Page 1 of 2 12 LastLast
Results 1 to 10 of 15

Thread: Obama budget to miss deficit goal

  1. #1
    Sage
    cpwill's Avatar
    Join Date
    Dec 2009
    Location
    USofA
    Last Seen
    Yesterday @ 08:57 PM
    Gender
    Lean
    Conservative
    Posts
    57,115

    Obama budget to miss deficit goal

    ...to the surprise of..... nobody.


    President Obamas proposed 2013 budget will forecast a $901 billion deficit for next year, falling far short of his goal to halve the deficit in four years.
    The budget, an outline of which was released by the White House Friday night, will show a higher deficit this year than in 2011, up from $1.3 trillion to $1.33 trillion.

    In addition, the projected decline to $901 billion in 2013 is dependent on enactment of the president's policies, including spending reductions agreed to last summer and ending George W. Bush's tax cuts for the wealthy at the end of this year....

    [key points]

    The deficit would decline as a percentage of the economy from 8.5% this year
    to 5.5% in 2013 and 2.7% by 2018. Most economists say deficits should be below
    3% of the economy.


    Tax breaks for the wealthy would be reduced so that they are no better than
    those for the middle class. No household making more than $1 million a year
    would pay less than 30% in income taxes.


    More than $360 billion would be cut from Medicare, Medicaid and other health
    programs over 10 years -- an amount that's sure to be seen as too much by
    seniors and liberal groups, and paltry by Republicans in Congress pushing more
    robust cuts in entitlement programs.


    Defense spending would be reduced by nearly $500 billion from what was
    planned in the budget Obama proposed a year ago.


    Savings from winding down the wars in Iraq and Afghanistan would be put
    toward deficit reduction and investments sought by Obama, including new
    infrastructure spending.


    About $350 billion in new investments, most of them remaining from Obama's
    American Jobs Act that was derailed in Congress, would be rejuvenated...

  2. #2
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: Obama budget to miss deficit goal

    Sounds reasonable to me. Cutting spending too quickly would only hurt the recovery.

  3. #3
    Banned
    Join Date
    Jun 2011
    Last Seen
    03-16-12 @ 11:02 PM
    Gender
    Lean
    Libertarian
    Posts
    7,624

    Re: Obama budget to miss deficit goal

    Quote Originally Posted by cpwill View Post
    ...to the surprise of..... nobody.
    About covers it.

  4. #4
    Sage
    mpg's Avatar
    Join Date
    Oct 2005
    Location
    Milford, CT
    Last Seen
    Today @ 06:39 AM
    Gender
    Lean
    Libertarian
    Posts
    7,769

    Re: Obama budget to miss deficit goal

    Quote Originally Posted by AdamT View Post
    Sounds reasonable to me. Cutting spending too quickly would only hurt the recovery.
    Deficit spending is one thing, unlimited deficit spending is something else.
    If you expect people to be rational, you aren't being rational.

  5. #5
    Sage
    AdamT's Avatar
    Join Date
    Jul 2011
    Last Seen
    02-13-13 @ 04:09 PM
    Gender
    Lean
    Undisclosed
    Posts
    17,773

    Re: Obama budget to miss deficit goal

    Quote Originally Posted by mpg View Post
    Deficit spending is one thing, unlimited deficit spending is something else.
    Hence the plan to reduce deficit spending over the next five years.

  6. #6
    Sage

    Join Date
    Apr 2008
    Location
    Huntsville, AL (USA)
    Last Seen
    12-13-17 @ 10:52 PM
    Gender
    Lean
    Moderate
    Posts
    9,766

    Re: Obama budget to miss deficit goal

    Quote Originally Posted by mpg View Post
    Deficit spending is one thing, unlimited deficit spending is something else.
    Quote Originally Posted by AdamT View Post
    Hence the plan to reduce deficit spending over the next five years.
    $901B in deficit spending for FY2013 is a fair drop from $1.33T in deficit spending for FY2012.

    I'd say it's a step in the right direction for deficit reduction and getting the nation's debt problem more under control. After all, less federal spending is what the people and the pundits want, right? Well, by the projected numbers, there you go.

  7. #7
    Guru
    PerfectStorm's Avatar
    Join Date
    Jun 2011
    Last Seen
    12-01-17 @ 09:23 AM
    Gender
    Lean
    Conservative
    Posts
    4,182

    Re: Obama budget to miss deficit goal

    Quote Originally Posted by Objective Voice View Post
    $901B in deficit spending for FY2013 is a fair drop from $1.33T in deficit spending for FY2012.
    That is a projection, much like Obama's goal of halving the deficit in 4 years.

  8. #8
    Sage

    Join Date
    Apr 2008
    Location
    Huntsville, AL (USA)
    Last Seen
    12-13-17 @ 10:52 PM
    Gender
    Lean
    Moderate
    Posts
    9,766

    Re: Obama budget to miss deficit goal

    Quote Originally Posted by PerfectStorm View Post
    That is a projection, much like Obama's goal of halving the deficit in 4 years.
    Every budget is a projection, a proposal, until the money is actually spent. In any case, Congress still needs to approve the President's budget. And they can trim it as they please (just as they could add to it) not to mention it's still up to them to keep spending within budget.

    If your argument is President Obama didn't keep his campaign promise of cutting the deficit in half by the end of his first term, fine. Hold him to that. But do so with the full understanding of what he's had to deal with since coming into office. (I doubt if most people who don't support him are capable of doing that, however.)
    Last edited by Objective Voice; 02-11-12 at 12:01 PM.

  9. #9
    Sage
    MoSurveyor's Avatar
    Join Date
    Jan 2012
    Last Seen
    04-13-17 @ 04:36 AM
    Gender
    Lean
    Undisclosed
    Posts
    9,985

    Re: Obama budget to miss deficit goal

    This is the beginning of a long and most likely drawn out negotiation with Congress over what will and won't be in the next budget. Who cares what the proposal is now? We all know Congress will hack it up, add their pork, and switch out stuff they don't like for what gives them more votes or takes away from Obama's votes. I haven't seen an initial budget proposal yet that came close to surviving Congress's hack job. This one won't be any different.

    Discussing individual spending points is one thing but judging the whole package is a waste of time at this point. No one, including Obama, expects it to pass intact.
    Last edited by MoSurveyor; 02-11-12 at 12:38 PM.

  10. #10
    Sage
    cpwill's Avatar
    Join Date
    Dec 2009
    Location
    USofA
    Last Seen
    Yesterday @ 08:57 PM
    Gender
    Lean
    Conservative
    Posts
    57,115

    Re: Obama budget to miss deficit goal

    Quote Originally Posted by PerfectStorm View Post
    That is a projection, much like Obama's goal of halving the deficit in 4 years.
    and the 4.5% growth and 6-7% unemployment that we are currently enjoying

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •