Obama budget to cut deficit in half

[Chris]

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

 

[driveby]

Campaigning for 2012 already ? ......

 

[Sinatra]

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...

 

[Toro]

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.

 

[Bern80]

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

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.

 

[SwingVoter]

"Most of the savings will come from winding down the war in Iraq"

It's about time.

 

[SwingVoter]

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

 

[The InDesigner]

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.

 

[Chris]

It is the Clinton formula.

Reduce wasteful miliary spending and increase taxes on the rich.

I think it's a great idea.

 

[Charles_Main]

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.

 

[Chris]

Clinton made it work. Obama can too.

I know how Republicans love wasteful military adventures and tax cuts for the rich.

So sorry....

 

[Charles_Main]

I love how you guys work. Obama says something and you just believe it despite the over whelming evidence to the contrary.

This year alone the deficit will approach 3 TRILLION dollars.

You people are unbelievable ignorant.

 

[Charles_Main]

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

just so you know. With out it the Deficit would have been 500 Billion. So actually Obama is proposing reducing The Deficit to slightly More than the last one Bush would have run with out the Tarp Bail out.

Talk about playing word games and using funny math, I cant believe you are falling for this crap Chris.

 

[DiveCon]

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

just so you know. With out it the Deficit would have been 500 Billion. So actually Obama is proposing reducing The Deficit to slightly More than the last one Bush would have run with out the Tarp Bail out.

Talk about playing word games and using funny math, I cant believe you are falling for this crap Chris.

and chris, like the moron he is, laps it up like a dog returns to its vomit

 

[RetiredGySgt]

Now since when does a headline that is so misleading become absolute truth? I am wondering how Obama is gonna cut the deficit with a plan to spend 3 TRILLION dollars? And better yet he won't even be doing it until a year AFTER his elected office ends. Remind me when something in 5 years gets reported in such away as to seem right now?

Remind me how predictions made years in adance always come true. In fact name a single Politicians claim of what would happen in 5 years that came true.

 

[Skull Pilot]

"Most of the savings will come from winding down the war in Iraq"

It's about time.

and those savings will be spent escalating the war in Afghanistan.

 

[Avatar4321]

It is the Clinton formula.

Reduce wasteful miliary spending and increase taxes on the rich.

I think it's a great idea.

That's because you dont know a damn thing about the world around us.

 

[Xenophon]

He's doubling the deficet now, and he hasn't yet done a real budget, and we are supposed to believe that in 4 years he will have paid back 1.5 trillion dollars.

Yeah, right.

 

[Annie]

He's doubling the deficet now, and he hasn't yet done a real budget, and we are supposed to believe that in 4 years he will have paid back 1.5 trillion dollars.

Yeah, right.

Wow, questioning the givens? How positively unpatriotic! Rep for that.

 

[Xenophon]

'paided back,' I am a retard! )