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Obama: I'll cut $4 trillion

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By Jeanne Sahadi, senior writerApril 13, 2011: 2:10 PM ET

NEW YORK (CNNMoney) -- It was more than the naysayers were expecting, but less than what many deficit hawks had hoped.
President Obama on Wednesday articulated his most ambitious plan yet for reining in the nation's debt. He laid down a series of spending and deficit targets for lawmakers to adhere to in the coming decades -- and summoned congressional leaders to take part in a budget summit in early May.
He's making a political move. He wants to own the budget reduction debate.
 
Perhaps he should have thought of that before the GOP took ownership. He just looks desperate now.

Desperately trying to keep the tax cuts for their wealthy donors.
 
Obama looks to be ‘owning’ to me.
 
Hmm interesting...to be fair and not overly partisan I think Obama' plan has a chance to be more popular than ryans overall
 
it'll be interesting to see what he is proposing in detail and in comparison, but i will most likely go for plan that has the most cuts. The faster we get rid of the debt the less money it takes in interest over time.
 
Obama looks to be ‘owning’ to me.

Owning what though? The ability to blame Bush? The drone of attack and tax the rich? Bigger Government? Higher deficits?

This so called "important" speech that was so important that he gave it in the middle of the day when everyone was at work, and left out any details that he would be held accountable for later. In fact now he lays it off on Sherriff Joe to follow up, another vacation in the works maybe?

He is truly adept at double speak, and outright lying.


j-mac
 
As usual, the President sounds good. He's a great speaker.

As for his plan, it sounds good as well, but as he said in his speech it will most like be changed a number of times before it is implemented, if it ever is. Unlike the bipartisan successes in the '90's that he mentioned, our political environment now seems much more divided.
 
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He's making a political move. He wants to own the budget reduction debate.

I dont care WHY he has come to the table...just THAT he has come to the table. The president doesnt pass budgets. Congress will still have the lead on this. If the house and the president are sincere then this is beneficial to the country. I hope like heck that they transcend partisanship and do the right thing. This will require hard work, sacrifice, and a willingness for all to make tough decisions.
 
Owning what though? The ability to blame Bush? The drone of attack and tax the rich? Bigger Government? Higher deficits?

This so called "important" speech that was so important that he gave it in the middle of the day when everyone was at work, and left out any details that he would be held accountable for later. In fact now he lays it off on Sherriff Joe to follow up, another vacation in the works maybe?

He is truly adept at double speak, and outright lying.


j-mac

I probably missed it, but where did the President lie in this speech?
 
The Ryan plan was generally considered to be an opening gambit to force concessions but as more analysis emerges about it the less acceptable it becomes; I wonder whether the House will ever even pass it; likely as not, the Democrats may force it to the floor just to make Republicans vote it down.

See: http://www.debatepolitics.com/polls/96622-house-ever-pass-ryan-budget.html
 
I dont care WHY he has come to the table...just THAT he has come to the table. The president doesnt pass budgets. Congress will still have the lead on this. If the house and the president are sincere then this is beneficial to the country. I hope like heck that they transcend partisanship and do the right thing. This will require hard work, sacrifice, and a willingness for all to make tough decisions.

And President Obama presented not one tough decision except that he's ready to increase taxes on the top 2% - and nobody gives a **** about them. He is a fence-sitter...gave a very politically correct speech that said absolutely nothing.
 
I probably missed it, but where did the President lie in this speech?

Without parsing the entire speech, I would venture that before this is over much of what he said will have turned out to have been a lie. But if you want one easy one right off the bat, lie may be a harsh term, but mislead certainly comes to mind when ever he tries to lay off the current state of the economy entirely on the Bush administration alone.

j-mac
 
it'll be interesting to see what he is proposing in detail and in comparison, but i will most likely go for plan that has the most cuts. The faster we get rid of the debt the less money it takes in interest over time.

The most cuts are not necessarily whats best for the country overall...cuts have to be thoughtful and care given to the consequences...anyone go in say ok I want to cut 6 trillion...lets cut this and this and this and this

What ryan has against his plan is...he want to increase COSTS for all middle class americans and then he wants to give the rich a full additional 25% cut in income taxs...if all you conservatives think once that becomes clear to most americans thats going to float I think your in for a surprise.
If your going to make a cut as drastic as 6trillion...you damn sure better make sure EVERYONE shares the pain and not the richest gain while everyone else takes it from behind.
 
And President Obama presented not one tough decision except that he's ready to increase taxes on the top 2% - and nobody gives a **** about them. He is a fence-sitter...gave a very politically correct speech that said absolutely nothing.

Believe me...I totally see that he would love nothing more than to just continue to pander to his base. I dont for a second buy his position. That is irrelevant. He is going to HAVE to come to the table with regard to cuts or the dems will get killed in 2012. Then again...there are an awful lot of republicans that are giving this whole topic lip service as well. You cant cut a few billion from what amounts to a massive increase and call that a success. I think it is 'the people' that are going to drive this whole process. Politicians are going to respond.
 
The most cuts are not necessarily whats best for the country overall...cuts have to be thoughtful and care given to the consequences...anyone go in say ok I want to cut 6 trillion...lets cut this and this and this and this

What ryan has against his plan is...he want to increase COSTS for all middle class americans and then he wants to give the rich a full additional 25% cut in income taxs...if all you conservatives think once that becomes clear to most americans thats going to float I think your in for a surprise.
If your going to make a cut as drastic as 6trillion...you damn sure better make sure EVERYONE shares the pain and not the richest gain while everyone else takes it from behind.

