"Missed it by THAT much."
Posted on 03/19/2009 7:55:38 PM PDT by St. Louis Conservative
With new estimates due Friday from the Congressional Budget Office, the White House is being warned to expect a grim set of deficit projections, adding well over $1 trillion on top of the red ink already conceded in President Barack Obama’s 10-year spending plan.
Refusing to be swayed by the numbers, top aides to the president met Wednesday evening in the Capitol with House Democratic allies on moving the plan ahead, including an effort to use expedited budget procedures to advance Obama’s healthcare initiative past Senate filibuster threats.
But New Hampshire Sen. Judd Gregg, the ranking Republican on the Senate Budget Committee, warned that the growing debt burden reflected in CBO figures is too big to be easily dismissed. “The CBO re-score is going to be an eye-opening event for a lot of people who want to finesse this,” Gregg told POLITICO. “You cannot finesse the coming fiscal calamity we are facing, the size of the debt in the out years and the size of the deficit in the out years.”
Gregg refused to discuss any of the CBO estimates. But behind the scenes, Senate Budget Committee Chairman Kent Conrad (D-N.D.) has begun to aggressively raise warnings with the administration and his colleagues about the data.
CBO said Wednesday that it has yet to complete its formal scoring of the Obama budget. But some data, including a revised economic baseline, have been provided to Congress, and Conrad appears to be using these numbers to map out where he believes the figures will end up.
(Excerpt) Read more at politico.com ...
Medved was covering few of these “assumptions” in his programs this afternoon:
Can’t remember all of them, but a few are:
Assuming that NO new entitlement programs (like the college paid up in full program) started this year will continue after 5 years.
Assuming that growth next year will be 3%. And the year after that is +4%
Assuming this year growth is “only” +2% - instead of declining by 2-4%!!!
20% defense cuts. Somehow.
We are headed for governmental collapse, no way around it. Get ready to hunker down for at least three years. Obama may not survive as president if you we 20% unemployment or worse.
Can you at least read the next bill before passing it?
Obama may not survive as president if we have 20% unemployment or worse.
[translation of my Obonics for Engrish speakers]
Mar 19 09:39 AM US/Eastern
The International Monetary Fund Thursday said that the world economy, reeling from financial crisis, was on track to shrink for the first time in 60 years in 2009, by as much as 1.0 percent.
In a report prepared for the Group of 20 meeting of finance chiefs last week in Britain and published Thursday, the IMF slashed forecasts from two months ago to a global contraction of between 0.5 percent and 1.0 percent.
The latest IMF projections were sharply lower than those in the World Economic Outlook update published on January 28 that had put global growth at an annual rate of 0.5 percent.
"Global economic activity is falling -- with advanced economies registering their sharpest declines in the post-war era -- notwithstanding forceful policy efforts," the IMF staff report said.
The revisions "reflect unrelenting financial turmoil, negative incoming data, sinking confidence, and the limited effect to date of policy responses with respect to the restoration of financial system health."
[snip]
"Missed it by THAT much."
The Swedish financial chief known as "Mr Fix It" has been summoned to Washington to advise on how Sweden's model might avert a global banking meltdown.
By Henry Samuel in Stockholm
Last Updated: 10:48PM GMT 19 Mar 2009
Bo Lundgren, the steely-eyed head of Sweden's National Debt office, played a leading role in averting the collapse of the Swedish banking sector when a property bubble burst in the early 1990s.
Sitting in his office in downtown Stockholm before his trip to Washington, Mr Lundgren chuckled at the Wall Street joke that "Swedish models used to only attract attention if they were blonde and leggy".
US President Barack Obama cites Sweden as a possible model of how best to tackle failing banks. Mr Lundgren, who was fiscal and financial affairs minister at the time of the last crisis, yesterday outlined the Swedish solution to the Congressional Oversight Panel, which supervises the US administration's troubled asset relief programme.
[snip]
David Cameron has said that the economic downturn could lead to a full-scale depression and warned that a Conservative government would focus on driving down debt ahead of tax cuts.
By Rosa Prince, Political Correspondent
Last Updated: 7:22PM GMT 19 Mar 2009
In a hard-hitting speech in London, the Tory leader painted a picture of the problems facing the country in the current recession, predicting that economy could shrink by as much as 10 per cent - the technical definition of a depression.
Britain has not experienced an economic meltdown on such a scale since the Great Depression of the 1930s.
On the day that public debt was revealed to have reached £8 billion, Mr Cameron warned that an incoming Tory government would not have the luxury of delivering tax cuts.
[snip]
They’re using our children and grandchildren as their pre-approved no-limit credit cards.
The “finance charge” for this is going to be HUGE. It will come in the form of inflation, higher taxes and a huge deficit that will take generations to fully pay off.
Completely disgusting.
The horrfying clowns we have elected as leaders are doubling down on the same mistakes that got us here. Most of the “economic stimulus” money is going to demand payout to foriegn hedge fund holders, I heard the pencilneck messiah say tonight that california will be getting $175 million for infastructure....what a joke ! that might fill a few potholes and it is not much more than the AIG bonuses that congress and the telepromter in cheif authorized.
I not a “doom and Gloom” kinda guy but it don’t look good.
unless the USA stops trying to be nanny to the world and starts doing its own manufacturing, it’s GAME OVER.....
and first and foremost STOPS spending money that does not exist because it has not been produced yet, the loans were not paid yet , but the top end projected product was bundled, sold and squandered ,
we are doomed to failure without a manufacturing base , Like a man with a severed artey, Americas future is bleeding out to the rest of the world, who will tear us to peices when uncle sam hits the ground
Wouldn’t that be a good thing?
McCain would have been worse. /sarc
The Unconstitutional AIG Bonus Tax
http://rightwingnews.com | March 19, 2009 | John Hawkins
Posted on 03/19/2009 10:28:16 PM PDT by Maelstorm
http://www.freerepublic.com/focus/f-news/2210530/posts
...He lied? Naaaaahhhh!!!
Obama Lied????
No, it wasn’t as he thought it originally was ..
It is not the budget he knew ....
20% unemployment + hyperinflation = Katrina across the board.
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