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| Obama aims for $1.1tn deficit cut | |
| 2011-02-15 | |
[Al Jazeera] Barack B.O.Obama has proposed a budget that would cut the US deficit by $1.1 trillion over 10 years, setting the stage for a tough fight with Republicans who vow even tougher spending controls.
However, The infamous However... the fiscal blueprint largely ignores his own deficit commission's plea to lower huge entitlement programmes like Social Security and Medicare. Obama called his new budget one of "tough choices and sacrifices", but most of those cuts would be held off until after the end of his first term. Overall, Obama proposed reducing the deficits by $1.1tn over a decade although his changes would actually add to the deficits this year and next. Republicans aim to make 2012 presidential election a referendum on Democrat Obama's fiscal track record He is projecting the deficit will hit an all-time high of $1.65tn this year and then drop sharply to $1.1tn in 2012, with an expected improvement in the economy and as reductions in Social Security withholding and business taxes expire. Obama's 2012 budget would actually add $8bn to the projected deficit for that year because the bulk of the savings he will achieve through a freeze in many domestic programmes would be devoted to increased spending in areas Obama considers priorities, such as education, clean energy and high-speed rail. "We have more work to do to live up to our promise by repairing the damage this brutal recession has inflicted on our people," he said. Republicans, who took control of the House in the November elections and picked up seats in the senate in part because of voter anger over the soaring deficits, called Obama's efforts too timid. The politicians are set to begin debating on Tuesday $61bn in cuts for the remaining seven months of fiscal 2011. "Presidents are elected to lead and address big challenges," Paul Ryan, the chairman of the Republican House budget committee of Wisconsin, said. "The big challenge facing our economy today and our country tomorrow is the debt crisis. He's making it worse, not better." Al Jizz's John Terrett, reporting from Capitol Hill, said there is "a real war" going on between the Republicans and the Democrats. "The Republicans would have the Democrats cut far more. President B.O. is not really comfortable about going as far as he has done with the cut backs in this budget, lots of Americans are going to be hurting as a result of it," he said. "But nonetheless, he has to appeal to two groups: one is the Republicans who control the House of Representatives; and the other is floating voters that have a foot firmly in the Republican camp but who voted for him in 2008," he said. | |
| Posted by:Fred |
| #13 This quote from Ortega y Gasset's "Revolt of the Masses" seems appropriate here: Doubtless the most radical division of humanity that can be made is that between two classes of creatures: those who demand much of themselves and assume a burden of tasks and difficulties, and those who require nothing special of themselves, but rather for whom to live is to be in every instant only what they already are. |
| Posted by: Anguper Hupomosing9418 2011-02-15 17:37 |
| #12 It may be the times and peoples are different. Yea, more messed up people. Watching youtube's features of teens eating live goldfish (girls doing it too) I was struck with WTF is wrong with people nowadays?? Its like we're headed into another dark age. I had to stop watching. |
| Posted by: Fire and Ice 2011-02-15 16:43 |
| #11 I was watching a piece on one of the History Channels about the gathering storm--I don't recall the exact title. The show was about the run up to WWII. I was struck by the parallels and similarities between that time and now. People were looking for saviors to save their countries and their economies after the Great Depression. They got Adolph Hitler, Mussolini and a militaristic expansionist Japan. I'm just saying there seems to be parallels. It may be the times and peoples are different. |
| Posted by: JohnQC 2011-02-15 16:33 |
| #10 @ NMBS Never let a crisis and a vituperative attack go to waste. F-U Rahm, you POS. And with dumbs Americans, probability is at 70% that Obama could ride the wave of Republican done cuts right back to the same desk in the same office again. |
| Posted by: Fire and Ice 2011-02-15 15:05 |
| #9 There are a few difference between now and '95. First the MSM's monopoly is even more less-perfect than it was back then - more and more people are using the internet to do their own research and get news from other sources. Second the MSM has much, much, less credibility these days than back then. People (at lest the one's who aren't fools) have observed their flat-out treasonous bias during the '08 election and are less likely to take their statements at face value now. Obumbles might try it - but it could very easily backfire - The democrats are getting less and less return from their propaganda arm these days. And a lot of people are just plain out of work. |
| Posted by: CrazyFool 2011-02-15 15:04 |
| #8 Paul Ryan got it right when he suggested that Oblahblah intends to act obtuse and force the Repubs to do the heavy lifting of budget cutting, and then attack them all along the way for their inhumane cuts and destructive, racist, ageist, facist and what ever other -ist he can use, and offer the affected his welcoming arms (and promises of cash) for his reelection. Since the tipping point between those who pay and those who get is relatively small these days, cuts that create pain to the those who pay and reduce the benies to thoses who get, it should let him pull it off. |
| Posted by: NoMoreBS 2011-02-15 14:13 |
| #7 and the debt's not THAT important it's how much it costs to fund, and that's going to steeply rise (once Bernanke has made sure the politically connected are safe, and taxpayers have the bill). |
| Posted by: Bright Pebbles 2011-02-15 11:44 |
| #6 I suspect the next Prez will be Obumble and he will be faced with a very Red house and senate. That way, tackling Medicare, Medicaid and Social Security will be a bi-partisan effort. If he hasn't gotten us into a world war by then. More likely that will start in the second congress of his second administration and he will be hailed as the next FDR. |
| Posted by: Nimble Spemble 2011-02-15 11:16 |
| #5 It looks tome that Obullshit's planning to make the NEXT pres(Probably a Repub) Look far worse,(Can't do it Honestly Soooo) It'll only work if it's not figured out by the sheeple. SO, as much slight of hand as possible is Needed here. (Old magician's trick an explosion "Over there" and the hand switch is not seen ""Center stage") |
| Posted by: Redneck Jim 2011-02-15 09:34 |
| #4 The deficit only considers on-budget items; indebtedness should rightly include the much larger amounts of off-budget obligations. Obama's budget will continue to spend well over a trillion more dollars per year than there is revenue to cover - ultimately that revenue shortfall will be covered by inflation, which is effectively a tax on savings. It continues to be politically impossible for anyone to tell the people the truth - that the 'house of cards' WILL collapse. So the politicians continue to kick the ever-larger can down the road. |
| Posted by: Glenmore 2011-02-15 07:54 |
| #3 But not all debt arises from deficit. Change in debt is what is important, and the deficit is not the only contributor. Remember, this is GSM (Government Smoke and Mirrors) not GAAP. |
| Posted by: Nimble Spemble 2011-02-15 07:20 |
| #2 #1Â Deficit is not debt. When you borrow money to make up a deficit, it becomes debt. |
| Posted by: Secret Asian Man 2011-02-15 06:11 |
| #1 Deficit is not debt. |
| Posted by: gorb 2011-02-15 02:34 |