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

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

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:

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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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#101

On February 2nd, 2010 at 1:53 pm, Ragspierre said:

This could be the tipping point.

It certainly is another major milestone in

OPERATION OVER-REACH…!!!

Push-back is comin…
#102

On February 2nd, 2010 at 2:34 pm, Gorebot said:

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
#103

On February 2nd, 2010 at 3:13 pm, Pauldow said:

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.
#104

On February 2nd, 2010 at 3:21 pm, Ragspierre said:

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?
#105

On February 2nd, 2010 at 5:25 pm, Elm Creek Smith said:

On February 1st, 2010 at 1:54 pm, rightisright said:
On February 1st, 2010 at 11:26 am, Dexter Alarius said:

Obama jobs plan: Hire all the unemployed to work for the Government. Print money to pay them with.
No doubt that’s his plan, how many civilian corp. is that, to paraphrase “should be as big as the U.S. military.”

Looks like the new SS troops and I don’t mean the Secret Service.

Lock, load and get prepared,

WE are the civilian national security force! That’s what the Second Amendment is all about.

ECS
#106

On February 3rd, 2010 at 8:27 am, MtsEdge said:

On February 1st, 2010 at 10:04 pm, jangar said:
Hindsight is 20/20. Bush spending policies were not that bad after all…

EXCEPT that they opened the floodgates to allow Obama & Co. to flow right in…

On February 2nd, 2010 at 9:33 am, Danceswithdachshunds said:

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.