Obama budget projects highest deficit ever.

[Tom Clancy]

Obama unveils 2011 budget with $3.83T in spending - Yahoo! News

snip

WASHINGTON – President Barack Obama unveiled a multitrillion-dollar spending plan Monday, pledging an intensified effort to combat high unemployment and asking Congress to quickly approve new job-creation efforts that would boost the deficit to a record-breaking $1.56 trillion.
Obama's new budget blueprint preaches the need to make tough choices to restrain run-away deficits, but not before attacking what the administration sees as the more immediate challenge of lifting the country out of a deep recession that has cost 7.2 million jobs over the past two years.
The result is a budget plan that would give the country trillion-dollar-plus deficits for three consecutive years. Obama's new budget projects a spending increase of 5.7 percent for the current budget year and forecasts that spending would rise another 3 percent in 2011 to $3.83 trillion.
"Until America is back at work, my administration will not rest and this recovery will not be finished," Obama declared in his budget message.
Obama's budget offers tax cuts for businesses, including a $5,000 tax credit for hiring new workers this year, help for the unemployed and $25 billion more for cash-strapped state governments. All the temporary measures would boost the deficit over the next two years by $245 billion.
The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then-unprecedented $1.41 trillion gap, a number which had dwarfed the previous record of $454.8 billion set in 2008 under former President George W. Bush.
The administration is forecasting that deficits over the next decade will add an additional $8.5 trillion to the national debt, even if Congress adopts the administration's package of proposals to trim future deficits starting in 2011. Those include a three-year freeze on spending for government programs, an effort which does not touch popular benefit programs such as Social Security and Medicare and which also exempts defense and homeland security. It also proposes a boost in taxes on the wealthiest Americans, families making more than $250,000 annually, by allowing the Bush tax cuts of 2001 and 2003 to expire.

 

[Foxfyre]

Obama unveils 2011 budget with $3.83T in spending - Yahoo! News

snip

WASHINGTON – President Barack Obama unveiled a multitrillion-dollar spending plan Monday, pledging an intensified effort to combat high unemployment and asking Congress to quickly approve new job-creation efforts that would boost the deficit to a record-breaking $1.56 trillion.
Obama's new budget blueprint preaches the need to make tough choices to restrain run-away deficits, but not before attacking what the administration sees as the more immediate challenge of lifting the country out of a deep recession that has cost 7.2 million jobs over the past two years.
The result is a budget plan that would give the country trillion-dollar-plus deficits for three consecutive years. Obama's new budget projects a spending increase of 5.7 percent for the current budget year and forecasts that spending would rise another 3 percent in 2011 to $3.83 trillion.
"Until America is back at work, my administration will not rest and this recovery will not be finished," Obama declared in his budget message.
Obama's budget offers tax cuts for businesses, including a $5,000 tax credit for hiring new workers this year, help for the unemployed and $25 billion more for cash-strapped state governments. All the temporary measures would boost the deficit over the next two years by $245 billion.
The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then-unprecedented $1.41 trillion gap, a number which had dwarfed the previous record of $454.8 billion set in 2008 under former President George W. Bush.
The administration is forecasting that deficits over the next decade will add an additional $8.5 trillion to the national debt, even if Congress adopts the administration's package of proposals to trim future deficits starting in 2011. Those include a three-year freeze on spending for government programs, an effort which does not touch popular benefit programs such as Social Security and Medicare and which also exempts defense and homeland security. It also proposes a boost in taxes on the wealthiest Americans, families making more than $250,000 annually, by allowing the Bush tax cuts of 2001 and 2003 to expire.

Oh come on Tom, give the poor guy a break. In the SOTU address he promised to freeze some spending, and according to the New York Time this budget does freeze spending that will save about $20 billion. The Times also extrapolates that into $447 billion in savings over the next decade. (I still have that assortment of bridges to sell.)

Let's see - save $20 billion but increase the budget by how much? What percentage of a $3.83 trillion budget is $20 billion?

