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View Full Version : Obama plans to slash deficit in half


Stlrs4Life
02-22-2009, 10:18 AM
http://news.yahoo.com/s/ap/20090222/ap_on_go_pr_wh/obama_budget

WASHINGTON President Barack Obama has committed hundreds of billions of dollars to help revive the economy and is working on a plan to cut the federal deficit in half by the end of his first term.
Obama will touch on his efforts to restore fiscal discipline at a White House fiscal policy summit on Monday and in an address to Congress on Tuesday. On Thursday he plans to send at least a summary of his first budget request to Capitol Hill. The bottom line, said an administration official Saturday, is to halve the federal deficit to $533 billion by the time his first term ends in 2013. He inherited a deficit of about $1.3 trillion from former President George W. Bush.
The official, speaking on condition of anonymity because the president has not yet released his budget for the fiscal year 2010, which begins Oct. 1, said the deficit will be shrunk by scaling back Iraq war spending, ending the temporary tax breaks enacted by the Bush administration for those making $250,000 or more a year, and streamlining government.
"We can't generate sustained growth without getting our deficits under control," Obama said in his weekly radio and Internet address that seemed to preview his intentions. He said his budget will be "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."
Republicans were not convinced. They said Obama's plan would hurt small businesses, including many filing taxes as individuals and possibly facing higher taxes under his plan.
"I don't think raising taxes is a great idea," Senate Republican leader Mitch McConnell of Kentucky told CNN's "State of the Union" on Sunday. "And when our good friends on the other side of the aisle say raising the taxes on the wealthy, what they're really talking about is small business."
Obama's budget also is expected to take steps toward his campaign promises of establishing universal health care and lessening the country's reliance on foreign oil.
Obama has pledged to make deficit reduction a priority both as a candidate and a president. But he also has said economic recovery must come first.
Last week, he signed into law the $787 billion stimulus measure that is meant to create jobs but certainly will add to the nation's skyrocketing national debt. He also is implementing the $700 billion financial sector rescue passed on Bush's watch; about $75 billion of which is being used toward Obama's plan to help homeowners facing foreclosure.






If he can do this, it would be pretty incredible.

Preacher
02-22-2009, 11:33 AM
:doh:

So once again, a democrat plans to curb spending on the back of the military while raising taxes.

Great.

Has anyone noticed the result of these plans? It is usually deficit spending to rebuild the military because we have been threatened or attacked. . . AGAIN.

Carter, Clinton, Now Obama.

God forbid a democrat actually follow the constitution by building and keeping the military, prosecute the wars, and stop domestic spending.

KeiselPower99
02-22-2009, 12:04 PM
I love demojacks.

devilsdancefloor
02-22-2009, 12:39 PM
Its not fair we are the only super power:wink02:

xfl2001fan
02-22-2009, 01:27 PM
Its not fair we are the only super power:wink02:

Naw...we're the only super power dumb enough to allow this to happen to us in the name of "freedom". Apparently, they are freeing our wallets (or at least our kids wallets) the burden of carrying around extra cash.

MACH1
02-22-2009, 02:10 PM
Naw...we're the only super power dumb enough to allow this to happen to us in the name of "freedom". Apparently, they are freeing our wallets (or at least our kids wallets) the burden of carrying around extra cash.

Thats whats called "redistribution of wealth". The rich stay rich and the rest of us can't afford the Vaseline.

hindes204
02-22-2009, 05:01 PM
who cares about the military right, just slash military spending to save the deficit....its not like us in the military need it right, who cares if we dont have proper equipment or supplies....and we make plenty of money right, not that i joined the military for the money, but trust me, we dont make much. Weakening the military sounds like a great idea!!!

Texasteel
02-22-2009, 05:24 PM
I like the streamlining government idea. Lets start in the White House.

HometownGal
02-22-2009, 05:54 PM
If he can do this, it would be pretty incredible.

If being the key word here, Dom. For the moment, looks like pie in the sky to me.

