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Thread: Obama budget = More Taxes, More Deficits

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    Dolphins9954's Avatar
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    Obama budget = More Taxes, More Deficits

    President Obama will release an election-year federal budget Monday that is loaded with deficit spending and tax increases on the wealthy but avoids tough choices on the soaring costs of entitlements, independent analysts and Republican lawmakers say.

    The president’s budget request to Congress forecasts a deficit of $1.33 trillion in the current fiscal year — even higher than expected — and calls for at least $1.5 trillion in tax hikes over the next decade. By including $350 billion in short-term stimulus spending, Mr. Obama is submitting a plan that is ready-made for his re-election campaign but has no chance of passing a divided Congress.

    “Honestly, my expectations couldn’t be lower,” said Douglas Holtz-Eakin, former director of the nonpartisan Congressional Budget Office. “He has put out budgets that lead to a death spiral. His budgets have never added up, and he has a propensity to use it as a very powerful campaign tool.”

    Mr. Obama is scheduled to unveil his proposal at 11 a.m. Monday at Northern Virginia Community College in Annandale.

    Senior administration officials said the fiscal 2013 budget will feature a “balanced approach” to deficit reduction, in part by ending the Bush-era tax cuts for families earning $250,000 or more. The budget also will ask Congress to impose the president’s “Buffett rule,” named for billionaire Warren Buffett, that would require tax rates of at least 30 percent on income over $1 million.

    “What we have to do is focus on the long term and the short term at the same time,” White House Chief of Staff Jack Lew said Sunday on ABC’s “This Week.” “In the short term, we need to keep the economy growing. In the long term, we need to get the deficit under control in a way that builds the economy that can last for the future.”

    Sen. Jeff Sessions, Alabama Republican and ranking member of the Budget Committee, said Mr. Obama’s previous budgets have been “exceedingly irresponsible” and demonstrate the president’s aversion to reducing the nation’s $15.3 trillion debt.

    “Our systemic debt problem requires the nation to make serious choices,” Mr. Sessions said. “A good leader should tell the American people what the options are. I remain baffled that the president seems unwilling to do that.”

    Administration officials said the budget envisions $4 trillion in deficit reductions over the next decade through a mix of tax increases, spending caps that were enacted last year, savings from ending the wars in Iraq and Afghanistan, and curbing the growth of Medicare and Medicaid.

    Critics point out that Mr. Obama promised in February 2009 that he would cut a deficit of $1.4 trillion in half by the end of his first term. The deficit for the fiscal year that ends Oct. 1 — just a month before the election — will be nearly as high as when Mr. Obama took office.
    http://www.washingtontimes.com/news/...more-deficits/





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    CedarPhin's Avatar
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    How long has it been since we've actually had a budget passed? Seems like forever.

    I thought CA's state budget battles were bad.
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    Eshlemon's Avatar
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    Wierd. The WH budget put out last Monday had a 1.17 trillion deficit and it's 1.33 trillion today.

    http://www.finheaven.com/show...Simple-English
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    jared81's Avatar
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    no entitilement reforms? do these people realize we HAVE to cut defense, SS and medicare to even make a dent in the deficit? i agree that taxes we ultimately be raised, but you cant tax people to prosperity.
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    Dolphins9954's Avatar
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    I like this quote.......

    BUDGET: Claims about $850 billion in savings from ending the wars and steers some $230 billion of that to highways.

    REALITY: There is no direct peace dividend from ending the wars because the government borrowed to pay for them. The government would have to keep borrowing that amount of money to have it to spend on something else.

    Counting the end of wars as a dividend is like a student coming out of college loaded with debt and aching to buy things, says Maya MacGuineas, president of the Committee for a Responsible Federal Budget. "When you finish college, you don't suddenly have thousands of dollars a year to spend elsewhere — in fact, you have to find a way to pay back your loans."

    MacGuineas says, "Drawing down spending on wars that were already set to wind down and that were deficit-financed in the first place should not be considered savings."
    http://news.yahoo.com/fact-check-bud...081227181.html


    Obama considers borrowed money "Savings".
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    TheMageGandalf's Avatar
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    I agree that it shouldn't be viewed as savings but at the same time if your going to spend it, spend it on OUR COUNTRY.

    So looking at the $850 Billion, if your NOT going to borrow that amount to spend it on a war, you only borrow $230 billion and spend it on infrastructure which will help rebuild us internally, employ more Americans who will in turn put that money back into the economy since most who will work those jobs aren't going to be the type that throws it into their savings to let it sit there forever.

    You can argue that we shouldn't be borrowing anything anymore, but that isnt going to happen no matter who the hell is in the WH.

    So if we are going to borrow cash, do it for the good of America, to help repair our infrastructure instead of doing it for some other country that in the end they end up destroying what we built and then asking us to rebuild it for them....again....on OUR tax payers dime.
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    Dolphins9954's Avatar
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    Quote Originally Posted by TheMageGandalf View Post
    I agree that it shouldn't be viewed as savings but at the same time if your going to spend it, spend it on OUR COUNTRY.

    So looking at the $850 Billion, if your NOT going to borrow that amount to spend it on a war, you only borrow $230 billion and spend it on infrastructure which will help rebuild us internally, employ more Americans who will in turn put that money back into the economy since most who will work those jobs aren't going to be the type that throws it into their savings to let it sit there forever.

    You can argue that we shouldn't be borrowing anything anymore, but that isnt going to happen no matter who the hell is in the WH.

    So if we are going to borrow cash, do it for the good of America, to help repair our infrastructure instead of doing it for some other country that in the end they end up destroying what we built and then asking us to rebuild it for them....again....on OUR tax payers dime.
    Sure if we ignore the other 1.1 trillion dollars of deficit/borrowing money needed to fund the budget. Just for one year mind you. Obama in 4 years as president has had over a trillion dollar deficit every year. While giving us his word that he would cut the deficit in half in 1 term. If all we had was a 230 billion dollar deficit I would maybe see your point. But unfortunately it's 5x that amount. The problem is the 4 trillion dollar budget Obama wants is totally bloated, massive and unfundable. Think just 10 years ago the budget was half that amount and we still had a functioning government that actually had a balanced budget. (When you ignore that they used SS money to do it). But a lot better situation than we are in now. And it also shows that even with taxes on the rich and wars that were already set to wind down. The government still can't pay it's bills by a freaking long shot. Obama's budget is a disgrace to every ounce of fiscal sanity.
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