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Thread: White House predicts record $1.47 trillion deficit

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    Banned Goobieman's Avatar
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    White House predicts record $1.47 trillion deficit

    White House predicts record $1.47 trillion deficit

    WASHINGTON New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.

    The Office of Management and Budget report has ominous news for President Barack Obama should he seek re-election in 2012 a still-high unemployment rate of 8.1 percent. That would be well above normal, which is closer to a rate of 5.5 percent to 6 percent. Private economists don't think the unemployment rate will drop to those levels until well into this decade.

    The gaping deficits are of increasing concern to voters. But Obama and Democrats controlling Congress are mostly taking a pass on deficit reduction this year as they await possible recommendations from Obama's deficit commission.

    While there's a slight improvement in the deficit for the current year, next year's predicted $1.42 trillion worth of red ink that's 37 cents of borrowing for every dollar spent is looking worse. It's about $150 billion more than previously predicted, because of still-slumping tax revenues.
    White House predicts record $1.47 trillion deficit - Yahoo! News

    But, wait for this little gem...

    White House budget director Peter Orszag said the numbers represent a "fiscal situation that requires attention."
    Do ya thnik?

    At some point, even the most die-hard liberal has to take The Obama to task on this.

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    Re: White House predicts record $1.47 trillion deficit

    Cutting the deficit would be an easier task if we weren't in this huge recession. We need to increase our GDP, and increasing government spending is a good way to increase it. Once we are out of this recession then by all means, cut spending. We need too reduce the deficit. Just depends on what programs we remove funding from.

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    Banned Goobieman's Avatar
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    Re: White House predicts record $1.47 trillion deficit

    Quote Originally Posted by Your Star View Post
    Cutting the deficit would be an easier task if we weren't in this huge recession.
    Cutting deficits is easy.
    Simply don't spend the money.

    We need to increase our GDP, and increasing government spending is a good way to increase it.
    Ah... lets create a HUGE long term problem in order to (supposedly) create a short-term gain.
    Excellent idea.

    Where is that short-term gain, BTW?

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    Re: White House predicts record $1.47 trillion deficit

    Quote Originally Posted by Your Star View Post
    Cutting the deficit would be an easier task if we weren't in this huge recession. We need to increase our GDP, and increasing government spending is a good way to increase it. Once we are out of this recession then by all means, cut spending. We need too reduce the deficit. Just depends on what programs we remove funding from.
    I would prefer the GDP be driven by the private sector. When will the madness stop on govt. spending. The govt. is spending money we don't have. Stop the wars, stop aid to other countries, cut entitlements, do something so my grandchildren can have a life.

    I thought Congress was going back to "pay as you go", except for bailouts, unemployement extensions, etc. Many would not like it, but give me a red pencil and I can find ways to reduce the amount of govt. spending.
    "I can explain it to you but, I can't understand it for you"

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    Re: White House predicts record $1.47 trillion deficit

    Quote Originally Posted by Goobieman View Post
    Cutting deficits is easy.
    Simply don't spend the money.
    Well you have to decide what programs are necessary, and which ones are not, and how much money do you take away from said programs.


    [/QUOTE]Ah... lets create a HUGE long term problem in order to (supposedly) create a short-term gain.
    Excellent idea.

    Where is that short-term gain, BTW?[/QUOTE]

    We need to get out of this recession before we can tackle the deficit. Cutting government spending won't get us out of the recession, increasing government spending will.

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    Re: White House predicts record $1.47 trillion deficit

    The last President to balance the budget was Clinton.
    Ever have to dance with the devil in the pale moonlight?
    Scales in the grass but the scales don't move right?

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    Re: White House predicts record $1.47 trillion deficit

    Quote Originally Posted by Goobieman View Post
    Cutting deficits is easy.
    Simply don't spend the money.


    Ah... lets create a HUGE long term problem in order to (supposedly) create a short-term gain.
    Excellent idea.

    Where is that short-term gain, BTW?
    cut off payments to people who sit on a computer all day whining about the rich not paying enough taxes while they, themselves, continue to get handouts from us net tax payers.



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    Re: White House predicts record $1.47 trillion deficit

    Quote Originally Posted by The Dane View Post
    The last President to balance the budget was Clinton.
    yeah that dot com bubble was fortuitious



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    Re: White House predicts record $1.47 trillion deficit

    Quote Originally Posted by Your Star View Post
    Well you have to decide what programs are necessary, and which ones are not, and how much money do you take away from said programs.

    We need to get out of this recession before we can tackle the deficit. Cutting government spending won't get us out of the recession, increasing government spending will.
    This is just more of the typical Keynesian line, but ignores the fact that Keynesianism has historically failed, and that the massive spending we have already undergone has failed as well. More of it will lead to nothing more than more failure.

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    Re: White House predicts record $1.47 trillion deficit

    Quote Originally Posted by TurtleDude View Post
    yeah that dot com bubble was fortuitious
    Yeah where did that nice big surplus that Clinton left for us go?

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