When Does Obama's Plan Balance the Budget? Hoyer: 'I Don't Know'

Discussion in 'Politics' started by Stephanie, Dec 1, 2012.

  1. Stephanie
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    Stephanie Diamond Member Supporting Member

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    lovely
    links in article at site


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    By Elizabeth Harrington

    November 30, 2012

    (CNSNews.com) – House Minority Whip Steny Hoyer (D-Md.) said he does not know when President Barack Obama’s plan for the fiscal cliff will balance the federal budget.

    “The President’s proposition was that—on the revenue side—to balance the spending cuts we needed to raise additional revenues,” Hoyer said during a Capitol Hill pen and pad briefing with reporters on Friday. “We are now collecting revenues at about 15 percent and spending at about 22 percent of GDP [Gross Domestic Product].”

    “You can’t do that for very long,” he said. “Even the richest country on the face of the earth can’t do that forever without having serious adverse consequences.”

    “Almost everybody you speak to says you’ve got to bring those into balance,” Hoyer said.

    However, when CNSNews.com asked the second-ranking Democrat in the House when the president will achieve that balance, Hoyer said he did not know.

    CNSNews.com asked: “You said that we have to bring spending and revenue into balance. So, when does President Obama’s plan, specifically—what year—does he balance the federal budget?”

    “I don’t know the answer to that question,” Hoyer said. “If it’s the $4 trillion and it’s the percentage of GDP that he arrives at.”

    “Do you have any idea what percentage of GDP they would be balanced at?” CNSNews.com then asked.

    “Uh, James [Leuschen, senior policy adviser] is not in the room, is he?” he said. “I’m sorry, I don’t know. I can get that for you.”

    The federal government collected $2.4 trillion in revenue in FY 2012—which ended Sept. 30—or 15.8 percent of GDP. Spending accounted for 22.8 percent of GDP at $3.5 trillion, according to the Congressional Budget Office. This is the fourth year in a row where the deficit topped $1 trillion.

    Thursday on Capitol Hill, Treasury Secretary Timothy Geithner, negotiating on behalf of the president to avert the so-called fiscal cliff, proposed $1.6 trillion in tax hikes and at least $50 billion in additional stimulus spending.


    all of it here with comments
    When Does Obama's Plan Balance the Budget? Hoyer: 'I Don't Know' | CNS News
     
  2. Rozman
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    Rozman Gold Member Supporting Member

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    And they don't care...
     
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  3. CrusaderFrank
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    CrusaderFrank Diamond Member

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    See why Pravda called them "illiterate"?
     
  4. CrusaderFrank
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    CrusaderFrank Diamond Member

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    They embrace a failed economic ideology that is causing destitution in Europe, and has been abandoned by the ChiComs, Russians, Vietnamese and now the Cubans
     
    Last edited: Dec 1, 2012
  5. NYcarbineer
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    NYcarbineer Diamond Member

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    No one can predict when a budget will be balanced. Of course he doesn't know.
     
  6. Oldstyle
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    Oldstyle Gold Member

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    Hoyer actually DOES know the answer to that question...he just won't give it.

    In a nutshell, President Obama does not HAVE a plan to lower the deficit...nor has he EVER had a plan to do that. His stated goal to raise taxes on the wealthy had only one real goal and that was his reelection for another four years by conning the electorate into thinking that raising taxes on SOMEONE ELSE would fix our fiscal problems. Hoyer knows that...hence the major league "waffle".
     
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  7. midcan5
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    midcan5 liberal / progressive

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    As retardation continues to plague the minds of the right in America proof of the failure of their policies lost them the election, the senate, and several house seats. It would seem stupidity, once embedded in an American conservative is terminal. Austerity policies have failed since the great depression and they will always fail. You cannot make something grow when there is no nutrient. It is the same with economies. Europe is proving again dumbness has lots of adherents. And so it goes. A few pieces below for those who want America to move forward and not die under republican intransigence.

    "As economic adversity continues to spread, from Athens to Madrid, London to the Beltway, austerity has become a most dangerous idea. What now dominates the world is the popular theory that if countries just tighten their belts, strong growth and lower unemployment will soon follow. It is the opposite of the Keynesian lessons learned from the Great Depression and is supported by neither historical nor empirical evidence. The world’s leading economic commentators, Nobel Laureate Paul Krugman of the New York Times and Martin Wolf of the Financial Times, have regularly railed against austerity, but to little avail. Advocates of austerity in Western Europe have claimed that it would rapidly reduce budget deficits and calm financial markets. Instead, it has failed in every country in which it has been applied." 'The Austerity Myth' By Jeff Madrick Harper's Magazine

    "Wealth inequality. This is now at levels unprecedented in modern history, the greatest gap between rich and poor since the Great Depression. The Occupy movement's "one-percent" rhetoric is easy to deride, and their lack of concrete policy easy to dismiss, but there is no arguing with the numbers, Taking the extreme but leading example of the United States, one finds that the richest fifth of the population controls 85% of the country's wealth, while the poorest fifth controls an amount so much lower than one percent that it registers statistically as zero. Despite these facts, people remain confused about the realities of wealth distribution: in surveys a majority of Americans regularly report their belief that the top quintile controls only 60%, and further reported that the fair figure would be closer to 35%-that is, fully 50 points below the actual distribution, and against a background of commitment to free enterprise, individual effort, and success." Mark Kingwell 'Unruly Voices: Essays on Democracy, Civility and the Human Imagination'
     
  8. Stephanie
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    Stephanie Diamond Member Supporting Member

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    oh boy...^^^^^^^
     
  9. CrusaderFrank
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    CrusaderFrank Diamond Member

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    "Recently, Obama has been re-elected for a 2nd term by an illiterate society and he is ready to continue his lies of less taxes while he raises them." Pravda, after reading the abovw
     
  10. CrusaderFrank
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    CrusaderFrank Diamond Member

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    Austerity? The USA is suffering from Obama Austerity?

    Illiterate is far too kind, Progressives are plain fucking stupid
     
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