Obama plans to halve deficit by 2013

[BigJelly]

Originally posted by: Balt

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.

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).

Actually, Obama's goal to "decrease" the deficit to $500B is still higher than Bush's AVERAGE deficit spending of 2000-2007 of $222B.

So once again obama is setting the bar low and the media will ignore that his GOAL of deficit spendings is more than twice as high as bush's AVERAGE deficit from 2000-2007.

Furthermore, his deficit spending this year alone will be more than bush's first 7 years COMBINED.

change we can believe in...

EDITED:
2008 Budget deficit was a record $455B. So obama's goal is to have his deficit higher than ANY OTHER PRESIDENT'S RECORD DEFICIT. And the media and obama are selling this as fiscal responsibility?

change we can believe in...

 

[BigJelly]

Originally posted by: Genx87
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

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".

see my post above this post.

Bush's AVERAGE deficit was $250B. obama's goal is $533B (higher than EVERY OTHER PRESIDENT'S RECORD) which is 213% of bush's average and 117% of bush's highest deficit.

change we can believe in...

 

[XZeroII]

I've had enough change already. But, as someone said above, he promised all of this before he was elected.

 

[Veramocor]

One difference in accounting is that Obama is incuding the costs of the wars in Iraq and Afganistan in the budget deficit. GW bush always hid them as supplemental bills.

Originally posted by: BigJelly

Originally posted by: Genx87
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

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".

see my post above this post.

Bush's AVERAGE deficit was $250B. obama's goal is $533B (higher than EVERY OTHER PRESIDENT'S RECORD) which is 213% of bush's average and 117% of bush's highest deficit.

change we can believe in...

 

[Balt]

Originally posted by: BigJelly

Originally posted by: Balt

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.

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).

Actually, Obama's goal to "decrease" the deficit to $500B is still higher than Bush's AVERAGE deficit spending of 2000-2007 of $222B.

So once again obama is setting the bar low and the media will ignore that his GOAL of deficit spendings is more than twice as high as bush's AVERAGE deficit from 2000-2007.

Furthermore, his deficit spending this year alone will be more than bush's first 7 years COMBINED.

change we can believe in...

EDITED:
2008 Budget deficit was a record $455B. So obama's goal is to have his deficit higher than ANY OTHER PRESIDENT'S RECORD DEFICIT. And the media and obama are selling this as fiscal responsibility?

change we can believe in...

Do you honestly believe that if Bush were still President that the deficit would be declining given the current economic situation?

 

[frostedflakes]

I wondered if there was some number fudging going on for the previous admin. Taking that into account a $533b deficit doesn't sound nearly as bad, although it's still unacceptable IMO.

I know Obama and the Dems are ambitious and have a lot of stuff they'd like to do (UHC, etc.), but I'd be happy if they can just get the economy back on track and then start to chip away at the debt. Wait until his second term (if he gets one), then raise taxes across the board and try to put a dent in our public debt. Nobody likes higher taxes, but we need to start dealing with our debt. The interest payments alone are mind-boggling, especially now that we've added trillions more to our tab over the last few years. The fiscal conservatives should be begging the Dems to increase lower and middle class taxes. If the public actually had to pay for all the government programs they want, they might start to realize they don't need these programs as much as they originally thought. Deficit spending seems to have shielded the public from the actual costs of big government.

I'm not holding my breath, though.

 

[Schadenfroh]

Shame he cannot eliminate it, but I hope he pulls off halving it.

 

[BigJelly]

Originally posted by: Veramocor
One difference in accounting is that Obama is incuding the costs of the wars in Iraq and Afganistan in the budget deficit. GW bush always hid them as supplemental bills.

Originally posted by: BigJelly

Originally posted by: Genx87
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

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".

see my post above this post.

Bush's AVERAGE deficit was $250B. obama's goal is $533B (higher than EVERY OTHER PRESIDENT'S RECORD) which is 213% of bush's average and 117% of bush's highest deficit.

change we can believe in...

The deficit numbers are from the CBO (Congressional Budget Office).

obama is increasing the deficit to record levels; obama may increase the deficit to more than bush's ENTIRE 8 year term in just his first year. Then obama will "reduce" the deficit levels to higher levels than Bush's highest year by $78B (and yearly average by $283B); while he lets the media hump his leg and say he'll reduce the deficit.

That's like a 200 lb man gaining 600 pounds in a year and then lose 400 pounds the next year. Then the fat bastard calls the entire journey (200-->800-->400) the path to health.

change we can believe in...

 

[Jaskalas]

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.

I would not call $500 billion/year a slower pace than previous administrations.

 

[Brovane]

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!

The only way to do quickly balance the budget is roll back entitlements. As if that is going to happen. He could also significantly raise taxes which will not help out the economy a lot right now. So if he can actually meet that goal it would be great. I will wait and see. He cannot fix the mess that we are in overnight. It took the Clinton Administration 8 years and 6 of those years with a Republican Congress to get a balanced budget and the economy was a lot stronger.

 

[CycloWizard]

It's all about lowered expectations. By setting the bar so low, he can't help but step over it and meet every pitiful goal he sets.

 

[moparacer]

Put everyone back to work on all the government projects then tax the living begeezus out of them to lower the budget.....

Brilliant!

 

[blackangst1]

Originally posted by: Balt

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.

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 in one year (heckuva job, Obama).

Added a fix for accuracy. Notice I didnt say changed...I said added.

 

[blackangst1]

Originally posted by: Balt

Originally posted by: BigJelly

Originally posted by: Balt

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.

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).

Actually, Obama's goal to "decrease" the deficit to $500B is still higher than Bush's AVERAGE deficit spending of 2000-2007 of $222B.

So once again obama is setting the bar low and the media will ignore that his GOAL of deficit spendings is more than twice as high as bush's AVERAGE deficit from 2000-2007.

