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Thread: Obama Unveils 3.83T Budget with Massive Deficits

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    Obama Unveils 3.83T Budget with Massive Deficits

    Obama Unveils $3.83T Budget With Massive Deficits - ABC News

    President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs.

    The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then unprecedented $1.41 trillion gap. The deficit would remain above $1 trillion in 2011 although the president proposed to institute a three-year budget freeze on a variety of programs outside of the military and homeland security as well as increasing taxes on energy producers and families making more than $250,000.

    Echoing the pledge in his State of the Union address to make job creation his top priority, Obama put forward a budget that included a $100 billion jobs measure that would provide tax breaks to encourage businesses to boost hiring as well as increased government spending on infrastructure and energy projects. He called for fast congressional action to speed relief to millions left unemployed in the worst recession since the 1930s.

    After a protracted battle on health care dominated his first year in office and led to a string of Democratic election defeats, the administration hopes its new budget will convince Americans the president is focused on fixing the economy.

    Obama's job proposals would push government spending in 2010 to $3.72 trillion, up 5.7 percent from last year. Obama's blueprint for the 2011 budget year, which begins Oct. 1, would increase spending further to $3.83 trillion, 3 percent higher than expected.

    Much of the spending surge over the past two years reflects the cost of the $787 billion economic stimulus measure that Congress passed in February 2009 to deal with the worst economic downturn since the Great Depression. The surge in the deficits reflects not only the increased spending but also a big drop in tax revenues, reflecting the 7.2 million people who have lost jobs since the recession began and weaker corporate tax receipts.

    The administration's $100 billion proposed jobs measure would be lower than a $174 billion bill passed by the House in December but far higher than a measure that the Senate could take up as early as this week.
    Last edited by The Prof; 02-01-10 at 09:42 PM.

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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    Some comments:

    1. What happened to The Populist?

    2. I only saw HIM around about 3 days or so.

    3. I guess no one bought it.

    4. Just like the "party of no" mantra.

    5. It was 180'd this weekend, replaced by: "we incorporate Republican ideas, we always have, always do and always will."

    6. Ie, "we listen."

    7. What happened to his "spending freeze?"

    8. Obama's finances flow like Vesuvius lava.

    9. Ie, hot.

    10. He RAISED discretionary spending in 09 by 84%.

    11. Only THEN does he "freeze" it.

    12. The deficit hawk Wednesday nite at his State of the Union RAISED THE DEBT CEILING BY ONE POINT NINE TRIL ON THURSDAY.

    13. He's right, the "deficit of trust" is coming to eclipse even that "of dollars."

    14. And that's saying a lot, about 1.6T worth.

    15. The 1.6, by the way, is a full QUARTER TRIL higher than the CBO estimated just last week.

    16. Devastating.

    17. He can't call The Stimulus anymore by that dreaded s-name.

    18. Now it's the RECOVERY ACT.

    19. And this next is his JOBS BILL.

    20. THE STIMULUS failed, that's the point.

    21. THE STIMULUS was the only real political accomplishment of the charlatan in chief's first year.

    22. His 5.7% GDP---3.0 was restocking inventories.

    23. Ie, not to be duplicated until consumer spending returns.

    24. Which, with all the DEBT, with all the TAX INCREASES...

    25. He raises taxes on "the rich," the people most responsible for hiring.

    26. He limits deductions for charitable contributions, home mortgage interest and state and local taxes---unAmerican.

    27. He increases cap gains from 15 to 20%, even though just last Wednesday in his snake-oily SOTU he pledged to cut them.

    28. His bank tax, the Financial Crisis Responsibility Fee, 90B, puts the hurt on many who never took a penny from his TARP in the first place, others who paid it all back with interest.

    29. Except he exempts GM, Chrysler and AIG, clearly not "responsible" in any way for our "crisis."

    30. Just as if they were contributing members of the SEIU.

    31. Or, perhaps they all live in Nebraska.

    32. As part of his "debt commision," a fantasy now that the Senate has killed it, 53 to 47, the president states as his goal the reaching of "primary balance," ie, a bookkeeping which SUBTRACTS interest payments, "the standard for the world's poorest countries trying to get their fiscal houses in order."

    33. Included is a 39B tax increase on oil, gas and coal, our few remaining best jobs.

    34. Energy excises certain to be passed on to already overstrained consumers.

    35. How's that gonna help consumer spending?

    36. HIS DEBT, now 10.6% of GDP, actually grows in the nearest years, then supposedly declines marginally in the middle, before RISING ONCE MORE in the outyears, approaching 2020.

    37. And that's all based on Obama's rosey projections, 4.3% growth in 2011, for example, and artificially low interest rates as far as his squinty eyes can see.

    38. Service on HIS DEBT, mere INTEREST ALONE, will approach 1T per year by 2017, says the NY Times.

    39. He counts on 100B "savings" from Obamacare, a bill that's dead.

    40. He counts on equally imaginary revenues generated from cap and trade, another nowhere proposal.

    41. Jobs creation is supposed to be Obama's #1, since health care crashed, that is, since Massachusetts.

    42. But he puts a 1T hit on the very people whom America relies upon, has always relied upon and always will to create those employment opportunities.

