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Thread: White House to paint grim fiscal picture: source

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    White House to paint grim fiscal picture: source

    White House to paint grim fiscal picture: source | Reuters

    WASHINGTON (Reuters) - The White House will predict a $1.6 trillion U.S. budget deficit in the 2010 fiscal year, a fresh record and the biggest since World War Two as a share of the economy, a congressional source told Reuters on Sunday.

    The grim forecast adds to the challenges facing President Barack Obama, who is emphasizing a message of fiscal discipline but is also seeking stimulus measures to boost the struggling economy in the near term.

    Obama's budget proposal, which will be released at 10 a.m. EST on Monday, will predict a narrowing of the deficits to $700 billion by fiscal 2013 before they gradually rise back to $1 trillion by the end of the decade, the Capitol Hill source said.

    These are NOT "inherited" deficits. This isn't because of TARP, this isn't because of the "stimulus" package. But woo-hoo! It'll get "down" to $700 billion by 2013!
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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Harshaw View Post
    These are NOT "inherited" deficits.
    Evidence?

    Quote Originally Posted by Harshaw
    This isn't because of TARP, this isn't because of the "stimulus" package. But woo-hoo! It'll get "down" to $700 billion by 2013!
    Umm no, it's not because of those things, as we aren't projected to have ANY spending on TARP or stimulus in 2013. It's due to out-of-control health care costs, which existed long before Obama tried to fix them. But good job being a partisan hack and pointing fingers, rather than talk about the actual issue.
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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Kandahar View Post
    Evidence?
    Umm, how do any previous administration's policies make it into a budget they didn't have anything to do with?


    Umm no, it's not because of those things, as we aren't projected to have ANY spending on TARP or stimulus in 2013.
    Those were the excuses for the last, $1.3T deficit. They are no longer present.

    It's due to out-of-control health care costs, which existed long before Obama tried to fix them. But good job being a partisan hack and pointing fingers, rather than talk about the actual issue.
    Right -- out of control health care costs alone account for a $1.2T explosion in the deficit over FY 2008.
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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Kandahar View Post
    Evidence?



    Umm no, it's not because of those things, as we aren't projected to have ANY spending on TARP or stimulus in 2013. It's due to out-of-control health care costs, which existed long before Obama tried to fix them. But good job being a partisan hack and pointing fingers, rather than talk about the actual issue.

    Will Obama EVER have to own up to his spending?


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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by j-mac View Post
    Will Obama EVER have to own up to his spending?


    j-mac
    No. As a matter of fact, I envision Obama and Bush raising a glass together. LOL.
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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Kandahar View Post
    Umm no, it's not because of those things, as we aren't projected to have ANY spending on TARP or stimulus in 2013. It's due to out-of-control health care costs....
    Show this to be true.
    You can start by citing total federal outlays for health care and how these outlays exceed the associated revenues.


    In just two years, The Obama will run up 2/3 the total deficit we saw under GWB -- and the partisan hacks will find every excuse imagineable for it.
    Last edited by Goobieman; 02-01-10 at 01:24 PM.

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by danarhea View Post
    No. As a matter of fact, I envision Obama and Bush raising a glass together. LOL.

    At this rate Obama is making repub, and Bush spending look like a 12 year olds allowance.


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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Harshaw View Post
    Umm, how do any previous administration's policies make it into a budget they didn't have anything to do with?
    Oh, so you're saying everything is Obama's fault if the spending was established in previous years and Obama doesn't ELIMINATE it?

    Quote Originally Posted by Harshaw
    Those were the excuses for the last, $1.3T deficit. They are no longer present.
    The major reason for the explosive LONG-TERM deficits (as opposed to short-term measures like TARP/stimulus) over the next 10 years are the rising costs of entitlement spending. Social security is on a relatively manageable track; the two big culprits are Medicare and Medicaid. If we don't get the spending for those under control, any other token spending reductions will matter very little.

    Quote Originally Posted by Harshaw
    Right -- out of control health care costs alone account for a $1.2T explosion in the deficit over FY 2008.
    Over FY 2008? Huh? Obama wasn't president in 2008, and besides, you were talking about the NEXT ten years. When you figure out if you want to address the topic of your own thread, let me know.
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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Kandahar View Post
    The major reason for the explosive LONG-TERM deficits (as opposed to short-term measures like TARP/stimulus) over the next 10 years are the rising costs of entitlement spending. Social security is on a relatively manageable track; the two big culprits are Medicare and Medicaid. If we don't get the spending for those under control, any other token spending reductions will matter very little.
    None of this has anything to do with the subject at hand, the projection for the deficit for the the NEXT fiscal year.

    But, I'm glad to see you're on the 'the only meaningful way to reduce decifits is to address the runaway spending on entitlements'' bandwagos. Some of us have been here for decades.

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    Re: White House to paint grim fiscal picture: source

    Quote Originally Posted by Harshaw View Post
    Umm, how do any previous administration's policies make it into a budget they didn't have anything to do with?
    Seriously, Harshaw?

    Come on, man, you've taken some economics courses, right?

    Your own article answers that for you:

    The recession, which began in December 2007, also worsened the fiscal picture by depressing government revenues while forcing up spending on unemployment benefits and other safety-net programs.
    How would you strike a balance between long-term deficit reduction and dealing with unemployment?

    **tax credits to encourage business hiring (supply-side)
    **tax breaks for middle class families (Keynesian)
    **eliminate capital gains tax on small business investments (supply-side)

    Obama seems to be taking a somewhat mixed approached, moving toward center, taking some Republican tax incentive ideas while encouraging middle class consumption of goods and services.

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