How Obama plans to cut the budget

Discussion in 'Politics' started by Chris, Feb 26, 2009.

  1. Chris
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    Chris Gold Member

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    WASHINGTON (CNN) -- After promising the American people his team has already found $2 trillion in budget savings by scouring the federal budget, President Obama is planning to lay out some of the potential spending cuts in great detail when he unveils his first blueprint on Thursday, according to senior administration officials familiar with the budget plans.

    President Obama told Congress on Tuesday that his administration had found $2 trillion in cuts in the federal budget.

    "My administration has also begun to go line by line through the federal budget in order to eliminate wasteful and ineffective programs," Obama said Tuesday in a speech to a joint session of Congress. "... We have already identified $2 trillion in savings over the next decade."

    A list of some of the proposed spending cuts obtained by CNN shows that the programs on the chopping block range from outdated farm subsidy programs to pricey Pentagon weapons programs and the so-called "carried-interest" loophole on Wall Street.

    Each program, however, has political patrons on Capitol Hill who will fight to save the budget items, setting the stage for major political battles as the details of the budget are debated by lawmakers in the months ahead.

    One high-profile proposal involves closing the loophole that has allowed some Wall Street investment managers to pay lower tax rates than their low-paid assistants. Wall Street lobbyists have fought such changes in the past and won, but the current political environment is so sour on financial executives that the proposal could garner more support now.

    "Under current law, investment managers have been exploiting a loophole in our tax code to pay 15 percent on their earned income, the same rate that a middle-class family making $80,000 a year pays. The budget calls for closing the so-called 'carried-interest' loophole," says the administration's list, without being specific about how much revenue that will bring in to the federal government.

    Sources: Weapons, subsidies, loopholes among budget cuts - CNN.com
     
  2. driveby
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    driveby Gold Member

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    Oh neat, more lies .....
     
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  3. PubliusInfinitum
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    PubliusInfinitum BANNED

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    ROFL...

    Well, there's no mystery where 'The Lord of the Idiots; the all powerful OZ himself: President Hussein will cut the budget... He'll cut defense and intelligence spending... and how can we be sure? HE'S A LEFTIST... and that's what leftists DO.

    Now want to know what can be expected as a result of such cuts? See: 9-11.

    So at the end of the day, the US will remain saddled with innumerable 'lines' of social spending; spending which requires the obligatory annual increases and in the wake of the leftist tragedy, the US will be forced to rebuild the Military and Intelligence services... which be accomplished in deficit, which cause the left to weep and gnash their teeth and feign a sense of 'fiscal responsibility'... where those, the unwashed, will inevitably determine proves once again that 'ya can't trust Republicans...' and once the US military and intelligence services re-secure the common defense, the Americans will be voted out and a new gaggle of subversives set in place to 'CLEAN HOUSE' and cut military and intelligence, while spending unprecedented TRILLIONS in social spending....

    All of which assumes we don't collapse from the collectivist dead weight... in the mean time.
     
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    Last edited: Feb 26, 2009
  4. Chris
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    Chris Gold Member

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    Obama is going to...GASP!... close Wall Street tax loopholes and cut expensive and wasteful military weapons systems.

    It's about fucking time!
     
  5. xsited1
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    xsited1 Agent P

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    Money and people are going to flow out of the country to avoid excessive taxation. The poor and middle class will be left behind to defend a country without the latest in military technology. Good luck with that.
     
  6. 007
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    007 Charter Member Supporting Member

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    It is painfully obvious at this point that the change hussein refered to was back to the same old liberal tax and spend habits of old, but ten times worse, with the same old military hating attitude. Liberals will never change, and hussein isn't any different than any of the other liberals. Change.... ppphht.... puuulleeezze.... :eusa_hand:
     
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  7. PubliusInfinitum
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    PubliusInfinitum BANNED

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    LOL... The coolest part of this statement is that this idiot doesn't even know what that means...

    She 'feels' that the "Wallstreet tax loopholes" are those thing that "the RICH" use to cheat the system... when in fact, such tax deductions are used to defer taxation so that principle can accumulate at a faster pace... Principle which rests in the retirement accounts of teachers and firemen, 7-11 clerks and Wallmart associates... Schoolbus drivers and carpenters; REGULAR PEOPLE who simply set aside a little of their hard earned income towards their sunset years... In other words, the 'WALLSTREET TAX LOOPHOLES" are those things which allow capital to avoid taxation and in so doing provides that this capital will be invested in every facet of US industry and business...

    Closing those loopholes will hurt Mom and Pop, Aunt and Uncle, Bubba and Sissy... the little folks... it will hurt them as investment in the businesses which they depend upon for their jobs becomes harder to come by; thus expansion of the business will be put off or cut entirely... it will hurt them as it sucks the gains which they had otherwise depended upon to fund them in their old age... it will hurt them as it draws down the economy which they depend upon TO EAT...

    And here sits lil' Chrissy... applauding as the little guy GETS CREAMED!

    And doesn't she look SO "Progressive"... Oh the compassion is palpable.
     
  8. Chris
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    Chris Gold Member

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    Bullshit.

    Stupid Republicans are always trying to protect the rich while the rich ran a Ponzi scheme that stole trillions of dollars from hard working Americans.
     
  9. xsited1
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    xsited1 Agent P

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    Stop talking about Social Security like that!
     
  10. DiveCon
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    DiveCon gone

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    yeah, what do we need a strong military for
    we dont need the F-22, those F-15 will fly forever
     

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