Furthermore, his deficit spending this year alone will be more than bush's first 7 years COMBINED.

change we can believe in...

EDITED:
2008 Budget deficit was a record $455B. So obama's goal is to have his deficit higher than ANY OTHER PRESIDENT'S RECORD DEFICIT. And the media and obama are selling this as fiscal responsibility?

change we can believe in...

Do you honestly believe that if Bush were still President that the deficit would be declining given the current economic situation?

I dunno. Do you believe if we had Clinton for another 8 years the boom would have continued? Kind of doesnt matter, does it?

 

[CADsortaGUY]

lolchange?

 

[Corn]

A month in and already Obama is a complete disaster. Good job lefties, way to go, you've just made Bush look downright fiscally responsible in comparison to your messiah. This is one sick joke.

 

[Brainonska511]

Originally posted by: Corn
A month in and already Obama is a complete disaster. Good job lefties, way to go, you've just made Bush look downright fiscally responsible in comparison to your messiah. This is one sick joke.

.....

 

[Whoozyerdaddy]

Originally posted by: Corn
A month in and already Obama is a complete disaster. Good job lefties, way to go, you've just made Bush look downright fiscally responsible in comparison to your messiah. This is one sick joke.

It's never been part of his plan to balance the budget or reduce the debt. He has no interest in shrinking the size of government nor does he (or the libs) have any interest in reducing the debt. Quite the opposite in fact...

1. Keep ballooning the debt - installing whatever social programs they desire along the way
2. Shift the tax burdon onto the wealthiest

This way only the top 5% or so pay any tax and the debt is so huge that the Rs will never be able to run on the tax-cut card again. The majority of americans will be receiving some sort of govn't hand-out so Rs running on the smaller, cheaper government ticket won't work either. It's a permanent power grab.

Rule #1 in american politics: It's not what's best for the country... it's what's best for the party.

 

[lupi]

*cough*beware what you ask for*cough*

 

[nullzero]

Dear Obama,

Give me some of the stuff that you are smoking!....

There is no way we can do this unless we raise taxes and cut spending together!(fat chance that will ever happen during Obama presidency)

 

[jpeyton]

Originally posted by: Corn
A month in and already Obama is a complete disaster. Good job lefties, way to go, you've just made Bush look downright fiscally responsible in comparison to your messiah. This is one sick joke.

LAWL

Even Bernie Madoff is more fiscally responsible than Bush.

 

[BigJelly]

Originally posted by: jpeyton

Originally posted by: Corn
A month in and already Obama is a complete disaster. Good job lefties, way to go, you've just made Bush look downright fiscally responsible in comparison to your messiah. This is one sick joke.

LAWL

Even Bernie Madoff is more fiscally responsible than Bush.

but obama is far less fiscally responsible than bush.

Average bush deficit = $250B; obama's goal = $533B

I don't know what planet your from but 250 < 533 by 2.132 fold. So obama's GOAL is 2.132 times bush's average deficit.

This is the same if bush was a 250lb person and obama is a 533lb person; both should be 180lb. So which is the fat ass (fiscally irresponsible)? Both; however, the 250lb person (bush) doesn't look as fat (fiscally irresponsible) as the 533lb lard ass (obama).

mind you that $533B is obama's number--which he obviously padded (real number will be higher) and obama still plans on universal health care; we could be looking at an average of >$1T deficits under the best economy with all of obama's socialistic/welfare programs

The only way the budget deficit shrinks is if the democrats lose the 2010 election and the nation puts them on the permanent short bus; however, obama's goal seems to make a permanent welfate voting block for the democrats

change we can believe in...

 

[heyheybooboo]

Originally posted by: BigJelly

Originally posted by: jpeyton

Originally posted by: Corn
A month in and already Obama is a complete disaster. Good job lefties, way to go, you've just made Bush look downright fiscally responsible in comparison to your messiah. This is one sick joke.

LAWL

Even Bernie Madoff is more fiscally responsible than Bush.

but obama is far less fiscally responsible than bush.

Average bush deficit = $250B; obama's goal = $533B

I don't know what planet your from but 250 < 533 by 2.132 fold. So obama's GOAL is 2.132 times bush's average deficit.

This is the same if bush was a 250lb person and obama is a 533lb person; both should be 180lb. So which is the fat ass (fiscally irresponsible)? Both; however, the 250lb person (bush) doesn't look as fat (fiscally irresponsible) as the 533lb lard ass (obama).

mind you that $533B is obama's number--which he obviously padded (real number will be higher) and obama still plans on universal health care; we could be looking at an average of >$1T deficits under the best economy with all of obama's socialistic/welfare programs

The only way the budget deficit shrinks is if the democrats lose the 2010 election and the nation puts them on the permanent short bus; however, obama's goal seems to make a permanent welfate voting block for the democrats

change we can believe in...

Troll, much ?

 

[Corn]

Originally posted by: jpeyton

Originally posted by: Corn
A month in and already Obama is a complete disaster. Good job lefties, way to go, you've just made Bush look downright fiscally responsible in comparison to your messiah. This is one sick joke.

LAWL

Even Bernie Madoff is more fiscally responsible than Bush.

LOL LAWL

I guess that makes Bernie Madoff far far more fiscally responsible than Obama.

 

[Red Dawn]

Originally posted by: Corn

Originally posted by: jpeyton

Originally posted by: Corn
A month in and already Obama is a complete disaster. Good job lefties, way to go, you've just made Bush look downright fiscally responsible in comparison to your messiah. This is one sick joke.

LAWL

Even Bernie Madoff is more fiscally responsible than Bush.

LOL LAWL

I guess that makes Bernie Madoff far far more fiscally responsible than Obama.

So what do you suggest be done?