Obama's 2012 budget proposal to set record deficit

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Alan

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President Barack Obama's 2012 budget proposal projects this year's deficit will reach $1.6 trillion, the largest on record, as December's tax-cut deal begins to reduce federal revenues, a senior Democrat said Sunday.

The new forecast is larger than the $1.48 trillion deficit projected last month by the Congressional Budget Office, Congress's nonpartisan scorekeeper, and up from last year's $1.3 trillion shortfall. The tax deal extended tax cuts enacted during the Bush administration while adding others, such as a temporary cut to the payroll tax.

The prospect of a record deficit is likely to intensify the debate over federal spending and cost controls, which has gripped Washington in recent weeks. Conservative Republicans, many elected with tea-party support, are demanding deep budget cuts for the current fiscal year, which ends Sept. 30.
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http://online.wsj.com/article/SB10001424052748704657104576142122744337858.html


President Obama drew fire Sunday from congressional Republicans and independent budget experts for his reluctance to advance a plan that would tackle the nation's biggest budget problems in the spending blueprint he will submit to Congress on Monday.

In the first statement of his budget priorities since Republicans regained control of the House, Obama will avoid politically dangerous recommendations to wipe out cherished tax breaks and to restrain safety-net programs for the elderly, put forward last year by his own bipartisan fiscal commission as a strategy for reining in a soaring national debt.

White House budget director Jacob J. Lew has told advocates of reform that the White House thinks any significant plan offered by the president would simply become a target for partisan attack. Key Democrats, including Senate Budget Committee Chairman Kent Conrad (N.D.), said they accept that rationale. Republicans argued that Obama was abdicating a responsibility to chart a path to solvency.
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"The country's biggest challenge, domestically speaking, no doubt about it, is a debt crisis. . . . It looks like the debt is going to continue rising under this budget," House Budget Chairman Paul Ryan (R-Wis.) said on "Fox News Sunday." "Presidents are elected to lead, not to punt. And this president has been punting."

Some who worked on Obama's fiscal panel were also disappointed by his decision not to endorse any of the major elements of their deficit-reduction plan, which calls for raising the Social Security retirement age, charging wealthy seniors more for Medicare and limiting popular tax breaks such as the mortgage interest deduction. The plan has attracted support from key members of both parties and is the focus of an effort in the Senate to develop a bipartisan spending plan.

"I would have preferred to see the administration get out front on addressing the entitlements and the tax reform that we need to reduce long-run deficits," said Alice Rivlin, a commission member who served as budget director in the Clinton White House. "But they clearly made a tactical decision that this is not the best way to get to a positive result."

Erskine Bowles, the Democratic chairman of the fiscal commission, said the White House budget request goes "nowhere near where they will have to go to resolve our fiscal nightmare."
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Still, $1.1 trillion in savings would barely dent deficits that congressional budget analysts say could approach $12 trillion through 2021. The deficit is projected to approach $1.5 trillion this year and will remain above $1 trillion in 2012 under Obama's new spending plan, Conrad said. In 2015, when Obama had hoped to get the deficit down to 3 percent of the economy, his new budget plan projects a deficit of 3.2 percent of gross domestic product, Conrad said.
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http://www.washingtonpost.com/wp-dyn/content/article/2011/02/13/AR2011021303375.html

Eish $12 trillion :wtf:
 
Its sad that Obama has had to screw the country (extending the Bush tax cuts) for purely political reasons.
 
I'll just sit here and watch the fight between those who will blame the wars and tax cuts and those who will blame healthcare and immigrants.
 
it's sad he is addicted to spending. He managed to kick his smoking habit though :erm:
 
The_Librarian said:
Americans! Do as your Egyptian brothers did, and revolt! :D
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They have. It's called the Tea Party campaign. They also gave the ruling party in congress their largest defeat in over a hundred years. Unfortunately removing the president wasn't an option.
 
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So they should revolt to demand America spend less...lose more jobs...cut military spending...be accused of aiding terrorists...be accused of being a terrorist himself...lose more jobs? I wouldn't want to be in his shoes right now though.
 