What is so sacrosanct about the middle class? We're in big fiscal trouble. Everyone needs to share the pain. Ya' know those 47% that pay no income tax at all??? Those 71 million? Time they started paying, too. If they did, maybe they'd exercise their power to vote a little more carefully and help the rest of us stop this spending spree. 47% of households owe no tax - and their ranks are growing - Sep. 30, 2009

Link that Ryan's plan gives an additional 25% cut in income taxes, please.
 
What is so sacrosanct about the middle class? We're in big fiscal trouble. Everyone needs to share the pain. Ya' know those 47% that pay no income tax at all??? Those 71 million? Time they started paying, too. If they did, maybe they'd exercise their power to vote a little more carefully and help the rest of us stop this spending spree. 47% of households owe no tax - and their ranks are growing - Sep. 30, 2009

Link that Ryan's plan gives an additional 25% cut in income taxes, please.

Good post, wonder exactly how much liberals believe raising the taxes on the rich is going to generate on a per year basis? Notice Obama always talks in numbers over 10 years. Divide those number by 10 and apply it to the trillion dollar deficits that Obama is creating and see how much those taxes actually affect the deficit?

The point of the 47% that don't pay any Federal Income taxes is a good one and one that will always be ignored by the left as they use these people for their own personal gain. "Support me and I won't raise your taxes!" but of course that doesn't affect the 2% that pay most of the taxes now.
 
… Link that Ryan's plan gives an additional 25% cut in income taxes, please.


Cutting the top tax rate from 35% to 25% is a 28.5% reduction. To be fair they are eliminating “scores of credits, deductions and exemptions” but still the top rate hasn't been that low since the 1930s.
 

Cutting the top tax rate from 35% to 25% is a 28.5% reduction. To be fair they are eliminating “scores of credits, deductions and exemptions” but still the top rate hasn't been that low since the 1930s.

Not to beat you over the head, but...

This is the whole problem we have in a nutshell. Disingenuous presentation of facts to fit our political bias.

Nevertheless, thank you for honestly posting above.
 
barack the slasher hussein is clueless

why didn't his party even propose a budget for 2011?

why does his 2012 budget released in february RAISE deficit spending an obscene 20% while completely NEGLECTING the recommendations of his own DEBT COMMISSION, his embarrasing excuse for inactivity for 2 years?

why has his SENATE been sitting on the gop budget, HR ONE, since it was passed IN FEBRUARY?

why did he wait almost until NEW YEARS EVE to resolve americans' tax schedule for THIS YEAR?

why did he SIGN INTO LAW the BUSH TAX CUTS FOR THE RICH only TWO SHORT MONTHS ago?

why is he suddenly looking at MEDICARE when his great white whale, OBAMACARE, is now the LAW OF THE LAND?

why does it need FIXING?

why can't he say the word STIMULUS anymore?

why doesn't he talk about OBAMACARE anymore?

why did he promise to CUT THE DEFICIT IN HALF in four years?

why did he guarantee us UNEMPLOYMENT would cap at EIGHT PERCENT?

barack the slasher hussein is a JOKE

when will the SENATE offer its counter to HR ONE?

when will the SENATE vote on this IMPROMPTU plan presented by slasher hussein this morning, preempting THE SOAPS?

the house budget chair first published his plan LAST MONDAY

since then, barack the slasher has AD LIBBED some kinda TALKING POINTS puffery that's all politics and so far completely BEREFT of substance

and EVERYONE SAW IT

he's a CHARLATAN, completely without CREDIBILITY

leadership, anyone?
 
What is so sacrosanct about the middle class? We're in big fiscal trouble. Everyone needs to share the pain. Ya' know those 47% that pay no income tax at all??? Those 71 million? Time they started paying, too. If they did, maybe they'd exercise their power to vote a little more carefully and help the rest of us stop this spending spree. 47% of households owe no tax - and their ranks are growing - Sep. 30, 2009

Link that Ryan's plan gives an additional 25% cut in income taxes, please.

Then perhaps you'd better lobby your Republican Congressmen and Senators to raise more taxes on the middle class. I'd really like to know how they'd respond to that.
 

Cutting the top tax rate from 35% to 25% is a 28.5% reduction. To be fair they are eliminating “scores of credits, deductions and exemptions” but still the top rate hasn't been that low since the 1930s.

So what? Seems you are more interested in money going to the govt. instead of how that money is spent and what happens when take home pay is reduced at any level and what affect does that have on the economy. Those that believe in big govt. continue to support someone else paying for that increase in size(the rich) and ignore the reality that the rich don't make enough to pay for the liberal appetite.
 
So what? Seems you are more interested in money going to the govt. instead of how that money is spent and what happens when take home pay is reduced at any level and what affect does that have on the economy. Those that believe in big govt. continue to support someone else paying for that increase in size(the rich) and ignore the reality that the rich don't make enough to pay for the liberal appetite.

This is the kind of partisan tripe that's not helping matters at all.
 
Obama looks to be ‘owning’ to me.

It's about time we confront the 'job-creators' myth head on... The Bush Tax cuts have been in place 2008, 2009, 2010, 2011... the Job Creators, my butt!!

Don't be timid on the capitol gains taxes. And cut the loopholes for companies that set up addresses in tax havens. You do business here. You pay taxes here.
 
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