Obama plans to halve deficit by 2013

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Genx87

Lifer
Apr 8, 2002
41,095
513
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http://www.cnn.com/2009/POLITI...ama.deficit/index.html

WASHINGTON (CNN) -- President Obama will seek to cut the federal deficit in half by the end of his first term, according to an administration official.

Most of the savings would come from spending less on the war in Iraq, raising taxes on those who make more than $250,000 a year and streamlining government, the official told CNN.

The president's budget proposal for fiscal year 2010 projects that the estimated $1.3 trillion deficit he inherited from the Bush administration will be halved to $533 billion by 2013, or from 9.2 percent of the gross domestic product to 3 percent, the official said.

The official declined to speak on the record because Obama has yet to unveil the proposal, which was expected to happen Thursday.

In his weekly address Saturday, Obama pledged to "release a budget that's sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don't, and restoring fiscal discipline."

From 2001 to 2008, Congress appropriated about $173 billion in taxpayer funds toward war-related efforts in Afghanistan and $657 billion in Iraq, according to estimates by the Congressional Research Service.

The report says the figures are based on data from the Department of Defense, congressional reports and other methods
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How much money are we going to be spending over the next 4 years if he plans to return us to regular Bush deficits by 2013? Something doesnt add up when this stimulus bill is supposed to be a one time shot in the arm and he is talking 4 years out to return us to what has been considered "normal".


 
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nonameo

Diamond Member
Mar 13, 2006
5,949
3
76
So basically he means that instead of being 1.3 trillion over every year, we'd be about 500 billion over instead?

Moving in the right direction, but still.... come ON.

balanced budget please!
 
Cuda1447

Cuda1447

Lifer
Jul 26, 2002
11,757
0
71
*Sigh* At first I thought he meant he was going to cut in half our debt. But then I realized he was just going to put us in more debt at a slower pace than previous administrations.
 
G

Genx87

Lifer
Apr 8, 2002
41,095
513
126
Originally posted by: nonameo
So basically he means that instead of being 1.3 trillion over every year, we'd be about 500 billion over instead?

Moving in the right direction, but still.... come ON.

balanced budget please!
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Well that is the thing. Bush and him inflate the deficit with bailout and stimulus bills then he claims he will cut the deficit in half based off that. Whoopie fucking do. That is like going to best buy and getting a 50% discount on an item after they raised the price 200%. The net result is you paid the same. In this case a "normal" deficit would be about 500 billion. So he inflates the deficit then contracts it over 4 years and makes it sound like an accomplishment. In the mean time how much money do we spend?
 
C

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: Cuda1447
*Sigh* At first I thought he meant he was going to cut in half our debt. But then I realized he was just going to put us in more debt at a slower pace than previous administrations.
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actually it probably going to be a rate greater than the previous admin.
 
ultimatebob

ultimatebob

Lifer
Jul 1, 2001
25,135
2,445
126
Didn't Bush have a plan to halve the deficit during his second term in office as well? I think that we all know how that turned out.

Obama should really learn from his mistakes, and stop promising things he has a lousy shot of achieving in a lousy economy like this one.
 
C

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: ultimatebob
Didn't Bush have a plan to halve the deficit during his second term in office as well? I think that we all know how that turned out.

Obama should really learn from his mistakes, and stop promising things he has a lousy shot of achieving in a lousy economy like this one.
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Actually bush consistently beat the official budget projections.
 
frostedflakes

frostedflakes

Diamond Member
Mar 1, 2005
7,925
1
0
The deficit was actually going down during Bush's second term, at least until the whole economic crisis started to hit.
 
Slew Foot

Slew Foot

Lifer
Sep 22, 2005
12,381
96
86
I cant wait until he "saves or creates" 487528497528475029874 jobs and then cuts the deficit to "only" 500 billion a year(Im guessing its going to be close to 2 trillion this year).

Mission Accomplished.

 
Zebo

Zebo

Elite Member
Jul 29, 2001
39,398
19
81
He'll have 3 Trillion this year, then, when they figure out hiring a guy in Alabama at cost of 300K to fill holes in Michigan and other unproductive stimulus is not working they will have more next year until world finally buys a clue and says no more. My guess by 2012 deficit will be zero because you can't get loans when bankrupt.
 
W

winnar111

Banned
Mar 10, 2008
2,847
0
0
Don't forget that Obama's stimulus package has tacked on significant amounts to the 2009 deficit.
 
S

soccerballtux

Lifer
Dec 30, 2004
12,554
2
76
Originally posted by: Zebo
He'll have 3 Trillion this year, then, when they figure out hiring a guy in Alabama at cost of 300K to fill holes in Michigan and other unproductive stimulus is not working they will have more next year until world finally buys a clue and says no more. My guess by 2012 deficit will be zero because you can't get loans when bankrupt.
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Can't the Fed simply buy Treasuries outright?

Next couple of years going to be very interesting times.
 
B

Balt

Lifer
Mar 12, 2000
12,674
482
126
Originally posted by: Cuda1447
*Sigh* At first I thought he meant he was going to cut in half our debt. But then I realized he was just going to put us in more debt at a slower pace than previous administrations.
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Reducing our overall debt by 50% in 5 years would quite frankly be impossible in this economic situation (or even a good one). Unfortunately, it only takes one man to increase the debt by that much (heckuva job, GWB).
 
B

Balt

Lifer
Mar 12, 2000
12,674
482
126
Originally posted by: frostedflakes
The deficit was actually going down during Bush's second term, at least until the whole economic crisis started to hit.
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The annual deficit was decreasing (meaning we were still spending more than we were taking in every year). The overall deficit was still increasing.
 
C

charrison

Lifer
Oct 13, 1999
17,033
1
81
Originally posted by: Balt
Originally posted by: frostedflakes
The deficit was actually going down during Bush's second term, at least until the whole economic crisis started to hit.
Click to expand...

The annual deficit was decreasing (meaning we were still spending more than we were taking in every year). The overall deficit was still increasing.
Click to expand...

Deficit is the yearly shortfall, debt is the total. The deficit was falling and the debt was growing(at a slower pace).
 
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