Pre-Criticize Obama's Budget Cuts

[Fury]

And since I have already said obama is spending like a drunken sailor...

the GOP is the banker that keeps on handing him the money to spend

And it appears we're already at the point where you're defending GOP inaction by drawing moral equivalents to Obama's spending.  So you agree with me.  They're just as bad.  Thank you for that.

What are you rambling about? 333's article clearly points out that the Republicans will present their counter-budget in APRIL.

Terrible budget proposed by Obama and you're a clueless douche for defending it. "Look at me, I'm 240 and I swear I'm a libertarian!" 

[Soul Crusher]

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Debt now equals total U.S. economy
By Stephen Dinan
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The Washington Times
12:16 p.m., Monday, February 14, 2011


President Obama projects that the gross federal debt will top $15 trillion this year, officially equalling the size of the entire U.S. economy, and will jump to nearly $21 trillion in five years' time.

Amid the other staggering numbers in the budget Mr. Obama sent to Congress on Monday, the debt stands out — both because Congress will need to vote to raise the debt limit later this year, and because the numbers are so large.

Mr. Obama's budget said 2011 will see the biggest one-year jump in debt in history, or nearly $2 trillion in a single year. And the administration says it will reach $15.476 trillion by Sept. 30, the end of the fiscal year, to reach 102.6 percent of gross domestic product (GDP) — the first time since World War II that dubious figure has been reached.

In one often-cited study, two economists have argued that when gross debt passes 90 percent it hinders overall economic growth.

The president's budget said debt as a percentage of GDP will top out at 106 percent in 2013, but only if the economy booms.

“I still don’t see a sense of urgency from the president about the massive federal debt," said Sen. Lamar Alexander, Tennessee Republican. "His budget calls for too much government borrowing – even though the debt is already at a level that makes it harder to create private-sector jobs.”   

Speaking on MSNBC on Monday, Jacob "Jack" Lew, the White House budget director, said their long-term plan to lower deficits will stabilize the debt.

"When we came into office, when President Obama took office, the deficit was climbing to over 10 percent of the economy. We have a plan that would bring it down to 3 percent," he said. "That is the most rapid reduction in the deficit in history. It is what we have to do to be able to say we're paying our bills and we're not adding to the debt."

The administration said debt as a percentage of GDP will stabilize at about 105 percent in the middle of this decade, though those calculations assume economic growth levels significantly above projections of the non-partisan Congressional Budget Office.

The government measures debt several ways. Debt held by the public includes the money borrowed from Social Security's trust fund.

Actual debt held by the public will reach 72 percent of GDP in 2011 and will climb as the Social Security trust fund's finances continue to deteriorate.

© Copyright 2011 The Washington Times, LLC. Click here for reprint permission.


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Keep spending you asshole! 

[Soul Crusher]

Obama budget could boost fees on airline tickets
Associated Press ^ | DAVID KOENIG

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Airline travelers would pay more to help finance airport projects under President Barack Obama's budget plan.

The president's budget released Monday would raise the "passenger facility charge" to $7 from $4.50 per flight to offset cuts in airport grants.


(Excerpt) Read more at hosted.ap.org ...


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FFFUUUBBBOOO!!!!!

[The Showstoppa]

Obama budget could boost fees on airline tickets
Associated Press ^ | DAVID KOENIG

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Airline travelers would pay more to help finance airport projects under President Barack Obama's budget plan.

The president's budget released Monday would raise the "passenger facility charge" to $7 from $4.50 per flight to offset cuts in airport grants.


(Excerpt) Read more at hosted.ap.org ...


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FFFUUUBBBOOO!!!!!

I really don't mind that as the fed govt should not have been giving grants to airports anyway.

[Soul Crusher]

I really don't mind that as the fed govt should not have been giving grants to airports anyway.

My bet is that the grants will contrinue and we will get the higher fees.   

[Soul Crusher]

Obama budget could boost fees on air travelers
By DAVID KOENIG, AP Airlines Writer David Koenig, Ap Airlines Writer – 5 mins ago


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Airline travelers would pay more to help finance airport projects under President Barack Obama's budget plan.

The president's budget released Monday would raise the "passenger facility charge" to a maximum of $7 from $4.50 per flight to offset $1.1 billion in cuts to airport grants. Airports use the passenger-charge money for FAA-approved safety and expansion projects.

