Obama budget to cut deficit in half

[alan1]

Clinton didn't make crap work. He Got close to a balanced budget because The Republican congress stuffed it down his throat. You can't both balance the budget and spend money like its going out of style. Soaking the rich can only be done to the extent the rich will permit it. They have too many options including taking their game else where that the rest of of us don't.

And what has congress done since then?
Funny how Mr Bush gets blamed for congressional spending.

 

[DiveCon]

But what did NOT go into the annual budget was the cost of IRAQ.

The FEDS (both parties) play games with the budget to create headlines that make conditions seem better than they are.

thus there was NO surplus with Clinton

No, there was no surplus under Clinton. The best that can be said is that, after having stolen the pension funds, no further borrowing was needed. Unfortunately, the sam can't be said for the next administration, nor will it be said for this one.

i agree
i think Bush and the GOP congress totally fucked up the ball(as opposed to dropping it)
they acted more like democrats than the republicans of a decade ago
and THATS why they got voted out

 

[DiveCon]

Clinton didn't make crap work. He Got close to a balanced budget because The Republican congress stuffed it down his throat. You can't both balance the budget and spend money like its going out of style. Soaking the rich can only be done to the extent the rich will permit it. They have too many options including taking their game else where that the rest of of us don't.

And what has congress done since then?
Funny how Mr Bush gets blamed for congressional spending.

and Clinton gets credit for a somewhat responsible congress



few people actually know how this government functions(or is supposed to function)

 

[garyd]

Exactly diver. All spending bills must originate in the House. The coalition that gave us a nearly balanced budget under Clinton disappeared after the 2000 election with Jumping Jim Jeffords switch to independent.

 

[007]

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

Oh really? I wonder how many of the 200 NEW GOVERNMENT AGENCIES HE JUST SIGNED INTO EXISTENCE he'll eliminate?

I'll tell ya... this little fucker hussein can bull shit with the big dogs. Talk about a grifter.

 

[auditor0007]

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...

We don't need to pay down the debt nor should we. The simple idea of doing so is, to be blunt, stupid. In order to pay it down, taxes would have to be raised dramatically. We have bigger problems to worry about. Now, that is not to say we should continue spending and running record deficits. The way to actually pay down the debt is not by making payments on it but by reducing spending to the point that we have either a balanced budget or a slight deficit. So long as the yearly deficits remain below the rate of growth in the economy, the deficit becomes a smaller percentage of GDP, and that is what matters, because the smaller the deficit is as a percentage of GDP, the less interest the government pays as interest on the debt based as a percentage of the overall economy, which in turn is a percentage of all revenue.

 

[editec]

Obama budget to cut deficit in half

BAD idea at this time.

The time to have done that was back when the USA economy was going full throttle.

I find it hard to understand why people believe that the the solutions to economics during good times are the same solutions to the economy when times are hard.

It simply does not make any sense to imagine that in a time of economic famine, one does the same thing as during times of economic feasting.

 

[auditor0007]

Oh and by the way, that figure of 1.3 Trillion dollars for Bushes last Deficit counts the 700 Billion dollar TARP bail out.

But what did NOT go into the annual budget was the cost of IRAQ.

The FEDS (both parties) play games with the budget to create headlines that make conditions seem better than they are.

My favorite federal government accounting game is taking from the Social Security trust fund to make their general budgets look better and both sides do it. These crooks would be in jail if they stole like this in the private sector.

That party is almost over. SS will soon reach the break even point if it hasn't already. There won't be a surplus in SS to raid, which in turn will increase the deficit that much more without further cuts in spending or an increase in taxes.

 

[jreeves]

But what did NOT go into the annual budget was the cost of IRAQ.

The FEDS (both parties) play games with the budget to create headlines that make conditions seem better than they are.

My favorite federal government accounting game is taking from the Social Security trust fund to make their general budgets look better and both sides do it. These crooks would be in jail if they stole like this in the private sector.

That party is almost over. SS will soon reach the break even point if it hasn't already. There won't be a surplus in SS to raid, which in turn will increase the deficit that much more without further cuts in spending or an increase in taxes.

The shame of it is that Medicare is in worse shape than SS.

 

[Meister]

It is the Clinton formula.

Reduce wasteful miliary spending and increase taxes on the rich.

I think it's a great idea.

That must be after he increases troops in Afghanistan...right ???

 

[jreeves]

It is the Clinton formula.

Reduce wasteful miliary spending and increase taxes on the rich.

I think it's a great idea.

That must be after he increases troops in Afghanistan...right ???

The top 2% is going to pay for 3 trillion dollars in new spending. Now that is just plain funny! Iraq war spending to date 600+ billion dollars, even if none of these funds are used in the Afgan war, that's still 2.4 trillion dollars over budget.

 

[Chris]

It is the Clinton formula.

Reduce wasteful miliary spending and increase taxes on the rich.

I think it's a great idea.

That must be after he increases troops in Afghanistan...right ???

The top 2% is going to pay for 3 trillion dollars in new spending. Now that is just plain funny! Iraq war spending to date 600+ billion dollars, even if none of these funds are used in the Afgan war, that's still 2.4 trillion dollars over budget.

At one point the top 26 hedge fund managers were averaging $877 million dollars a year in income.

We were robbed.

 

[jreeves]

That must be after he increases troops in Afghanistan...right ???

The top 2% is going to pay for 3 trillion dollars in new spending. Now that is just plain funny! Iraq war spending to date 600+ billion dollars, even if none of these funds are used in the Afgan war, that's still 2.4 trillion dollars over budget.

At one point the top 26 hedge fund managers were averaging $877 million dollars a year in income.

We were robbed.

Still no plan to make up a 2.4 trillion budget shortfall, only spam.

 

[DiveCon]

That must be after he increases troops in Afghanistan...right ???

The top 2% is going to pay for 3 trillion dollars in new spending. Now that is just plain funny! Iraq war spending to date 600+ billion dollars, even if none of these funds are used in the Afgan war, that's still 2.4 trillion dollars over budget.

At one point the top 26 hedge fund managers were averaging $877 million dollars a year in income.

We were robbed.

and even if you took it ALL, its not even a drop in the bucket of what Obama is going to spend

you realize Obama has spent BILLIONS per day

 

[Chris]

The top 2% is going to pay for 3 trillion dollars in new spending. Now that is just plain funny! Iraq war spending to date 600+ billion dollars, even if none of these funds are used in the Afgan war, that's still 2.4 trillion dollars over budget.

At one point the top 26 hedge fund managers were averaging $877 million dollars a year in income.

We were robbed.

Still no plan to make up a 2.4 trillion budget shortfall, only spam.

The plan is to cut wasteful military spending and increase taxes on the rich.

That is exactly what Clinton did, and it worked quite well.

 

[jreeves]

At one point the top 26 hedge fund managers were averaging $877 million dollars a year in income.

We were robbed.

Still no plan to make up a 2.4 trillion budget shortfall, only spam.

The plan is to cut wasteful military spending and increase taxes on the rich.

That is exactly what Clinton did, and it worked quite well.

Again, a Civics 101 lesson for you, who controls spending for the federal government? Congress, who controlled Congress during Clinton's near balanced budgets? Republicans, do you remember all those budget fights?