Obama: 4th straight trillion + deficit in a row

[BDKJMU]

Pretty much all the news outlets are reporting this:

Federal budget deficit to stand at $1.1 trillion
By: The Associated Press | 01/31/12 10:15 AM

A new budget report released Tuesday predicts the government will run a $1.1 trillion deficit in the fiscal year that ends in September, a slight dip from last year but still very high by any measure.

The Congressional Budget Office report also says that annual deficits will remain in the $1 trillion range for the next several years if Bush-era tax cuts slated to expire in December are extended, as commonly assumed.

The report is yet another reminder of the perilous fiscal situation the government is in, but it's commonly assumed that President Barack Obama and lawmakers in Congress that little will be accomplished on the deficit issue during an election year.

The first wave of statements from lawmakers had a familiar ring as each party cast blame on the other.

"Four straight years of trillion-dollar deficits, no credible plan to lift the crushing burden of debt," said House Budget Committee Chairman Paul Ryan, R-Wis., "The president and his party's leaders have fallen short in their duty to tackle our generation's most pressing fiscal and economic challenges."

"We will not solve this problem unless both sides, Democrats and Republicans, are willing to move off their fixed positions and find common ground," said Senate Budget Committee Chairman Kent Conrad, D-N.D. "Republicans must be willing to put revenue on the table."

The CBO study also predicts modest economic growth of 2 percent this year and forecasts that the unemployment rate will be 8.9 percent on Election Day. That is based on an assumption that President Barack Obama will fail to win renewal of payroll tax cuts and jobless benefits by the end of next month.

That jobless rate is higher than the rates that contributed to losses by Presidents Jimmy Carter (7.5 percent) and George H.W. Bush (7.4 percent). The study predicts unemployment to remain above roughly 5 percent - until 2016. The agency also predicts that unemployment will remain at 7 percent or above through 2015.

The new figures also show that last summer's budget and debt pact has barely made a dent in the government's fiscal woes.

The pact imposed $2.1 trillion in spending cuts over 10 years, but lawmakers are already talking about easing across-the-board spending cuts required under the agreement. The latest estimates predict $11 trillion in accumulated deficits over the 2013-2022 time frame if the Bush-era cuts in taxes on income, investments, large estates and on families with children are renewed. Obama has proposed largely extending them, but allowing them to expire for upper-income taxpayers.

Last year, Obama and House Speaker John Boehner, R-Ohio, tried but failed to reach a "grand bargain" on the deficit, an effort that got hung up over taxes and cuts to major benefit programs like Medicare. A subsequent attempt by a congressional "supercommittee" to find smaller saving sputtered over the same issues.

What's left is a heap of unfinished business that comes to a head at the end of the year: expiring tax cuts and painful across-the-board cuts to the Pentagon and many domestic programs. To top it off, another politically toxic increase in the debt limit will be needed at some point shortly after the November elections.

The deficit would require the government to borrow 30 cents of every dollar it spends. Put another way, the deficit will reach 7 percent of the size of the economy, a slight dip from last year's 8.7 percent of gross domestic product.

The CBO report shows that the deficit dilemma would largely be solved if the tax cuts enacted in 2001 and 2003 - and renewed in 2010 through the end of this year - were allowed to lapse. Under that scenario, the deficit would drop to $585 billion in 2013 and to $220 billion in 2017.

But expiration of those tax cuts would slam the economy, CBO said, bringing growth down to a paltry 1.1 percent next year.
http://washingtonexaminer.com/news/2012 ... ys/2153606" onclick="window.open(this.href);return false;

[BDKJMU]

Last 4 yrs under Bush vs 1st 4 under Obama. Hope and Change:

[Bronco]

[Ibanez]

Last 4 yrs under Bush vs 1st 4 under Obama. Hope and Change:

As an independent, where are the facts and figures of Bush policies and dealings causing those increases in his first year (and even possibly his second)?

[BDKJMU]

Last 4 yrs under Bush vs 1st 4 under Obama. Hope and Change:

As an independent, where are the facts and figures of Bush policies and dealings causing those increases in his first year (and even possibly his second)?

But even if you blame yrs 1 & 2 under Obama as Bush's fault, I don't see much drop under years 3 & 4.

As I've said before, Bush was fiscally irresponsible. Obama is Bush's fiscal irresponsibility on steroids.

[FargoBison]

Obama doesn't care about the deficit and he is too afraid to lead for real reform(which means unpopular entitlement reform). Of course the same thing could be said about most Republicans as well. We are screwed.

[Ibanez]

As an independent, where are the facts and figures of Bush policies and dealings causing those increases in his first year (and even possibly his second)?

But even if you blame yrs 1 & 2 under Obama as Bush's fault, I don't see much drop under years 3 & 4.

As I've said before, Bush was fiscally irresponsible. Obama is Bush's fiscal irresponsibility on steroids.

I'm not blaming anyone. I'm saying, Bush doesn't get a free pass. Come on fella's.

[ASUG8]

On behalf of Obama, I blame Bush.

[kalm]

A few lessons can be drawn from the numbers. First, the Bush tax cuts have had a huge damaging effect. If all of them expired as scheduled at the end of 2012, future deficits would be cut by about half, to sustainable levels. Second, a healthy budget requires a healthy economy; recessions wreak havoc by reducing tax revenue. Government has to spur demand and create jobs in a deep downturn, even though doing so worsens the deficit in the short run. Third, spending cuts alone will not close the gap. The chronic revenue shortfalls from serial tax cuts are simply too deep to fill with spending cuts alone. Taxes have to go up.

