Obama Won’t Be Able To Keep His Promise On The Deficit

• February 27, 2009

According to Investor’s Business Daily:

The president promises an outline of his budget plan on Thursday, but he has already leaked some details. He says he can cut the deficit from a likely $1.4 trillion this year to $533 billion by 2013.
Much of the reduction, administration officials say, will come from fulfilling his campaign promise to repeal the Bush-era tax cuts on the “rich” and scaling back the war in Iraq.
Trouble is, those two alone won’t get the budget anywhere near where Obama wants it by 2013.
Earlier this week, the Congressional Budget Office ran the numbers. It assumed all but the middle-class portions of the Bush tax cuts would expire in 2010. And it assumed a 115,000 cutback in the number of troops deployed in Iraq, Afghanistan and elsewhere to support the war on terrorism.
The resulting deficit in 2013? $715 billion.
In other words, adopting the two main policy changes Obama has so far announced would leave him $182 billion short. But even that is wildly optimistic.

It’s wildly optimistic because while Obama is counting on lower war spending and increased tax revenue from ending the Bush tax cuts, neither of those two things are likely to happen.
As far as war spending goes, it appears that while Obama has announced troop pullbacks from Iraq he’s still requesting more money for the wars (including his troop surge into Afghanistan) than Bush has averaged over the last six years. So while he’s claiming to cut the cost of the wars, he really seems to be increasing them.
And ending the Bush tax cuts isn’t likely to result in a lot of additional tax revenues. Remember that after the Bush tax cuts were put in place, tax revenues soared.

And federal budget deficits shrank:

By allowing the Bush tax cuts to expire Obama is essentially jacking up taxes on an already slowing economy. That’s going to promote the sort of economic stagnation that causes tax revenues to go down, not up. Meaning that letting the Bush tax cuts expire is likely to exacerbate the budget deficit, not help it.
What’s sad is that Obama could probably do more to stimulate the economy than any of his spending and policy changes to date ever will just by announcing that he’s going to keep the Bush tax cuts in place.

Tags: Asshats, Domestic Issues, Politics

http://Array sayanything-4625

Dino, I have a clue. I can read and everything. I’ve already passed on my genes to one girl and one boy so we are to late there.

Obama has passed a budget, two of them in fact, as a member of Congress. He is as much to blame for the deficit as anyone in Washington. As you put it, he co-operated with Bush to ruin the country. Who is confused again?

The stock market has dropped like a rock since Obama was elected in November. Its down $88 today and closed at 7182.08. I guess people with brains see that he is all smoke and mirrors. So far his plan has been to spend, raise taxes and cut the defense budget. Dems have been doing that since 1940 or so, I guess that is the hope and change we can believe in. Don’t blame me, I didn’t vote for him.
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

Yeah, that’s the ticket!

Republicans will be lucky to not be behind barbed wire fencing in re-education camps!

You really don’t understand just how far down republicans are going. You know why? They’re tied to the crashing economy.
Buzz

Analysts say US military spending can be hard to rein in [GALLO/GETTY]

As Barack Obama, the US president, sends his budget outline to congress, US defence spending is coming under new scrutiny.

Fighting two wars and supporting an enormous global military machine, the US spent almost $700bn on defence in 2008.

The Bush administration concealed the true size of its military outlays with budget gimmicks, but Obama says from now on there will be no more tricks.

“For too long our budget has not held true about how our tax dollars are spent,” Obama said on Thursday.

“Large sums held off the budget, including the true cost of Iraq and Afghanistan.”

Political influence

Obama should just cut the defense budget in half, that would save a shit load.
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

Refresh my memory. Who took office with a trillion dollar deficit?

Who took office with a budget surplus?

People who supported republican budget-busters sound like idiots complaining about deficits.
sayanything-4625

Dino, you’re the idiot that brought up 2007, not me, I just pointed out that it was a Democratic Congress and its hard to blame Bush when they passed a budget that didn’t resemble Bush’s budget request.
bill-tb

Obama voters are beyond stupid.
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

Yeah, that one year of a democratic Congress with BUSH as President is what did us in!

Just ignore the doubling of the debt from 2001-2007!
JK

By 2010, the WORD “conservative” will be like “pedophile”.
DINO on February 27, 2009 at 08:03 am

By 2010 people will realize that Obama economics is not the answer and will take steps to correct his huge mistakes and the damage.
robert108

It’s just another example of when Obama says “the economy”, he means “the govt”, not the real economy which is the private sector. He is jacking up expenses for the private sector, which will reduce economic growth.
http://www.rabidamerican.net/ Rabid American

And never intended to keep it…………
Kay

My husband and I both think these dimwit democrats don’t believe a word about what they say all this spending and stuff is going to do. They know full well it’s only going to do one thing–increase the government’s power..
erick1740

So people who give nothing to our economy are going to get money. You are f’in crazy, obummer is adding 1.7 trillion to the deficit and says he can cut in in half in a few years. That is only if it creates an economic boom. Not gonna happen, keynesian economics create disaster. Anybody that believes this is an asshole and an idiot.
http://ndgoon.blogspot.com/ goon

Who has added a trillion dollars to the deficit in less than two months?

