Posted on 02/13/2011 10:09:27 AM PST by NormsRevenge
WASHINGTON (Reuters) – President Barack Obama's proposed budget for fiscal 2012 will seek to cut the record federal deficit by $1.1 trillion over the next 10 years, White House budget director Jack Lew said on Sunday.
Lew, speaking on CNN, said the president was also on track to halve the budget deficit by the end of his first term in office, which goes through 2012.
But Republicans, who control the House of Representatives, said the spending cuts in the president's budget to be released on Monday were not enough.
"We are reducing programs that are important programs that we care about, and we're doing what every family does when it sits around its kitchen table: we're making the choices about what do we need for the future," Lew said.
"We have a responsible budget that will cut in half the deficit by the end of the president's first term." [ For complete coverage of politics and policy, go to Yahoo! Politics ]
The White House sees the budget as a starting point for a debate on spending and reducing the deficit, forecast to reach $1.48 trillion this fiscal year, or 9.8 percent of U.S. GDP. This would be down from 10.0 percent of GDP in 2010, but still very high for the United States on a historical basis.
The 2012 fiscal year begins on October 1.
The White House intends to get two-thirds of the $1.1 trillion in savings from spending cuts and one-third from tax revenues, including by closing several tax loopholes, according to sources familiar with the budget.
(Excerpt) Read more at news.yahoo.com ...
Its a start. It gives us another year to divest ourselves of dollars and US bonds before the collapse. Not all bad.
And Drudge has on his site that Obama wants to cut the defense budget by $78 billion...
http://www.reuters.com/article/2011/02/13/us-usa-budget-obama-idUSTRE71B1QU20110213
geez...any good reporter worth his weight would investigate the stupid math involved here on spending 14 trillion and trying to save 1 trillion...but there aren’t any reporters worth their weight out there...they are just a bunch of liberal panty wastes.
He is such a kidder. Let’s throw Obama out.
Over 10 years, they cause the damage and then try to insult your intelligence. Try again a##hat! The house needs to Defund the EPA, DOE, and the UN for starters, impress me!
Here’s a Joe Wilson to you, barry.
Exactly.. and in reality, it will be missiles falling on Israel and other allies as our defense department goes into mothballs and the continued scourge of muzzisms advance with impunity. The Nasrallah types are assuredly gearing up for the enormous possibilities zero is giving them.
So many people like to say this clown is smart. I need to ask: At what(!)? He sure is an idiot at arithmatic. $1.1 trillion in ten years isn't a drop in the ocean, in light if 1.5 trillion annual deficits.
I remember when the Democrats wanted to tar and feather Reagan and run him out of town on a rail for deficits that were tiny and manageable by comparison. This was while Reagan's policies were creating an expansion unheard of in American history, which is likely to say,. unheard of in the history of the world.
The only possible reason for Obama to propose a trillion in savings in ten years is because his real goal is to bankrupt the United States and turn it into a third world country.
If the Democrats nominate this idiot to run for reelection it's only because they share is vision of a world without that shining city on the hill.
Both his proposal and the GOP proposal are pathetic, if you ask me. In that respect they are comparable.
Given that our deficits are projected to total 12T over the next ten years, his proposal is a joke.
Moreover he commits the same sin as our Republican leadership, i.e. he is making promises for congresses and presidents not yet elected. Most of his proposed “cuts” come after he has no ability to make them stick.
Unfortunately, most of America will buy this. After all, they voted for him.
It’s called ‘one-upping’ your opponent .. and should lead to quite a whuppin in 2012.
JHC..just over a hundred billion a year. WOW! We’re really getting to it now aint we ears?
I can think of two or three cabinet level depts.. Gone! Just gone! Let the states take care of their own darn marketing and inspection of goods,, means more local jobs I reckun if you go down that path.
We don’t need a 3-leveled leviathan blobocracy of a Big Gubamint sucking us dry slowly as the water begins to boil in the pan...
I agree with your agenda except for this old and inaccurate saw.
The old CSRS (Civil Service Retirement System) was a union-like defined benefit program (mostly gov't funded and extremely "generous") and was eliminated beginning in 1984 (remember Reagan?). It was changed to FERS (Federal Employees Retirement System.
Under FERS, employees are in the Social Insecurity System the same as everyone else. In addition, they have an employer/employee contribution system called TSP (Thrift Savings Plan) which is the major component of the retirement system. It is basically a 401k plan and is invested in stocks, bonds, etc. at the employee's discretion. It is "owned" by the employee (or his heirs) and not the government. The old "defined benefit" system like CSRS is still there, but was cut w-a-ay back, and is really a minority player in the mix.
FERS is quite unlike most union controlled state and local retirement plans which are gold-plated monstrosities befitting of UAW and other predatory like union systems. It is one of the few smart things the feds have done, along with the federal employee health plan (FEHBP) - which will eventually be coopted and ruined by the ObamaCare monstrosity and made more expensive to the taxpayer as well.
Zer0 is an idiot to think that we believe that.
First he’s got to cover the $90 billion a year in interest payments on his $1.5 trillion deficit.
I would not trust 0marxo one iota AND would ignore his chicken scratch budget -he simply plays politics here and his budget probably involves a shell game. He makes headlines by doing nothing, headlines he can speak to on his teleprompted hope and change socialist freak show...
The House should just do as the House sees best.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.