Alan said:
They have. It's called the Tea Party campaign. They also gave the ruling party in congress their largest defeat in over a hundred years. Unfortunately removing the president wasn't an option.
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Werent they the ones who pushed for extending the GWB extended tax breaks for the rich?
 
Hmmm, America is either going to collapse in on it self, leaving the rest of the world effed, or there's going to be an epic war coming, something to reset the debt books. I don't think the later is an option though...

However, The problem is, car America have a war against the world? I heard there's a theory that power continues to move more and more west, guess who's next on the list if you move west of America!?

Lets just hope that in the event of a nuclear war, everyone leaves the Southern hemisphere along, because that way we won't get any nuclear fallout :D.
 
scotty777 said:
However, The problem is, car America have a war against the world? I heard there's a theory that power continues to move more and more west, guess who's next on the list if you move west of America!?
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Captain Trips.


OoooEEEoooo...
 
scotty777 said:
However, The problem is, car America have a war against the world? I heard there's a theory that power continues to move more and more west, guess who's next on the list if you move west of America!?
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You get to Russia, and then China, and then mainland Europe, and then England, and then back to America again. So, by your theory, America is more powerful than America.
 
Yet another sign that centrist Democrats are an endangered species: The Democratic Leadership Council, a movement of moderate Dems that propelled Bill Clinton into the White House, just went out of business.

his, following the surprise announcement that Rep. Jane Harman (D-Calif.), one of the House Democrats’ most respected security hawks, is resigning from Congress to accept an academic post.

Which in turn followed the decisions of moderate Sens. Joe Lieberman (Conn.) and Jim Webb (Va.) not to seek re-election in 2012. And the loss of more than half the Blue Dog Democratic House seats in last fall’s midterm elections

The DLC’s departure, though, truly marks the end of an era.

The group was founded in the wake of Ronald Reagan’s 1984 landslide re-election win over Walter Mondale in the hope of halting what organizers saw as a relentless Democratic slide to the left.

The DLC attracted people like Sens. Al Gore and Sam Nunn — and Clinton, then the young governor of Arkansas, who became the group’s leading public face.

Its aim, he later wrote, was to advance “a dynamic but centrist progressive movement of new ideas rooted in traditional American values” — in sharp contrast to the hard-left forces that had largely captured the party, beginning with the 1972 McGovern campaign.

But since Clinton left office, the rise of the special interests — unions, etc. — and the usual suspects from the anti-war crowd as the Democratic mainstream has left no room for the party’s moderates.

And hard-left Democratic groups were quick to cheer the news.

Ironically, the DLC’s demise comes as President Obama, fresh off his midterm “shellacking,” has tacked to the center — rhetorically, anyway — as he recognizes the need to attract independents and so-called Reagan Democrats to his own re-election bid.

A narrowly focused, ideologically driven Democratic Party may mean good news for Republicans.

But there’s no denying that, in the long run, political debate in the US will not prosper from this development.
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Read more: http://www.nypost.com/p/news/opinio...t_behind_3jewsAJ5W0hu6jSAAlvCUP#ixzz1DvaYY9PV

So how do they expect to win back independents and moderate democrats in 2012 :erm:
 
Yipp, what we needed to do was to 'create' jobs, what do we have now, people who are hiring for no reason, what does this translate into, lower productivity and efficiency and thus less profit to counter the dept and less money for research and infestructure in the longer run just as well. All that 'creating' jobs does is retard the economy.

What the US needs to do is to change international policy, stop trying to help other nations who don't want help, and seek to build your own nation first, and don't tink that you've got everything right and are the epitome of what is just and most efficient, at the same time don't simply think that just any other answer would be equal as with multiculturalism either.

Exact same goes to SA
 
VioAdmin said:
How about the SA deficit, how are WE doing? LMAO...
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Well we just cut Cuba off of $1bn of dept they owed us... seems we're doing pretty well, not sure if the other 25% jobless and the fact that 90% of our economy is working for under R5000 a month, only 1.6% earns R30k a month (i'd say that would be what is the very utmost basic wage for 1 single childless person alone), to add we have had 1 to 1.6 million skilled or highly skilled people leave our nation in the past 10 years alone, just try to find a doctor/dentist with a UCT cert.
 
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