Heck it’s only been 5 weeks.
Jeff

Do you think the stimulus and the housing plan will work? I wonder. The deficit is going up and inflation may be just around the corner. I saw a good article on this on

http://www.recessioninfocenter.com
Mark

Dino, you are so brainwashed! Yes, the Bush administration spent like a drunken sailor. But Obama is spending like a whole fleet of drunken sailors, and he hasn’t even really got started yet.

Get a clue!

Switch over to Newshounds. You will be among your own kind!
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

You keep hoping for a replay of 1994!

More likely it’ll be like a replay of 1933.

IN GERMANY!
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

Get back to work Potato! Otherwise you’ll lose your job and have to run to the state for more unemploymnt welfare!
sayanything-4625

Obama should just cut the defense budget in half, that would save a shit load.

Kinda hard to do when he wants to expand the war in Afghanistan. You know, the “good” war you are always talking about. Why is it the only thing you Dems ever want to cut is the military?
sayanything-4625

Mark, he understands, he lives in mom’s basement, has no friends and his entire life is coming here and spouting off nonsense.
sayanything-4625

Dino leaves out that in 2007 we had a Democratic Congress and they were the ones that are responsible for the budget.
bill-tb

The flaw in your argument is the fact that you actually though Obama was telling the truth. You got to get a better handle on jive talking.

Why are liberals so cruel, mean and hate filled? They won the election didn’t they …
robert108

Dumb little dinostem: Still waiting for you to explain, with cause and effect reasoning, how any Bush economic policy was in any way recessionary.
Got anything, anything at all?
Wasteful Dem social spending and wasteful Dem rigging of markets for social engineering purposes cause every economic downturn; every one.
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

You’re confused Greg. Too much moonshine out by the cement pond.

Obama has yet to add a penny to the deficits seeing as how he hasn’t passed a budget yet and not enough time has passed to show any data.

But his term will see deficits and debt. Ya see Greg, when he took office, the country was headed towards disaster. You do realize that, right? Or maybe you think we were doing swell and the near-halving of the stock market, death of the financial sector, massive bank failures and 4 million jobs lost were all signs of a job well done for the idiot fratboy, piece of shit bush?

Get a clue or promise to stop passing on your genetics.
http://www.rabidamerican.net/ Rabid American

He even lies when he doesn’t speak……
Bat One

An ordinary president, one who wasn’t hell-bent on spending the country into bankruptcy in his first 100 days, could possibly get away with the sophistry of claiming that his spending should be counted on his predecessor’s watch simply for the sake of some convoluted accounting rules that apply to the federal government but no one and nothing else in the world of grown-up finance.

But Obama’s obvious financial and economics ignorance, coupled with is near messianic megalomania, means that he will be unable to escape the reality that every dollar of expenditure from his phony “stimulus and recovery” bill forward will be counted on his ledger.

I’m beginning to think that Obama and the Democrats really don’t much give a shit about getting the economy growing again and ending the so-called “recession.”
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

Here’s more fun stuff about bush and deficits:

Jan 2004

NEW YORK (CNN/Money) – Like a cowboy-boot wearing David Blaine, President Bush has promised to perform an amazing feat of prestidigitation: he’s going to saw the whopping federal budget deficit in half in just five short years.

But some observers warn the budget proposal he will submit Feb. 2, which will include projections of a greatly reduced deficit by 2009, will be little more than smoke and mirrors — unless he and Congress can show a lot more fiscal discipline than they have recently.

HALVE THE DEFICIT BY 2009? HAHAHAHAHA

So what happened? Looks like the REPUBLICANS broke the bank with their spending!

Now tell us again- who was in control of Congress in those years of crazy budgets and massive spending??
http://ndgoon.blogspot.com/ goon

If Dino were a fireman, he’d show up wielding a flamethrower bitching and moaning about the carelessly dropped cigarette butt that started it.

Oh my God that is very funny.
sayanything-4625

Good to see you are following your true calling, Brownshirt. As I’ve said before, I won’t go to the camp willingly, the US Army taught me how to fight and I plan on using my training. If I remember correctly, homosexuals were in the camps too, wearing pink triangles. Arbeit Mach Frei, Dino! Unless you are gay, then its the Zyklon B!