    43. Econ 101 teaches---the font of jobs creation is NEW START UPS, much more so than expansion of existing enterprise.

    44. By 2020, Obama's budget projects spending at SEVENTY SEVEN % of GDP.

    45. Totally unsustainable.

    46. Keynes is keeling over.

    47. Obama's delusional.

    48. Gibbs told John King yesterday that health care was "inside the 5 yard line."

    49. His or ours?

    50. A huge wave of hurt is coming in the form of STATES cutting massively their budgets.

    51. Education, police, fire, transportation, infrastructure lay offs in the hundreds of thousands.

    52. A real, red, rubber-meets-road ANTI STIMULUS.

    53. Another wave of home foreclosures darkens our horizon.

    54. The dollar has no direction but down.

    55. If Bush-o-nomics was such a mistake, why is the phony, temporary populist tripling down?

    White House to paint grim fiscal picture: source | Reuters

    Obama Proposes $3.8 Trillion Budget - WSJ.com

    Budget Would Raise Tax Rates on Wealthy, Limit Deductions - WSJ.com

    Wave of Debt Payments Facing US Government - CNBC

    The Prof
    Last edited by The Prof; 02-01-10 at 09:48 PM.

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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    In a simplified response Obama has redressed this pig (Stimulus package) in a new prom dress and renamed it a "JOBS BILL" and you're not supposed to be smart enough to notice it's just another failure waiting to happen and a waste of money.

    Obama is committed to destroying the economy and to do so it requires you being stupid, and continue to believe this lying piece of trash.

    There was a time I has respect for the office if not the man, like with Bush, but in 1 year this Anti-American erased all that by doing nothing but pushing programs that do nothing to help and everything to tear down.

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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    Funny how the flaming socialists, with their orgasms over Bush's huge 0.4 Trillion dollar deficits, are sooooo quiet about OBAMA'S 1.5 TRILLION DOLLAR DEFICIT, isn't it?

    Like a rubber crutch.

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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    But...but....Reuters retracted the story, right liblady? LOL

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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    obama needs to

    1. DUMP this second STIMULUS, another word he can't say (like MUSLIM)

    since the first STIMULUS failed so miserably, it's not reasonable to replicate the loss

    DUMPING this second STIMULUS will save 100B, THIS YEAR

    2. immediately HALT all spending allocated in STIMULUS ONE not yet squandered

    mysterious and massive amounts of that money still remain, we've all been told

    RESCINDING the FIRST STIMULUS will save another 100 or more B's

    3. terminate TARP now, there's another 100B not yet blown

    4. that's what he'd do if he were serious, if he meant what he said, if he knew what he was doing

    5. evan bayh said so as much, all of the above, last nite on charlie rose

    6. a 2-year halving of payroll taxes would grow JOBS and get us well out of this mess by the time it expires

    7. a national mobilization, emergency footing, like fdr in ww2, channeling all america's mighty angst over its future in the single minded direction of ENERGY PRODUCTION, an omnibus approach---oil, offshore, refining, electrical power plants, clean coal, gas, offshore gas, nukes, shale, wind, tidal, solar, butterfly wings, alternatives, batteries, r&d---tax breaks for and public investment in any and every area that has the potential of making america the world's leader in POWER PRODUCTION

    he who produces power will have the entire world at his well grounded feet, and this critical exigency will only increase in the next century

    great jobs, great security, benefits, health care, retirements

    america is chomping at the bit to throw itself enthusiastically behind any plan it is convinced can save it from the doom it feels impending

    all that's missing is able and visionary leadership

    since obama can't and won't do it, we'll have to

    starting in november, 2010
    Last edited by The Prof; 02-02-10 at 09:18 PM.

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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    All Obama can do is submit a bduget. He can't spend a single dime unless Congress authorizes it. So let's see what Congress does.

    I'm guessing the GOP will demand steep cuts in programs they don't like, and then run the budget back up with pork they do like. The Dems will do absolutely nothing but complain about the republicans.

    In the end they'll all pass it and blame Obama.
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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    Quote Originally Posted by Winnb View Post
    All Obama can do is submit a bduget. He can't spend a single dime unless Congress authorizes it. So let's see what Congress does.
    With elections looming, yes, let's see.

    In the end they'll all pass it and blame Obama.
    In the end they'll pass it, he'll sign it, and then we'll blame it appropriately on Obama.
    It was the Austrasians, that hewed on bravely through the thick of the fight, it was they who found and cut down the Saracen King.

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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    they'll pass most of it

    but it's gonna be loud and ugly

    it already is

    dumbo's budget is a beast

    it's gonna generate a hundred hurtful headlines

    nothing new for this inept admin

    every day brings bad banner after bad banner

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    Re: Obama Unveils 3.83T Budget with Massive Deficits

    Quote Originally Posted by Charles Martel View Post
    With elections looming, yes, let's see.

    In the end they'll pass it, he'll sign it, and then we'll blame it appropriately on Obama.

    ONLY Congress has the power to tax.

    ONLY Congress has the power to spend.
    Peace, commerce and honest friendship with all nations; entangling alliances with none.

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