Did You Know...

   

Debt deluge: Here comes the $1.6 trillion flood of red ink

Share
By Michelle Malkin  •  February 1, 2010 11:13 AM

Peter Orszag blogs this morning about the newly unveiled, $3.8 trillion White House budget: “The Budget lays out a plan to put the country back on a sustainable fiscal path.”

Via the House Republicans, this is what the Obama administration’s idea of a “sustainable fiscal path” looks like:

***

The WSJ breaks the debt deluge down further:

President Barack Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year, but would push the red ink down to about $700 billion, or 4% of the gross domestic product, by 2013, according to congressional aides.

The deficit for the current fiscal year, which ends on Sept. 30, would eclipse last year’s $1.4 trillion deficit, in part due to new spending on a proposed jobs package. The president also wants $25 billion for cash-strapped state governments, mainly to offset their funding of the Medicaid health program for the poor.

The president’s $3.8 trillion budget will move deficit levels to an all-time high. The News Hub discusses the budget’s chance for passing Congress.

To get the deficit down by the middle of the decade, Mr. Obama will be relying on some cuts that have previously been proposed without success, on cooperation from a wary Congress and on a yet-to-be set up debt commission to suggest politically difficult choices.

At the same time, Mr. Obama is under pressure to address the country’s continued high unemployment rate. And he will propose increases in spending for priorities such as education and domestic scientific research. All of this raises questions about how much progress the president is likely to make in trying to fulfill his pledge to halve by 2013 the $1.3 trillion deficit he inherited.

During another brief, teleprompter-aided statement this morning, Obama lectured: “‘Changing spending as usual depends on changing politics as usual.”

Waiting…

***

Via C-SPAN, here is video of the behemoth budget being trucked in to Capitol Hill:

blog comments powered by Disqus

Obama admin: Honor the spirit of Independence Day by convincing your family this gov’t mandate is awesome

July 3, 2015 06:55 AM by Doug Powers

founders

“We hold these mandates to be self-evident”

Good luck: Obama advising Greece on how to stave off financial ruin

June 29, 2015 10:48 AM by Doug Powers

Image (1) debt1.png for post 119731

Obama to the rescue!

Open thread: Obamacare renamed ‘SCOTUScare’ for good reason

June 25, 2015 08:33 PM by Doug Powers

johnroberts

The Interpreter

Going green: Obama and Bill Nye’s Earth Day fuel-fry cost taxpayers a cool million

June 24, 2015 09:54 PM by Doug Powers

billnye

A small price to pay for hypocrisy of this caliber

Ted Cruz’s AP halo looks a lot different than Obama’s AP halo

June 22, 2015 09:47 AM by Doug Powers

obamacruz

A study in contrasting coverage


Categories: 2016 Campaign, Barack Obama, Feature Story, Media Bias

Follow me on Twitter Follow me on Facebook