Former President Barack Obama is about to become the most expensive ex-president, costing taxpayers $1,153,000 next year, according to a new Congressional Research Service memo.
As a result of a 1950s-era law, every former president receives an office, expenses, and in some cases, an annual pension payment. The law came after former President Harry S. Truman struggled to obtain income after he left office in 1953.
In 2018, Obama will surpass the budgets of the other four living former presidents, the Washington Times reported. His budget is expected to be more than $100,000 more than George W. Bush, and almost $200,000 more than Bill Clinton’s expected budget.
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