New deficit projections pose risks to Obama's agenda (Silver Lining to Exploding Debt?)

Yahoo Reuters ^ | Aug 23, 2009 | Jeff Mason Jeff Mason

[VRWCTexan]

Obama's domestic policy proposals will face the reality of skyrocketing deficits on Tuesday when officials release two government reports projecting huge budget shortfalls over the next decade.

The White House budget office and the Congressional Budget Office (CBO), a non-partisan arm of Congress, release updated economic forecasts and deficit estimates on Tuesday, providing further fiscal fodder to opponents of Obama's nearly $1 trillion healthcare overhaul plan.

[VRWCTexan]

“We’re still on a long-run trajectory that’s not sustainable,” said Rudolph Penner, a fellow at the Urban Institute and former CBO director from 1983-1987.

“In an ideal world they would be doing a lot more to get health costs under control and, in my view, we wouldn’t be talking about expanding coverage right now,” said Penner, who describes himself as a moderate Republican.

[Anti-Kenyan]

This article gets me all wee weed up.

[NavyCanDo]

Taking a page out of the Ronald Reagan against Jimmy Carter playbook, I made up and ordered this Bumper Sticker.

ARE YOU BETTER OFF THAN YOU WERE
4 TRILLION DOLLARS AGO?

[Anonymous coward]

I’ll be the first to buy your bumper sticker

[pnh102]

I don't see how skyrocketing debt will stop 0bama from implementing his agenda. He's made it very clear that from his perspective, deficits and debt in general do not matter.

I take no solace in this.

[Cicero]

Well, that $9 trillion that Drudge was headlining yesterday is still probably a considerable underestimate, unless someone comes in and reverses Obama’s moves—which as we have seen, ever since the days of FDR and LBJ, will be very difficult to do.

Once you’ve given out the gravy and hooked people on it, it’s very difficult to take back.

[RobRoy]

Those that put their hope in this country somehow turning around any time soon are in for grave disappointment. Yes, Obama has implemented steps that will virtually, if not literally, destroy this country, but even if he had done nothing it probably would have been worse than the GD. This is global and has been decades in the making.

http://www.youtube.com/watch?v=SzmYI_4XCbM

[Starboard]

Those that put their hope in this country somehow turning around any time soon are in for grave disappointment.

I saw a good bumper recently: "Your hope for change will be crushed by your trust in government".

[BradtotheBone]

That’s a great slogan.

http://usdebtclock.org

[randita]

This almost certainly signals the repeal of the Bush tax cuts in 2010.

When that occurs, it will be quite entertaining to observe Obama explaining how the repeal of those tax cuts does not break his campaign promise not to raise taxes on anyone making under $250K. The repeal of those tax cuts will hit the middle class hard.

[DuncanWaring]

He's made it very clear that from his perspective, deficits and debt in general do not matter.

He has spent his entire adult life associating with and actively seeking out those who would destroy this country.

Privately, not for public consumption, he wants to run the deficits and debt up as high as he can, as soon as he can.

[jiminycricket000]

Blaming Bush and what he (Obama) ‘inherited’ has run its course. It doesn’t work anymore. Now it’s time for Obama to take the blame for the economic shambles and government corruption. Whether he accepts it or not doesn’t matter anymore, the people are handing it to him. I NEVER thought I’d write these words, NEVER, but given the choice between Jimmy Carter and this flyweight jackel currently destroying the country, I’d take Carter. Obama is like a blind surgeon performing spinal surgery on a patient, he’s taken a weakened America and is killing it.

[PA-RIVER]

Bankrupting a country is the easiest way to destroy it and destroy freedom.

Rev Wrights boy is determined to put a knife in the American heart.

If George Washington and Tom Jefferson were alive today, I am sure they would be lining a few people up for a well deserved walk to the gallows.

[karnage]

Except when there’s no more gravy to give out.

[Fireone]

So true!
This chapter in American History can’t end soon enough!

[Cicero]

Except when there’s no more gravy to give out.

Every politician in history knows this. But they also know that the consequences can usually be put off until after they leave office. Then their successors are stuck with finding a way to deal with the mess they have inherited. And their typical solution has been to make it an even bigger mess by postponing it for the next gang of politicians to deal with.

At some point, this ponzi scheme will run out. But hope springs eternal in the political breast. Just put it off a LITTLE longer, if there's any way on earth of doing so, and let someone else deal with it.

[karnage]

Ah, Cicero! Love your handle. I think the current administration will have to face at least some of the consequences of the fiscal irresponsibility that has characterized the federal government since those heady days of the Contract with America - a short blip of sanity that now seems so very far away...