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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Fury on March 19, 2011, 11:29:16 AM
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EDITORIAL: Obama’s red ink grows by $2.7 trillion
CBO revises estimate of deficit spending in president’s budget
By THE WASHINGTON TIMES-The Washington Times7:38 p.m., Friday, March 18, 2011
When dealing with the massive spending levels of the federal government, a small rounding error can add up to big money. Now it looks like the amount of debt President Obama’s budget will generate in the coming decade will be $2.7 trillion more than expected. Oops.
The Congressional Budget Office (CBO) on Friday updated its analysis of the government’s red ink and found the fiscal hole deeper than expected. “For the 10-year projection period as a whole, the deficit that would result under the President’s proposals - $9.5 trillion, or 4.8 percent of GDP - would be $2.7 trillion greater than the cumulative deficit projected under current law,” CBO’s report explained.
In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021. For each American who pays taxes, that represents a $260,000 liability. The jumbo-sized deficits have a real impact on taxpayers who will end up spending more of their money on interest. That’s the case under Mr. Obama’s budget, where interest payments nearly quadruple from $260 billion to $931 billion a year in 2021. That means 3.9 percent of the nation’s entire productive output will be devoted not to funding present government operations, but to covering the excess spending of an administration long past.
The House Republican majority has been saying the right things about reducing government spending - reducing any amount of current-year expenditures represents a breakthrough achievement in this town. The problem is that even Republicans are using Washington math, not actual arithmetic. Their proposal is to cut $61 billion from the president’s proposal, not from last year’s spending. Even if the Republican majority could push their plan into law, 2011 spending would be $3.59 trillion - a 4 percent increase over the $3.46 trillion spent in 2010.
Americans who have cut back during the tough economic times have no patience for a Congress and administration that refuse to show any amount of true restraint. A real cut starts at $200 billion, and the Republicans should demand no less.
http://www.washingtontimes.com/news/2011/mar/18/obamas-red-ink-grows-by-27-trillion/
Has the Obama regime ever told the truth? ???
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This is what Americans voted for. I sure hope the voters don't get fooled twice.
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I threw that in my "Step by Step Thread"
Of curse 240, blacken, straw, andreisadouche, Option D, KC, and others wont g near it with a 14 Trillion foot pole.
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This is what Americans voted for. I sure hope the voters don't get fooled twice.
They voted for the repubs (who promised to cap this debt ceiling) in Nov 2010.
It's sad that repubs didn't keep their promise. As fccked up as his actions are, Obama is doing what he said he would do - universal healthcare, etc.
The repubs, on the other hand, promised to halt the spending by capping the debt - and they aren't going to do that now. An easy way to stop the spending INSTANTLY - and they promised it - but nope, not happening...
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They voted for the repubs (who promised to cap this debt ceiling) in Nov 2010.
It's sad that repubs didn't keep their promise. As fccked up as his actions are, Obama is doing what he said he would do - universal healthcare, etc.
The repubs, on the other hand, promised to halt the spending by capping the debt - and they aren't going to do that now. An easy way to stop the spending INSTANTLY - and they promised it - but nope, not happening...
37 to go.
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They voted for the repubs (who promised to cap this debt ceiling) in Nov 2010.
It's sad that repubs didn't keep their promise. As fccked up as his actions are, Obama is doing what he said he would do - universal healthcare, etc.
The repubs, on the other hand, promised to halt the spending by capping the debt - and they aren't going to do that now. An easy way to stop the spending INSTANTLY - and they promised it - but nope, not happening...
Swing and a miss. Try to spin it all you want, Obama has made it clear that he was vetoing the scant $60 billion in cuts they proposed. Even the MSM is having trouble burying his refusal to even address the debt problem, as evidenced by all the articles about his absence 333 has been posting. 8)
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Swing and a miss. Try to spin it all you want, Obama has made it clear that he was vetoing the scant $60 billion in cuts they proposed. Even the MSM is having trouble burying his refusal to even address the debt problem, as evidenced by all the articles about his absence 333 has been posting. 8)
why can't they just say "okay, F your deal"
and let the govt shut down for a bit?
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why can't they just say "okay, F your deal"
and let the govt shut down for a bit?
