Obama budget to cut deficit in half

Discussion in 'Politics' started by Chris, Feb 21, 2009.

  1. Chris
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    Chris Gold Member

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    WASHINGTON (Reuters) - President Barack Obama will use his first budget, due to be unveiled next week, to put the United States on track towards cutting its ballooning deficit in half by 2013, an administration official said on Saturday.

    "The deficit this administration inherited was $1.3 trillion (907 billion pounds) or 9.2 percent of GDP. By 2013, the end of the president's first term, the budget cuts the deficit to $533 billion or 3.0 percent of GDP," said the official who spoke on condition of anonymity.

    "Most of the savings will come from winding down the war in Iraq, increased revenue from those making more than $250,000 a year, and savings from making government work more efficiently and eliminating programs that do not work," the official added.

    Obama wants to cut U.S. deficit in half by 2013 | Reuters
     
    Last edited: Feb 21, 2009
  2. driveby
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    driveby Gold Member

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    Campaigning for 2012 already ? ......
     
  3. Sinatra
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    Sinatra Senior Member

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    I love how they use the year-to-year as "cutting the deficit in half" when in fact what it really should read is, "Obama to increase deficit by 533 billion"

    Until we actually start setting aside about 200-300 billion per year to pay down the debt, we are taking on far too much water - and Bush was just as bad as Obama in that regard, as was the Republican Congress vs the Democrat Congress.

    Got to give Obama credit though - he can shuck and jive with the best of them...

    [​IMG]
     
  4. Toro
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    Toro Diamond Member

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    I sure hope you are correct, but I'll believe it when I see it. Politicians have a long history of projecting balanced budgets well into the future that don't come to fruition.
     
  5. Bern80
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    Bern80 Gold Member

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    While I remain skeptical I certainly applaud him for setting the goal and hope he achieves it. I also, hope he achieves it the right way. i think most likely he will not cut back in spending and cut the deficit by raising taxes, which unfortunately is not the right way to go about it.
     
  6. SwingVoter
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    SwingVoter VIP Member

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    It's about time.
     
  7. SwingVoter
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    SwingVoter VIP Member

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    the programs that don't work line is BS, if you had a penny for every pol who said cut "waste, fraud, ineffiency", you could wipe out the trillion dollar deficit now

    but agree that we unfortunately need higher taxes now to pay for both Bush and Obama's massive overspending
     
  8. The InDesigner
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    The InDesigner Rookie

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    Yeah, right. That's a great idea, but completely impractical. It's also impractical to not bother setting goals to lower the deficit, but you have to wonder where that money is coming from.
    In New York State, Governor Patterson promised to balance the budget and is now attempting to do so with new taxes on everything from soda to mailing your W2 to the IRS. Whenever the government starts talking about balancing a budget or reducing a deficit, you really have to wonder how, specifically. General terms win general elections, but they don't produce results.
     
  9. Chris
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    Chris Gold Member

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    It is the Clinton formula.

    Reduce wasteful miliary spending and increase taxes on the rich.

    I think it's a great idea.
     
  10. Charles_Main
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    Charles_Main AR15 Owner

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    What a huge joke. This is called paying lip service to something.

    The fact is we have spent more than the last budget in emergency discretionary spending. Which of course Obama will not count when he says he will cut the Deficit in half. Nor will he count Interest payments building up.
     

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