There must have a been a full moon the night somebody convinced him that thinking Americans are going to think he is saving us a dime.

If we don't find a way to rein in this guy, I'm not sure we can make it to 2012 and replace him. He seems hell bent on destroying the American economy and thus our security and sovereignty into perpetuity.

Vote for ONLY fiscal conservatives with a track record in November.

 

[Tom Clancy]

Obama unveils 2011 budget with $3.83T in spending - Yahoo! News

snip

WASHINGTON – President Barack Obama unveiled a multitrillion-dollar spending plan Monday, pledging an intensified effort to combat high unemployment and asking Congress to quickly approve new job-creation efforts that would boost the deficit to a record-breaking $1.56 trillion.
Obama's new budget blueprint preaches the need to make tough choices to restrain run-away deficits, but not before attacking what the administration sees as the more immediate challenge of lifting the country out of a deep recession that has cost 7.2 million jobs over the past two years.
The result is a budget plan that would give the country trillion-dollar-plus deficits for three consecutive years. Obama's new budget projects a spending increase of 5.7 percent for the current budget year and forecasts that spending would rise another 3 percent in 2011 to $3.83 trillion.
"Until America is back at work, my administration will not rest and this recovery will not be finished," Obama declared in his budget message.
Obama's budget offers tax cuts for businesses, including a $5,000 tax credit for hiring new workers this year, help for the unemployed and $25 billion more for cash-strapped state governments. All the temporary measures would boost the deficit over the next two years by $245 billion.
The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year's then-unprecedented $1.41 trillion gap, a number which had dwarfed the previous record of $454.8 billion set in 2008 under former President George W. Bush.
The administration is forecasting that deficits over the next decade will add an additional $8.5 trillion to the national debt, even if Congress adopts the administration's package of proposals to trim future deficits starting in 2011. Those include a three-year freeze on spending for government programs, an effort which does not touch popular benefit programs such as Social Security and Medicare and which also exempts defense and homeland security. It also proposes a boost in taxes on the wealthiest Americans, families making more than $250,000 annually, by allowing the Bush tax cuts of 2001 and 2003 to expire.

Oh come on Tom, give the poor guy a break. In the SOTU address he promised to freeze some spending, and according to the New York Time this budget does freeze spending that will save about $20 billion. The Times also extrapolates that into $447 billion in savings over the next decade. (I still have that assortment of bridges to sell.)

Let's see - save $20 billion but increase the budget by how much? What percentage of a $3.83 trillion budget is $20 billion?

There must have a been a full moon the night somebody convinced him that thinking Americans are going to think he is saving us a dime.

If we don't find a way to rein in this guy, I'm not sure we can make it to 2012 and replace him. He seems hell bent on destroying the American economy and thus our security and sovereignty into perpetuity.

Vote for ONLY fiscal conservatives with a track record in November.

Good post.

People fail to realize, they heard it will save us 20 Billion, but of course without knowing how much the budget will increase.

I've given this guy breaks from time to time, I give any president time to get me at my good side, but lately, this guy is just a moron.

 

[Foxfyre]

People fail to realize, they heard it will save us 20 Billion, but of course without knowing how much the budget will increase.

I've given this guy breaks from time to time, I give any president time to get me at my good side, but lately, this guy is just a moron.

Well, unfortunately so are many of his worshipers. They don't know or care how he will do it, but so long as he keeps promising them that he'll make their lives much more wonderful, they will continue to grovel at his feet and refuse to listen to any common sense rationale.

His sense of economics, like many liberals, is like me going to buy a new car. I can buy a $20,000 Ford Focus that I can easily afford, or I can by a $40,000 fully loaded Lexus that wipes me out financially for the next five years, and claim that I saved $2,000 because I got a rebate.

To liberals, claiming that they are budgeting less than they would like to budget is saving us money.

On the other hand, if conservatives spend more than the year before but less than what liberals want to spend, that's slashing funding.

It's nuts.