Obama forecasts $1.75 trillion deficit this year

[Bindare_Dundat]

WASHINGTON (Reuters) – President Barack Obama will forecast a 2009 deficit of $1.75 trillion in a budget proposal on Thursday that sets goals of overhauling the healthcare system and shoring up the U.S. economy.

The huge deficit would represent 12.3 percent of U.S. gross domestic product -- the largest share since World War II.

Two senior administration officials, speaking on condition of anonymity ahead of the release of the 2010 budget at 11 a.m. EST, said Obama's expensive policy goals would be offset by cuts to put the country in better fiscal shape.

Federal spending is skyrocketing as officials try to jolt the faltering economy with public-works spending and tax cuts and bail out the troubled financial industry.

Obama, a Democrat, has pledged to halve the more-than $1 trillion deficit he inherited from former Republican President George W. Bush in four years. The budget lays out spending cuts in agriculture


http://news.yahoo.com/s/nm/20090226/pl_nm/us_obama_budget

[Soul Crusher]

WASHINGTON (Reuters) – President Barack Obama will forecast a 2009 deficit of $1.75 trillion in a budget proposal on Thursday that sets goals of overhauling the healthcare system and shoring up the U.S. economy.

The huge deficit would represent 12.3 percent of U.S. gross domestic product -- the largest share since World War II.

Two senior administration officials, speaking on condition of anonymity ahead of the release of the 2010 budget at 11 a.m. EST, said Obama's expensive policy goals would be offset by cuts to put the country in better fiscal shape.

Federal spending is skyrocketing as officials try to jolt the faltering economy with public-works spending and tax cuts and bail out the troubled financial industry.

Obama, a Democrat, has pledged to halve the more-than $1 trillion deficit he inherited from former Republican President George W. Bush in four years. The budget lays out spending cuts in agriculture


http://news.yahoo.com/s/nm/20090226/pl_nm/us_obama_budget

If he inherited a trillion dollar deficit, and now had a 1.75 deficit, that means he hadded 750 billion to the deficit correct???

[Bindare_Dundat]

If he inherited a trillion dollar deficit, and now had a 1.75 deficit, that means he hadded 750 billion to the deficit correct???

I posted this in  another thread but anyway.


From bloomberg:

The official, speaking on condition of anonymity, said the White House hasn’t decided whether the $750 billion in additional aid to the financial industry will be needed. He said it will be put in the budget as a “placeholder.”  

You can't make this shit up. A place holder! WTF, excuse me mortgage company, let me open up my place holder account and see whats left. Sheesh.. WTF kind of "budget" has "placeholders" for spending shit?

[Soul Crusher]

I posted this in  another thread but anyway.


From bloomberg:

The official, speaking on condition of anonymity, said the White House hasn’t decided whether the $750 billion in additional aid to the financial industry will be needed. He said it will be put in the budget as a “placeholder.”  

You can't make this shit up. A place holder! WTF, excuse me mortgage company, let me open up my place holder account and see whats left. Sheesh.. WTF kind of "budget" has "placeholders" for spending shit?

WTC after only 30 days.

[Hereford]

Didn't he say in the campains that he was going to reduce the deficit?

[shootfighter1]

Guys this is huge.  Almost 4 trillion dollars of spending proposed by Obama!

By the way, the number has come down, just as we thought.  Taxes will go up for anyone making 200K or more.  Originally they said 250K now its 200.
Are individuals making 200K per year really rich?  I argue that is still upper middle class.
Families making 250K or more will see their taxes go up as well.

[shootfighter1]

"Obama's Budget Projects $1.75 Trillion Deficit.
President's budget being sent to Congress today will call for more than $3.5 trillion in spending in fiscal year 2010 and creates space for up to $750 billion in additional bank bailout funds

In addition to next year's spending, Obama proposed more immediate changes that would push spending to $3.94 trillion in the current year. That would result in a record deficit Obama projects will hit $1.75 trillion, reflecting the massive spending being undertaken to battle a severe recession"

[Soul Crusher]

Obama's Budget Projects $1.75 Trillion Deficit.
President's budget being sent to Congress today will call for more than $3.5 trillion in spending in fiscal year 2010 and creates space for up to $750 billion in additional bank bailout funds

WTC BITCHES!

When can I start saying "I told you so"  to the knee pad crown around here?