Debt deluge: Here comes the $1.6 trillion flood of red ink
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:
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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…
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Via C-SPAN, here is video of the behemoth budget being trucked in to Capitol Hill:
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Hindsight is 20/20. Bush spending policies were not that bad after all…
85 comments, and this one is #102.
Must have been a lot of trash talking.
MSN homepage today:
Obama budget calls for tax hikes | Video
http://www.msnbc.msn.com/id/35185592/ns/business-personal_finance
T-Bone:
The problem here is that don’t have good intentions. They do want to destroy the country. You can add to it that they are wrong, but that doesn’t change their intent.
We must stop these thieves.
Obama is full of $%^#. Plain and simple.
What also irritates me is when people like O’Reilly and his guest, Bernie what’s his face start talking about the “Kool-Aid drinking extreme right” as they were last night.
They love to give Obama “the benefit of a doubt” while they’ll not extend that same courtesy to conservatives who are critical of Obama, or that believe Obama has a larger agenda of socializing America.
Look at this budget. It’s a liberal wet dream.
Look at Obama’s actions. They are a socialist’s agenda. Not to mention an slef-serving appeasers agenda.
This guy doesn’t like what America is, or has been. He’s out to change it. When people like O’Reilly start calling that evidence of Kool-Aid drinking, it’s time to tune them out.
And Michelle, his and Bernie’s angle and in that piece appear to be directed at you and others, and oddly enough Mr. Beck.
O’Reilly and Obama have a fatal flaw in common. They take the notion of being fair and mutate it into being compliant to the opposition and blind to reality. Obama with our enemies, and O’Reilly with the quiet agenda of Obama and his Democrat allies.
It’s disturbing to see this.
If the Bush deficits were bad, and they were, then how can anyone defend Obama’s plans?
The most optimistic projection (the White House’s, not the CBO’s) of the best year of an eight year Obama presidency shows a bigger deficit than the worst year of the Bush era.
The man is not remotely up to the job.
He is doing a fine job, if you understand that his goal is to destroy the middle class by leveling it with the “have nots”, destroying the free enterprise system in our country, concentrating the power of the Central Government, and transforming America into a socialist state ruled by an oligarchy of the political class.
Obama is far from stupid. This budget is part of the game plan.
I keep going back to the response Obama had for Charlie Gibson during his primary debate with Hillary in April 2008 concerning the Laffer curve.
Gibson, to his credit, challenged Obama to explain how a tax increase would raise revenue when the last few tax cuts proved that cutting taxes is what raises revenue.
Obama was clearly stumped and ended up saying that it didn’t matter if a tax increase resulted in less revenue because it was being raised for ‘purposes of fairness’.
Gibson: “But history shows that when you drop the capital gains tax revenues go UP.”
Obama: “That might happen or it might not.”
HE IS TOTALLY WRONG; HE IS AN IDIOT!!! He has ZERO idea what he’s talking about and almost 2 years later STILL doesn’t have a clue how government taxation and spending KILLS business which kills JOBS.
To all you rich people out there, those of you in the top 25% of income who are paying over 80% of all federal revenue … here is your big chance to STOP OBAMA COLD.
Sit back and STOP MAKING A PROFIT! Obama is clueless that profit is what drives our economy. He attacks it day after day even though it is the goose laying the golden eggs. The simple thing you very rich people need to do is just slow down and break even for a while until it sinks Obama’s ship – it will starve him and the progressives out of existence.
Is it asking to much of you? You have plenty of money stashed away to preserve your level of comfort so why not step up to the plate and TEACH OBAMA THE REALITY OF WHERE FEDERAL REVENUE ACTUALLY COMES FROM BY CUTTING IT OFF?
You can do it voluntarily right now or .. you can wait and just let it happen TO you later when US dollars become worthless by your continued feeding of this madman and his band of radicals in Washington DC.
He will not halve it…… he will double it. Then blame it on the “situation” left behind by Bush.
The irony is, things turned south on the deficit at about the time the Dems took control of congress. Albeit with Bush complicit.
I’m wondering when the media will see the light and label Obama as the biggest spender in American history?
As long as Obama has the media in his lap, and remains black, don’t expect any serious criticism of his policies and plans. It ain’t gonna happen.
Obama’s legacy: The one time an enemy of the USA was elected president.
Obama has an alibi, and the media an excuse – BDS, Democrat control, and 17% unemployment rate. Welfare state wet dream.
Slightly OT (but only slightly) – Rep. John Murtha is hospitalized with complications from gall bladder surgery.
http://news.yahoo.com/s/ap/20100202/ap_on_go_co/us_murtha_hospitalized
Quick, ship him to Canada! I hear they got good healthcare!
We can arrange an exchange program for our politicians and their politicians.
This could be the tipping point.
It certainly is another major milestone in
OPERATION OVER-REACH…!!!
Push-back is comin…
Dear President Obama,
We thank you so much for doing what we have failed to do: Destroy America.
We love you.
Sincerely,
All the Boys at Team al-Qaeda
Don’t worry. The US can just declare bankruptcy and start all over again. Maybe we’ll be able to get it right the next time. In the meantime, Chinese language classes should be mandatory in our schools so we can better communicate with our new leaders.
Guys…
this is a GREAT development. As several people are pointing out, it provides Americans with two very clear, very different, models for the future of this nation.
Collapse or expand. Which do you think the majority is choosing?
WE are the civilian national security force! That’s what the Second Amendment is all about.
ECS
EXCEPT that they opened the floodgates to allow Obama & Co. to flow right in…
Sounds good, except that I believe you assume they are committed to any sort of a budget, i.e., that restraint will happen at some point. I don’t think they are. The budget is to these goons merely a convenient tool with which to destroy America. They are not constrained by any amount of income (or lack thereof). It will not phase them whether they expect to take in enough tax revenue to support anything. They are like a college freshman with his parents’ credit card.