I know you have good intentions here, but I'm not getting my hopes up that this country and its economy is going to be better off in 2 years than we were a year ago. As I said in another thread - I'm taking the "wait and see" approach but I'm not holding my breath.

tony hipchest
02-22-2009, 06:09 PM
who cares if we dont have proper equipment or supplies....!!!

in the past 6 years i recall many stories of old, worn out, and even inadequate body armor and kevlar (even to the point of troops purchasing their own out of personal funds.

inadequate steel plating on the undercarriage of hum-v's and other wartime vehicles that needed upgraded protection from IED's.

companies like haliburton charging 50 cents a packet for a half a cent worth of ketchup in the mess halls. :noidea:

my main priority is that the troops return home safe.... hold the mustard please.

lilyoder6
02-22-2009, 07:00 PM
my main priority is that the troops return home safe.... hold the mustard please.

i don't see that any time soon... and then what obama wants 2 do

Dino 6 Rings
02-22-2009, 07:18 PM
in the past 6 years i recall many stories of old, worn out, and even inadequate body armor and kevlar (even to the point of troops purchasing their own out of personal funds.

inadequate steel plating on the undercarriage of hum-v's and other wartime vehicles that needed upgraded protection from IED's.

companies like haliburton charging 50 cents a packet for a half a cent worth of ketchup in the mess halls. :noidea:

my main priority is that the troops return home safe.... hold the mustard please.

I think we should use some of this money to pay down our debt...but wanna bet it isn't going to happen:

HOUSTON (Reuters) - Halliburton Co will pay a $559 million fine to end an investigation of its former KBR Inc unit if the U.S. government approves the settlement, the largest penalty against a U.S. company for charges of bribery under federal law.

Under the settlement, Halliburton would pay $382 million to the Department of Justice and $177 million to the Securities and Exchange Commission in "disgorgement."

http://www.reuters.com/article/ousiv/idUSTRE50P5ZE20090126

I wonder if our current Aministration will also include these funds on their website of transparency. Or is this "free money" for them to not spend on troops. I wonder.

Preacher
02-23-2009, 02:22 AM
in the past 6 years i recall many stories of old, worn out, and even inadequate body armor and kevlar (even to the point of troops purchasing their own out of personal funds.

inadequate steel plating on the undercarriage of hum-v's and other wartime vehicles that needed upgraded protection from IED's.

companies like haliburton charging 50 cents a packet for a half a cent worth of ketchup in the mess halls. :noidea:

my main priority is that the troops return home safe.... hold the mustard please.


And thus, my point on budgeting on teh backs of the military.

Military readiness should be a CONTINUOUS thing. It takes two or three years AT LEAST to rebuild when it is ignored. The first three years of Bush's time I give him a free pass, because he is living off the military readiness of the Clinton era. But years 4-8 are his responsibility.

So what have we learned? Mainly, that except for under Reagan/Bush, military readiness has sucked since JFK/LBJ.

revefsreleets
02-23-2009, 12:44 PM
I was ripped to shreds when I suggested that Obama would cut back on military spending. His campaign promise was (and it was on his website) to keep the military strong and expand it. I pointed out at the time that you cannot expand the military by cutting it, and was told that he would somehow be able to do both.

Well, I can't wait to see how he pulls THIS rabbit out of the hat...

Preacher
02-23-2009, 05:53 PM
I was ripped to shreds when I suggested that Obama would cut back on military spending. His campaign promise was (and it was on his website) to keep the military strong and expand it. I pointed out at the time that you cannot expand the military by cutting it, and was told that he would somehow be able to do both.

Well, I can't wait to see how he pulls THIS rabbit out of the hat...

Come on Suit... your smarter than that.

He will come and give a speech about just how hard it is to be president, how Bush really screwed things up more than he imagined, and then will go back on everything he said, which he was intending to do in the first place.

The press will all coo and coddle and eat it up.

Anyone with an IQ over 80 should just be sitting there shaking their heads at the idiocy.

revefsreleets
02-24-2009, 09:14 AM
War is peace.
Freedom is slavery.
Ignorance is strength.

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