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Budget Deficit: 4X That Of 2008!!!!

Mike

Well-known member
White House: Budget deficit to top $1.8 trillion
White House: Budget deficit to top $1.8 trillion, 4 times 2008's record
Andrew Taylor, Associated Press Writer
On Monday May 11, 2009, 9:53 am EDT
WASHINGTON (AP) -- With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.

The deficit for the current budget year will rise by $89 billion to above $1.8 trillion -- about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall St. bailout, the cost of President Barack Obama's economic stimulus bill, as well as a 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 revenues and higher costs for bank failures, unemployment benefits and food stamps.

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 one of the few positive signs, the actual 2009 deficit is likely to be $250 billion less than predicted because Congress is unlikely to provide another $250 billion in financial bailout money.

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

Annual deficits would never dip below $500 billion and would total $7.1 trillion over 2010-2019. 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 forecast by private sector economists and the Congressional Budget Office.

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.

Obama's Democratic allies controlling Congress have already made it clear that they will reject key elements of his plan. Already apparently dead is a plan to raise $267 billion over the next decade to pay for his health care initiative by curbing the ability of wealthier people to reduce their tax bills through deductions for mortgage interest, charitable contributions and state and local taxes.

And the congressional budget plan approved last month would not extend Obama's signature $400 tax credit for most workers -- $800 for couples -- after it expires at the end of next year.

Obama's remarkably controversial "cap-and-trade" proposal to curb heat-trapping greenhouse gas emissions is also reeling from opposition from Capitol Hill 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 on to consumers via higher gasoline and electric bills.

Among the new proposals is a plan -- already on its way through Congress -- that would increase the Federal Deposit Insurance Corporation's borrowing authority from $30 billion to $100 billion in order to grant a two-year reprieve from higher deposit insurance premiums while the industry is struggling.

Also new are several tax "loophole" closures and increased IRS tax compliance efforts to raise $58 billion over the next decade to help finance Obama's health care measure. The money makes up for revenue losses stemming from lower-than-hoped estimates of his proposal to limit wealthier people's ability to maximize their itemized deductions.

The updated budget also would repeal an unintended tax windfall taken by paper companies that use a byproduct in the paper-making process as fuel to power their mills. The tax credits were never intended for paper companies, but now they could be worth more than $3 billion a year, according to a congressional estimate.

The budget would make permanent the expanded $2,500 tax credit for college expenses that was provided for two years in the just-passed economic stimulus bill. It also would renew most of the Bush tax cuts enacted in 2001 and 2003, and would permanently update the alternative minimum tax so that it would hit fewer middle- to upper-income taxpayers.
 

Texan

Well-known member
This is disgusting. Didn't a lot of people warn that this would happen? Didn't some people predict that Obama's earlier estimates were too low? But you Obama supporters just keep following blindly along.

Are you faithful marchers in the Obama sheep squadron just going to ignore this thread like you have so many others lately? What is it going to take for some of you to speak out against this type of spending?

The long-term consequences of this kind of debt will be devastating to our economy in the coming years. Future generations will be cheated out of countless opportunities just because they have so much debt to pay and because of all of the entitlement programs they will have to support.

And yet, Congress and the Obama Administration refuse to rein in spending in any appreciable manner?

Why the hell is this okay with some of you? :???:
 

Larrry

Well-known member
It is sad that the obamer supporters can not defend him. their pride in not admitting they were wrong is more important to them than the well being of these United States.
Oh they will eventually come in here and defend their chosen one in a token sort of way. Just a hit and run defense, mainly it is only an attack on conservative values.

So simply sad that their pride is paramount to any thing, especially this country.
 

backhoeboogie

Well-known member
Larrry said:
It is sad that the obamer supporters can not defend him. their pride in not admitting they were wrong is more important to them than the well being of these United States.
Oh they will eventually come in here and defend their chosen one in a token sort of way. Just a hit and run defense, mainly it is only an attack on conservative values.

So simply sad that their pride is paramount to any thing, especially this country.

Larry a large number of them are admitting they were wrong. None in this forum tho (that I know of).
 

Sandhusker

Well-known member
I thought we were all supposed to be on the same side? Aren't we all Americans interested in the welfare of this country and all of it's citizens? Don't we all want a safe and prosporous environment for us, our families, and our neighbors?

It's time that we declared this Obama experiment failed and over. We proved we could elect a black man President - passed that test. Now, lets put that behind us and get somebody with experience, honesty, and a vision of returning to what made America great.
 

aplusmnt

Well-known member
Sad thing is Bush spent like a Drunken sailor, and to quadruple that is just unbelievable!

I wonder how many people on here spend more when they make less? Tax Revenue is down, Obama should be spending less than Bush!
 

Texan

Well-known member
Mike said:
How many Zer0 supporter comments so far? :lol:
Mike, a careful review of this thread shows Zer0 Zombie responses so far. I'm sure they're still formulating their positions. I'm sure they'll be good when we finally get them. :D
 

Mike

Well-known member
Texan said:
Mike said:
How many Zer0 supporter comments so far? :lol:
Mike, a careful review of this thread shows Zer0 Zombie responses so far. I'm sure they're still formulating their positions. I'm sure they'll be good when we finally get them. :D

Think they'll use the words; "Drunken" or "Sailor" in their response? :lol: :lol:
 

Mike

Well-known member
hypocritexposer said:
Any bets on their responses being emotionally based?

That's a given....................... :lol:

Any bets on the responses being "Intellectually" based? :lol:
 

Mike

Well-known member
Sandhusker said:
They managed several posts about Ms California, Mrs Edwards, wayward priests, etc.....

Nothing about Nancy's purported false claims either. :roll:

Are they giving up? Not getting the "Change" they expected?

WE TOLD YOU SO!!!!!!!!!!!!!!!!!!!!!!!!!!! :lol: :lol: :lol:
 
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