Obama LIE#?Obama lowballed 2012 deficit by $500 billion

[LadyGunSlinger]

Obama lowballed 2012 deficit by $500 billion | Times 247


More lies, damn lies.. Lying liars.. NOTHING this man ever says is the TRUTH.. I've never heard of a US President that lies more than this sociopath!


In May 2009, President Obama released his updated budget estimates, which projected that the federal deficit for fiscal year 2012 would be $557 billion. The Congressional Budget Office now says that the deficit for fiscal year 2012 (which ended on September 30) was about $1.1 trillion — or about twice what Obama said it would be. In other words, Obama’s estimate was off by more than half a trillion dollars.



Read more: Obama lowballed 2012 deficit by $500 billion | Times 247

 

[LadyGunSlinger]

Has this man ever told the truth in regard to any numbers, statistics?? We find out today he lied and misrepresented what a Princeston Economist said in order to attack and distort Romney's position on taxes. He lies every week about the unemplyment numbers which are literally revised upward ..

 

[waltky]

Granny says, "Dat's right - dem politicians gonna spend us all to the poorhouse...

Both parties’ tax plans would add to the deficit
Sunday, November 18, 2012 - CBO sees trillions in a decade

The “fiscal cliff” debate in Washington has been cast as a choice between runaway Democratic spending and draconian Republican cuts, but no matter who wins the argument, both parties’ tax plans add to the deficit — by a minimum of $4.3 trillion through 2022, according to the nonpartisan Congressional Budget Office. Republicans, who want to extend almost all of the George W. Bush-era tax cuts beyond their Jan. 1 expiration date and want to continue to delay the full alternative minimum tax, would deepen the deficit by $250 billion next year and $5.3 trillion over a decade, according to the CBO.

Democrats support delaying the full alternative minimum tax and want to extend all but the highest-income tax rates, which the CBO says would deepen deficits by $205 billion next year and $4.3 trillion over the same period. “Everybody has forgotten that it is not just the tax cuts for the upper-income people; it is the entire package of Bush tax cuts that were unaffordable,” said Robert L. Bixby, executive director of the Concord Coalition, a bipartisan deficit watchdog. Mr. Bixby said the tax cuts should be extended only if Congress comes up with a broad deficit-reduction plan with the kinds of savings and new revenues that would make a real dent in the deficit.

Others were more blunt. “It is time to take the plunge — let all the Bush tax cuts expire,” said David Stockman, who was a budget director for President Reagan. “They were unaffordable in 2001 and 2003, and now with $16 trillion of national debt and counting, they are a fiscal abomination.” Lawmakers are trying to strike a deal by Jan. 1, when the 2001 income tax rate cuts expire and the 2003 cuts to dividends and capital-gains taxes also expire. On Jan. 2, $110 billion in automatic spending cuts, known as “sequesters,” take effect under the terms of last year’s bipartisan debt deal.

Both Republicans and Democrats have called for eliminating some tax loopholes and deductions, which could reduce CBO’s deficit projections. But so far, neither side has put forth a specific concrete plan to do so. When the tax cuts were passed, Republicans controlled the Senate and House and did not offset the tax reductions with spending cuts. Because the tax cuts were passed without a supermajority in the Senate, they were scheduled to expire in 2010. But with the economy slumping, President Obama and congressional Republicans struck a deal in late 2010 to extend most of the cuts for another two years.

Read more: Both parties' tax plans would add to the deficit - Washington Times Both parties' tax plans would add to the deficit - Washington Times