They were hoping to avoid that and get some grown up leadership from the WH, but I guess that is never going to happen so long as Obama is in offce.
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probably had to go back and figure in the extension of the Bush tax cuts
White House budget chief Jack Lew said the CBO analysis failed to account for Obama's promises to find funding for some major investment programs, and to cancel the programs if funding is not available. Lew acknowledged that the deficit is "unacceptably high" and that without making changes, the fiscal situation hampers future growth.
good thing the Republicans are on top of this and called an special emergency session of congress last week to cut 5 million dollars in funding from NPR
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probably had to go back and figure in the extension of the Bush tax cuts
good thing the Republicans are on top of this and called an special emergency session of congress last week to cut 5 million dollars in funding from NPR
Good thing Obama and the Dems threw a complete shitfit over a scant $60 billion in cuts and promised to veto a paltry number like that. ::)
You sheeple are hilarious. Spin, spin, spin. It isn't working. :D
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Good thing Obama and the Dems threw a complete shitfit over a scant $60 billion in cuts and promised to veto a paltry number like that. ::)
You sheeple are hilarious. Spin, spin, spin. It isn't working. :D
why is anyone on the far right acting suprised by this
afterall, isn't Obama supposed to be collapsing the nation
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why is anyone on the far right acting suprised by this
afterall, isn't Obama supposed to be collapsing the nation
I'm not on the far right. But your absolute hard-on for the right is really showing here.
Is anyone surprised that you're crying about the Repubs while it turns out that Obama, once again, lied to the face of the American public? Talk about having your head stuck up your ass. :-\
You best stick to talking about how well the post office is doing and how George Washington was as stupidly liberal as you are.
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Again straw - its called leadership - something sorely lacking from obama on this and every other issue.
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Again straw - its called leadership - something sorely lacking from obama on this and every other issue.
Obama flat-out lied and $3 trillion was just added to our debt and the best thing this guy can do is cry about the repubs and NPR's funding. LOL.
$2.7 TRILLION. Can you imagine the outrage if Bush did that? :o
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I'm not on the far right. But your absolute hard-on for the right is really showing here.
Is anyone surprised that you're crying about the Repubs while it turns out that Obama, once again, lied to the face of the American public? Talk about having your head stuck up your ass. :-\
You best stick to talking about how well the post office is doing and how George Washington was as stupidly liberal as you are.
I guess Reuters is on the fix too because they site "lower taxes" as part of the reason
what I don't understand is that if Obama really wants to collpapse the nation then why was he against extending the Bush tax cuts. If anything, he should have been for more and more tax cuts:
Obama's budget would widen deficits: CBO
WASHINGTON | Fri Mar 18, 2011 3:51pm EDT
WASHINGTON (Reuters) - President Barack Obama's proposed budget for the next fiscal year would widen projected deficits over the coming decade due to lower taxes and higher interest payments, the nonpartisan Congressional Budget Office said on Friday.
Though the budget deficit would shrink by more than half when measured against the size of the economy over the next several years, it would increase after that point due to the rising cost of servicing the country's debt, the CBO said.
It estimated that interest payments on the debt would increase over the coming decade to 3.9 percent of gross domestic product from 1.7 percent.
Under Obama's proposed policies, deficits would total $9.5 trillion between 2012 and 2021 -- $2.7 trillion more than the total if the current policies were kept in place, the CBO said.
The CBO analysis came as Obama and Republicans grappled on a variety of fiscal issues, from spending levels in the current fiscal year to an upcoming vote to raise the country's debt limit.
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Yes, taxes are the reason Obama lied and buried $2.7 TRILLION. ::)
"In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021."
"In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021."
In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021.
Keep spinning those wheels. :D
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Obama flat-out lied and $3 trillion was just added to our debt and the best thing this guy can do is cry about the repubs and NPR's funding. LOL.
$2.7 TRILLION. Can you imagine the outrage if Bush did that? :o
Repubs didn't seem to care when Bush ballooned the deficit
Anyway, if you believe the "collapse the nation" CT then you shouldn't be acting like this is some kind of suprise
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Repubs didn't seem to care when Bush ballooned the deficit
Anyway, if you believe the "collapse the nation" CT then you shouldn't be acting like this is some kind of suprise
Did I say I believed the "collapse the nation" CT? Why don't you stop sticking words in people's mouth and stick to talking about how well the post office is doing...or how George Washington was as liberal as you are....or any other moronic claims you've made.