In future decades, when rising health costs with an aging population hit the budget in full force, deficits are projected to be far deeper than they are now. Effective health care reform, and a willingness to pay more taxes, will be the biggest factors in controlling those deficits.

http://www.nytimes.com/2011/07/24/opini ... yt&emc=rss" onclick="window.open(this.href);return false;

Sorry, but Bush policies are still affecting the budget. And Obama shares the blame too.

[89Hen]

And Obama shares the blame too.

The seventh sign. 2012 coming true.

[kalm]

And Obama shares the blame too.

The seventh sign. 2012 coming true.

The two biggest items on that list are war spending and tax cuts which Obama has continued.

[Ivytalk]

Here's how the Wall Street Journal sums up the Congressional Budget Office's 2012 annual review: ""CBO's facts plainly show that Mr. Obama has the worst fiscal record of any President in modern times. No one else is even close."

[kalm]

Here's how the Wall Street Journal sums up the Congressional Budget Office's 2012 annual review: ""CBO's facts plainly show that Mr. Obama has the worst fiscal record of any President in modern times. No one else is even close."

Is Steven Moore still on the editorial board? No one has been as wrong about economics since Greenspan. Or was this in the "news" section?

[Skjellyfetti]

As an independent, where are the facts and figures of Bush policies and dealings causing those increases in his first year (and even possibly his second)?

2009 budget was signed by George W. Bush.

[AZGrizFan]

The seventh sign. 2012 coming true.

The two biggest items on that list are war spending and tax cuts which Obama has continued.

Yet, magically, I don't see either of them in Obama's column. Why would that be?

[AZGrizFan]

As an independent, where are the facts and figures of Bush policies and dealings causing those increases in his first year (and even possibly his second)?

2009 budget was signed by George W. Bush.

Wasn't that the last budget signed by a president?

[Wedgebuster]

Fear not, for help is on it's way. The Romney Administration will look to the higher power to solve our financial woes, firstly by tithing 10% of the GNP to the Church of Jesus Christ and Latter Day Saints, and thus just like his own financial status, ours too will improve.

Better get on down to the nearest Tabernacle fellas, you have to be one of them to get the financial blessing, and the door may not be open for ever you know..

[TheDancinMonarch]

Fear not, for help is on it's way. The Romney Administration will look to the higher power to solve our financial woes, firstly by tithing 10% of the GNP to the Church of Jesus Christ and Latter Day Saints, and thus just like his own financial status, ours too will improve.

Better get on down to the nearest Tabernacle fellas, you have to be one of them to get the financial blessing, and the door may not be open for ever you know..

It's nice how our friends on the left have a strawman for every occasion.

[YoUDeeMan]

Fear not, for help is on it's way. The Romney Administration will look to the higher power to solve our financial woes, firstly by tithing 10% of the GNP to the Church of Jesus Christ and Latter Day Saints, and thus just like his own financial status, ours too will improve.

Better get on down to the nearest Tabernacle fellas, you have to be one of them to get the financial blessing, and the door may not be open for ever you know..

It's nice how our friends on the left have a strawman for every occasion.

Wedgie is riding his pony hard...but he officially jumped the shark a while ago. He's not even funny anymore...and almost at D1B status now.

[Wedgebuster]

It's nice how our friends on the left have a strawman for every occasion.

Wedgie is riding his pony hard...but he officially jumped the shark a while ago. He's not even funny anymore...and almost at D1B status now.

So you are a non believer.

This election is not going to go well for you non believers.



"You must not disrespect Kolob!!

[Ivytalk]

It's nice how our friends on the left have a strawman for every occasion.

Wedgie is riding his pony hard...but he officially jumped the shark a while ago. He's not even funny anymore...and almost at D1B status now.

He even calls himself D2B! He is an apostle of the CS Prince of Darkness and preys on helpless marmots for sport.

[Ivytalk]

Here's how the Wall Street Journal sums up the Congressional Budget Office's 2012 annual review: ""CBO's facts plainly show that Mr. Obama has the worst fiscal record of any President in modern times. No one else is even close."

Is Steven Moore still on the editorial board? No one has been as wrong about economics since Greenspan. Or was this in the "news" section?

Now, kalm, I know you get hard-ons thinking about the wisdom of Paul Krugman and his ilk at The Times. Just take a deep breath, take two Advil, and content yourself with reading the last five issues of Reason and the Club for Growth newsletter. You'll feel better, and smarter, in the morning.

[Wedgebuster]

Yep, this is all my fault! But it is what it is, are you conky conks of the first degree going to climb on board the Romney rocket ship or not??

Frankly I hope all the dyed in the wool straight ticket Repubs shun Mitt, I would really miss all the Obama rants here and Mitt compared to your last great Bush Administration is going to be pretty boring even with all the baggage he brings.

Mitt or Newt!

[kalm]

Is Steven Moore still on the editorial board? No one has been as wrong about economics since Greenspan. Or was this in the "news" section?

Now, kalm, I know you get hard-ons thinking about the wisdom of Paul Krugman and his ilk at The Times. Just take a deep breath, take two Advil, and content yourself with reading the last five issues of Reason and the Club for Growth newsletter. You'll feel better, and smarter, in the morning.

I've read a few articles out of Reason and found them to be quite provacative. Of course libertarians for the most part are just Republicans who like to get laid and smoke pot so I don't think Grover's newsletter would be near as interesting.

[Ivytalk]

Now, kalm, I know you get hard-ons thinking about the wisdom of Paul Krugman and his ilk at The Times. Just take a deep breath, take two Advil, and content yourself with reading the last five issues of Reason and the Club for Growth newsletter. You'll feel better, and smarter, in the morning.

I've read a few articles out of Reason and found them to be quite provacative. Of course libertarians for the most part are just Republicans who like to get laid and smoke pot so I don't think Grover's newsletter would be near as interesting.

And Democrats who like to get laid and smoke pot are on the front lines of OWS. They flat-out can't read.