Just because it's in the president's budget doesn't mean the increased facility charge will fly. Some Republicans with a hand in writing aviation laws have different ideas. Airlines are also fighting the proposal, saying it amounts to a $2 billion tax increase on the flying public. Airline executives argue the increase could discourage more people from flying.

Todd Hauptli, a lobbyist for the American Association of Airport Executives, said the grant cuts would hurt critically needed safety, security and capacity projects at airports around the country.

Airport advocates, such as consultant Mike Boyd, were outraged that Obama would cut airport spending while proposing $53 billion for high-speed rail. "Rail won't work — it's a 19th-century solution," he said. "Meanwhile, airports will have 30 percent less to do the things we need to do."

Last year the House approved a bill that would have let airports raise the charge up to $7, but the Senate version of the bill to reauthorize the Federal Aviation Administration didn't include a raise. The bill died anyway.

The House is now under Republican control, and last week, Rep. John Mica, R-Fla., new chairman of the House Transportation Committee, and new aviation subcommittee chairman Rep. Tom Petri, R-Wis., notably left the $4.50 limit on passenger charges unchanged in their FAA overhaul bill.

The passenger charge is levied on each flight segment, which is one takeoff and one landing. For example, a passenger flying from Dallas to Detroit with a stop in Chicago would pay the charge twice, once for each leg of the trip.

Airlines say raising the passenger fee would slow the recovery in airline travel, which helped the airlines earn about $2.3 billion in profit last year after losing billions in 2008 and 2009.

Delta Air Lines Inc. CEO Richard Anderson wrote in the airline's in-flight magazine, Sky, that raising the fee to $7 would mean that a family of four would pay $112 in passenger charges on the average trip. He assumes they make one stop on their outbound trip and another going home, for a total of four legs.

The passenger charge is just one item in the Department of Transportation section of the president's $3.73 trillion budget for the fiscal year that starts Oct. 1. Obama's plan would reduce federal deficits by $1.1 trillion over a decade but wouldn't cut as deeply as his own deficit commission recommended.

[Soul Crusher]

Ha ha ha- yeah 0there is no waste fraud and abuse in this.   

[Soul Crusher]

Obama's FY2012 Budget:
Taxes, Taxes, and More Taxes
From Ryan Ellis on Monday, February 14, 2011 12:00 PM

 
     
President Obama released his budget this morning.  Rather than focusing on Washington’s over-spending problem, the budget calls for higher taxes on families and small businesses to pay for even more government spending. Under the Obama budget, tax revenues will grow from 14.4% of GDP in 2011 to 20% of GDP in 2021.  By comparison, the historical average is only 18% of GDP.

Tax hike lowlights include:

•Raising the top marginal income tax rate (at which a majority of small business profits face taxation) from 35% to 39.6%.  This is a $709 billion/10 year tax hike

•Raising the capital gains and dividends rate from 15% to 20%

•Raising the death tax rate from 35% to 45% and lowering the death tax exemption amount from $5 million ($10 million for couples) to $3.5 million.  This is a $98 billion/ten year tax hike

•Capping the value of itemized deductions at the 28% bracket rate.  This will effectively cut tax deductions for mortgage interest, charitable contributions, property taxes, state and local income or sales taxes, out-of-pocket medical expenses, and unreimbursed employee business expenses.  A new means-tested phaseout of itemized deductions limits them even more.  This is a $321 billion/ten year tax hike

•New bank taxes totaling $33 billion over ten years

•New international corporate tax hikes totaling $129 billion over ten years

•New life insurance company taxes totaling $14 billion over ten years

•Massive new taxes on energy, including LIFO repeal, Superfund, domestic energy manufacturing, and many others totaling $120 billion over ten years

•Increasing unemployment payroll taxes by $15 billion over ten years

•Taxing management capital gains in an investment partnership (“carried interest”) as ordinary income.  This is a tax hike of $15 billion over ten years

•A giveaway to the trial lawyers—not letting companies deduct the cost of punitive damages from a lawsuit settlement.  This is a tax hike of $300 million over ten years

•Increasing tax penalties, information reporting, and IRS information sharing.  This is a ten-year tax hike of $20 billion.


Add it all together, and this budget is a ten-year, $1.5 trillion tax hike over present law.  That’s $1.5 trillion taken out of the economy and spent on government instead of being used to create jobs.

The “tax relief” in the budget is mostly just an extension of present law, and also some refundable credit outlay spending in the tax code.  There is virtually no new tax relief relative to present law in the President’s budget.

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