I'm more of the belief that Obama is just completely incompetent, inept, naive and far-too inexperienced to be in the position he is. Hiding $2.7 TRILLION only proves that.
"In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021."
"In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021."
"In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021."
You're welcome to spin that anyway you want but it's not possible. You only come off as a gigantic hypocrite for attacking Bush's raising of the deficit while giving Obama a free pass for tacking another $10 trillion. :D
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Did I say I believed the "collapse the nation" CT? Why don't you stop sticking words in people's mouth and stick to talking about how well the post office is doing...or how George Washington was as liberal as you are....or any other moronic claims you've made.
I'm more of the belief that Obama is just completely incompetent, inept, naive and far-too inexperienced to be in the position he is. Hiding $2.7 TRILLION only proves that.
"In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021."
"In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021."
"In concrete terms, that means today’s public debt of $14.2 trillion will balloon to $23.7 trillion by the year 2021."
You're welcome to spin that anyway you want but it's not possible. You only come off as a gigantic hypocrite for attacking Bush's raising of the deficit while giving Obama a free pass for tacking another $10 trillion. :D
so you dont' believe he is trying to collapse the nation?
that's good to know
I'm not giving Obama a free pass for anything
the deficit is a big problem
just one of many prooblems that we have
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so you dont' believe he is trying to collapse the nation?
that's good to know
I'm not giving Obama a free pass for anything
the deficit is a big problem
just one of many prooblems that we have
Intentional or not, his actions are collapsing this nation.
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Intentional or not, his actions are collapsing this nation.
but you don't think it's intentional right?
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but you don't think it's intentional right?
It makes no difference whatsoever.
But feel free to focus on something like that to justify your cock-lust for him. I'll choose to focus on worthwhile things, like how Obama, your Messiah and savior, lied and hid $2.7 trillion from the American public.
Stop derailing my thread, troll. This thread has fuck-all to do with CTs and everything to do with the fact that Obama hid $2.7 trillion from an already disastrous deficit.
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Bush deficit was tiny compared to obama.
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Bush deficit was tiny compared to obama.
Obama's deficits include the continuation of Bush policies
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And why do you leave out the pelosi reid explosion of spending? Bush was horrible on spending I agree, we should not forget pelosi and reid congress.
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Wonder how much the Lybian war will cost.
NO WAR FOR OIL!!!
Obama lied - lybians died!
Hey hey, hey ho, bho has got to go!
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Cut the mother fucking spending already!!!!
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biggest source of deficit is Bush Tax cuts
second biggest source is economic downturn
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Pure nonsense. Govt revenues skyrocketed after the tax cuts. Yes the war spending exacerbated the problem, but the tax cuts are not the issue, the war spending, medicare part D, gross increase in agency spending, and yes the recession are huriting finances. Has nothing to do w tax cuts.
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Pure nonsense. Govt revenues skyrocketed after the tax cuts. Yes the war spending exacerbated the problem, but the tax cuts are not the issue, the war spending, medicare part D, gross increase in agency spending, and yes the recession are huriting finances. Has nothing to do w tax cuts.
get off your phone and when you get home put your prejudices aside (I know that will never happen but just thought I would mention it) and read this in it's entirety
http://www.cbpp.org/cms/index.cfm?fa=view&id=3036
of course I know full well you won't read a damn bit of it and you'll just keep spouting your same old stuff
at least stop posting from your phone
can't you live with GB.com for a least a few hours.
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Blaming tax cuts is like saying anything less than 100 percent tax adds to the deficit. The issue is spending, not taxes. We tax way too much as it is and spend way too much.
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Blaming tax cuts is like saying anything less than 100 percent tax adds to the deficit. The issue is spending, not taxes. We tax way too much as it is and spend way too much.
tell it to the Center on Budget and Policy Priorities
Anyway you look at it you can't deny that Obama's Budget includes Bush Era policies (tax cuts, wars, bail outs)
those are indisputable facts
I know you don't care about facts but they're still there