President Barack Obama gambled big Thursday when he unveiled his first budget. He treated taxpayers like grown-ups. His extraordinary candor about what Washington spends, and what he thinks it will cost to get the economy out of the tank and on course for a sound future, is refreshing.
The figures are huge - $3.6 trillion to be spent in 2010, with almost $1.2 trillion of it to be borrowed. And the spending plan signals a sharp, maybe even historic, change of direction on taxes and the role of government. By baldly laying his cards on the table, Obama is betting that the public can handle the truth. It needs to.
The economy is in a tailspin. It contracted at a 6.2 percent pace in the last three months of 2008, the Commerce Department reported Friday - its worst performance in decades. The White House announced the same day that it will take a 36-percent stake in Citigroup. Those are ominous reminders that the nation has critical decisions to make in order to turn things around. Obama's truth in budgeting will help to make them informed ones.
First, he ditched Washington-style budget sleight-of-hand and honestly laid out what the government will actually spend. It has been common for presidents from both parties to employ gimmicks to make their choices appear more palatable.
Obama explicitly rejected some of the more egregious budgeting practices of his immediate predecessor. President George W. Bush never included the cost of the wars in Iraq and Afghanistan in his budgets, for instance, opting instead to treat those military campaigns as emergencies and fund them off the books. He took a similar approach with the entirely predictable $60 billion it cost the Treasury for each year that Congress spared 20 million taxpayers the expensive bite of the alternative minimum tax. Bush also budgeted nothing for federal disaster response, though natural disasters invariably occur. Obama included all three things in his 10-year budget.
Obama's budget gives it to U.S. straight -- Newsday.com
The figures are huge - $3.6 trillion to be spent in 2010, with almost $1.2 trillion of it to be borrowed. And the spending plan signals a sharp, maybe even historic, change of direction on taxes and the role of government. By baldly laying his cards on the table, Obama is betting that the public can handle the truth. It needs to.
The economy is in a tailspin. It contracted at a 6.2 percent pace in the last three months of 2008, the Commerce Department reported Friday - its worst performance in decades. The White House announced the same day that it will take a 36-percent stake in Citigroup. Those are ominous reminders that the nation has critical decisions to make in order to turn things around. Obama's truth in budgeting will help to make them informed ones.
First, he ditched Washington-style budget sleight-of-hand and honestly laid out what the government will actually spend. It has been common for presidents from both parties to employ gimmicks to make their choices appear more palatable.
Obama explicitly rejected some of the more egregious budgeting practices of his immediate predecessor. President George W. Bush never included the cost of the wars in Iraq and Afghanistan in his budgets, for instance, opting instead to treat those military campaigns as emergencies and fund them off the books. He took a similar approach with the entirely predictable $60 billion it cost the Treasury for each year that Congress spared 20 million taxpayers the expensive bite of the alternative minimum tax. Bush also budgeted nothing for federal disaster response, though natural disasters invariably occur. Obama included all three things in his 10-year budget.
Obama's budget gives it to U.S. straight -- Newsday.com
Last edited:
