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Old 05-12-2009, 05:27 AM   #1
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Default Deficit to be 4 times higher this year than last...

Bu...bu...bu...Bush...

http://www.ohio.com/news/nation/44761777.html

U.S. deficit may surpass $1.8 trillion Revised budget office estimates add $89 billion to 2009 red ink
By Andrew Taylor
Associated Press

Published on Tuesday, May 12, 2009
WASHINGTON: The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates.
Budget office figures released Monday would add $89 billion to the 2009 red ink increasing it to more than four times last year's all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.
The unprecedented deficit flows from the deep recession, the Wall Street bailout and the cost of President Barack Obama's economic stimulus bill as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.
As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says. The deterioration reflects lower tax revenue and higher costs for bank failures, unemployment benefits and food stamps.
Just a few days ago, Obama touted an administration plan to cut $17 billion in wasteful or duplicated programs from the budget next year. The erosion in the deficit announced Monday is five times the size of those savings.
For the current year, the government would borrow 46 cents for every dollar it takes to run the government under the administration's plan. In 2010, it would borrow 35 cents for every dollar spent.


''The deficits . . . are driven in large part by the economic crisis inherited by this administration,'' budget director Peter Orszag wrote in a blog entry on Monday.
The developments come as the White House completes the official release of its $3.6 trillion budget for 2010, adding detail to some of its tax proposals and ideas for producing medical savings. The White House budget is a recommendation to Congress that represents Obama's fiscal and policy vision for the next decade.
Guaranteed deficit
Annual deficits would never dip below $500 billion and would total $7.1 trillion over 2010-19. Even those dismal figures rely on economic projections that are significantly more optimistic just a 1.2 percent decline in gross domestic product this year and a 3.2 percent growth rate for 2010 than those of private economists and the Congressional Budget Office.
As a percentage of the economy, the measure economists say is most important, the deficit would be 12.9 percent of GDP this year, the biggest since World War II. It would drop to 8.5 percent of GDP in 2010.
In the past three decades, deficits in the range of 4 percent of GDP have caused Congress and previous administrations to launch efforts to narrow the gap. The White House predicts deficits equaling 2.9 percent of the economy within four years.
Polling data suggest Americans are increasingly worried about mounting deficits and debt.
An AP-GfK poll last month gave Obama relatively poor grades on the deficit, with 49 percent of respondents approving of the president's handling of the issue and 41 percent disapproving. By contrast, Obama's overall approval rating was 64 percent, with 30 percent disapproving.
''Even using their February economic assumptions which now appear to be out of date and overly optimistic the administration never puts us on a stable path,'' said Marc Goldwein of the Committee for a Responsible Federal Budget, a bipartisan group that advocates budget discipline. ''The president . . . understands the critical importance of fiscal discipline. Now we need to see some action.''

Contentious budget

For the most part, Obama's updated budget tracks the 134-page outline he submitted to lawmakers in February. His budget remains a bold but contentious document that proposes higher taxes for the wealthy, a hotly contested effort to combat global warming and the first steps toward guaranteed health care for all.
Meanwhile, the congressional budget plan approved last month would not extend Obama's signature $400 tax credit for most workers $800 for couples after next year.
Obama's ''cap-and-trade'' proposal to curb heat-trapping greenhouse gas emissions is also reeling from opposition from Democrats from coal-producing regions and states with concentrations of heavy industry.
Under cap-and-trade, the government would auction permits to emit heat-trapping gases, with the costs being passed to consumers via higher gasoline and electric bills.
Obama's budget also would close several tax loopholes and increase IRS tax compliance efforts to raise $58 billion over the next decade to help finance his health-care measure.
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Old 05-12-2009, 06:50 AM   #2
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Default Re: Deficit to be 4 times higher this year than last...

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Originally Posted by revefsreleets View Post
Bu...bu...bu...Bush...
......increased the deficit by 1.7 trillion dollars over his "8" years.

This spending, no matter who is doing it, is getting way the F out of control!
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Old 05-12-2009, 07:39 AM   #3
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Default Re: Deficit to be 4 times higher this year than last...

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Originally Posted by revefsreleets View Post

Just a few days ago, Obama touted an administration plan to cut $17 billion in wasteful or duplicated programs from the budget next year. The erosion in the deficit announced Monday is five times the size of those savings.
For the current year, the government would borrow 46 cents for every dollar it takes to run the government under the administration's plan. In 2010, it would borrow 35 cents for every dollar spent.

The White House budget is a recommendation to Congress that represents Obama's fiscal and policy vision for the next decade.

Guaranteed deficit
I think we can all agree that when many of us pay almost 40% of what we work very hard for, to the government, and they STILL have to borrow and deficit spend like this......that government is a MUCH bigger problem than freedom, liberty, free markets and capitalism.....

So much for open mindedness.....
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Old 05-12-2009, 07:48 AM   #4
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Default Re: Deficit to be 4 times higher this year than last...

Bush = 8 years Total = 1.7 trillion
Obama = 110 days = 1.8 trillion

Then there's this based on CONSERVATIVE numbers (and we know it will be far worse, because Obama's finance guys were already way off-too optimistic-when they did the orifinal number crunching):

Annual deficits would never dip below $500 billion and would total $7.1 trillion over 2010-19
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Old 05-12-2009, 11:53 AM   #5
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Default Re: Deficit to be 4 times higher this year than last...

Bu...bu...bu...but I inherited it from Bush, its not my fault.

I have a feeling it'll be over $2 trillion by the end of the year.
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Old 05-12-2009, 12:36 PM   #6
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Default Re: Deficit to be 4 times higher this year than last...

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Bu...bu...bu...but I inherited it from Bush, its not my fault.

I have a feeling it'll be over $2 trillion by the end of the year.

I still don't get the, "I inherited this problem" bullshit. I mean, was he forced to run for POTUS?

If all of the 'problems' caused by the Big Bad Bush were going to be too much to handle, shouldn't he have done the best thing for the country and dropped out of the race if he wasn't up to the task?
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Old 05-12-2009, 12:47 PM   #7
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Default Re: Deficit to be 4 times higher this year than last...

Let the Democrats break things, then the country will cry uncle and come running back to true fiscal conservatives. And I am not talking McCain or Bush...both fiscal moderates or liberals.

The Conservative movement needs a voice. A fiscally conservative voice to bring balance to this madness. I can't even fathom the stupitidy of Obama wanting to "pay" for a nationalized health plan while we are in this shape....f**king rediculous.
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Old 05-12-2009, 01:03 PM   #8
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Default Re: Deficit to be 4 times higher this year than last...

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Originally Posted by GBMelBlount View Post
I think we can all agree that when many of us pay almost 40% of what we work very hard for, to the government, and they STILL have to borrow and deficit spend like this......that government is a MUCH bigger problem than freedom, liberty, free markets and capitalism.....

So much for open mindedness.....
Did you see the richest in Britain pay 60%? Almost 2/3rds of their money goes to the government, insane.
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Old 05-12-2009, 02:23 PM   #9
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Default Re: Deficit to be 4 times higher this year than last...

More importantly, big business has the highest tax rate in the World here in the US. Only Japan has a higher rate (they have certain businesses that pay 39%) than our 35%.

Pop quiz: Do you think Obama will lower or raise that tax rate in his 4 years?
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Old 05-12-2009, 02:38 PM   #10
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Default Re: Deficit to be 4 times higher this year than last...

Isn't he already trying to raise it?
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