americans heard encouraging words about more efficient government, but little in the way of specifics about spending priorities," he continued. "This leaves taxpayers wondering not only whether the federal budget deficit is headed upward or downward, but also by how much."

Washington, D.C. is likely to be spending more in medical costs too.

Richard Foster, the chief actuary for Medicare, said the new health care law is unlikely to bring down those costs despite Obama's promise that it would.

"The landmark legislation probably won't hold costs down, and it won't let everybody keep their current health insurance if they like it," Foster said.

The government estimates that this year's federal deficit will hit another record at $1.5 trillion.

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