Do you even read what you write? HA! HA ! HA!
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

Bush didn’t include the costs of the wars in his deficit numbers. He left other spending bills out of it too. His deficits were MUCH higher than reported.

You know how republicans will lie, cheat and steal to stay in power. Too bad it didn’t work for them in 2006 or 2008.

Here’s a funny story from Feb. 2007, just two years ago.

Bush Budget Projects A Surplus by 2012

The budget that President Bush will submit to Congress today shows the federal deficit falling in each of the next four years and would produce a $61 billion surplus in 2012, administration officials said. But to get there, Bush is counting on strong economic growth, diminishing costs in the Iraq war and tight domestic spending to offset the cost of his tax cuts.

Democrats yesterday criticized the five-year budget plan as overly optimistic, and predicted that extending the tax cuts past their 2010 expiration date would dig the nation deeper into debt rather than produce a budget surplus. Republicans countered that the tax cuts are critical to maintaining a healthy economy and that a balanced budget is not possible without them.

Raising taxes . . . won’t help balance the budget — it will slow the economic growth that is creating the new jobs of tomorrow and increasing revenue to the federal government,” House Minority Leader John A. Boehner (R-Ohio) wrote in an essay distributed yesterday by his office. “Keeping our economy strong and promoting fiscal responsibility will get the job done. Raising taxes won’t.”

Yeah, that worked out like predicted, didn’t it? The republicans were only off by a TRILLION DOLLARS.
http://www.newsy.com/videos/the_u_s_price_of_war/ Rosa

It is possible to cut war spending and increase troops. We have to recognize that this war is different we don’t need to buy more fighter jets when we are fighting suicide bombers. We don’t need to pay private contracting companies like Blackwater when that money could be going to giving the troops the supplies they need to fight a guerilla war. Beyond that, some government contracts are going to European companies which is totally unjustified.
Mark

I don’t just blame bush, I blame the gutter ideology of conservatism!
Kiss it goodbye! You won’t be seeing it for a long time!

Dream on Dino. Once Obama and the democrats get done gutting this economy and our country, democrats will be in the minority again. What part of 3 trillion dollars don’t you understand.
raj58045

As evident from the many liberal responses, Obama and the rest of the spend crazy politicians will never have to hold themselves accountable. There will always be some way to spin the facts to point blame at someone else, no matter how stupid it sounds to normal people. That’s what happens when you put a bunch of lawyers in charge of things.
Mark

Yeah, that one year of a democratic Congress with BUSH as President is what did us in!

Just ignore the doubling of the debt from 2001-2007!

And you are ignoring what Bambi has already done to the deficit in just over a month in office. Like I said before, he’s just getting started!
http://sayanythingblog.com/entry/america_is_back/#c397018 DINO

I don’t just blame bush, I blame the gutter ideology of conservatism!

Kiss it goodbye! You won’t be seeing it for a long time!

By 2010, the WORD “conservative” will be like “pedophile”.
sayanything-4625

Refresh my memory. Who took office with a trillion dollar deficit?

Who has added a trillion dollars to the deficit in less than two months?
http://www.valleydeals.com/cgi-bin/board2/YaBB.pl Kevin

Why do you think he wants to institute a gun ban?
sayanything-4625

Change 1940 to 1946, please.
mnconservative

That’s what happens when you put a bunch of lawyers in charge of things.

Therein lies the problem. Too many lawyers in Washington!
Mickey

Obama’s budget carries a three and a half trillion dollar price tag.

How’s your 401k?

Thank Obama.
sayanything-4625

People who supported republican budget-busters sound like idiots complaining about deficits.

In the other thread you were talking about Bush cooperating with Democrats to ruin the country. Who is the idiot now?
http://proof-proofpositive.blogspot.com/ proof_positive

Dino leaves out that in 2007 we had a Democratic Congress and they were the ones that are responsible for the budget.

Dino is a PhD in economics: Partisan hack Denier. He cannot admit any culpability of Democrats in the nation’s economic disasters, even though they played the starring roles.
http://suitepotato.blogspot.com/ sayanything-4808

Dino has nothing but sputtering Bush Bush Bush over and over again. He claims that Bush spent us into a hole in the ground but has NO explanation how Obama can spend three times more in the first months of his administration and somehow fix it by putting us farther into debt.

If Dino were a fireman, he’d show up wielding a flamethrower bitching and moaning about the carelessly dropped cigarette butt that started it.

BTW Dino, anyone such as yourself who has understanding for sex between adult men and underage boys as a right of passage should not use the word pedophile carelessly.
sayanything-2483

Get back to work Potato! Otherwise you’ll lose your job and have to run to the state for more unemploymnt welfare!
DINO on February 27, 2009 at 09:44 am

As will you!

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