Obama sets goal to cut $4 trillion from deficit (Developing): congressional sources

Reuters ^ | Reuters

[sunmars]

(Reuters) - President Barack Obama will set a goal of reducing the U.S. deficit by $4 trillion in the next 12 years or less in a speech Wednesday, a congressional source said.

His plan would curb the U.S. deficit to 2.5 percent of GDP in 2015, and by 2 percent toward the end of the decade, the source said.

[truthkeeper]

Tax increases. He’s certainly not going to try to control spending.

What's a little redistribution of wealth among friends?

[ladyvet]

He's never on time. If he was my employee I would fire him just for that.

[jacknhoo]

Let me guess...based on calculations from the CBO, right?

[the_Watchman]

Democrats talk “deficit reduction” because they think they can do it by raising taxes. The Republicans need to keep the issue focused on “budget reduction”; i.e., don’t spend what we don’t have.

[Gaffer]

What a crock of horseshit. He’s shown in the last two years 1 Trillion Dollar Plus Deficits consistently, by this 4 trillion dollar cut statement, that’s 12 trillion he’d do like before, less four leaving only eight frickin trillion dollars! Wow, he’s saying he’ll only run up the bill 8 trillion instead of 12? Screw him...however, MSM and Democrat idiots and leeches will approve.

[Gator113]

“......and we won’t sit still anymore for his treason.”

I long for the day that becomes true.

[FreeReign]

Four trillion in twelves years?! Here comes nothing.

Still leaves the yearly deficit at over 1.3 trillion, doesn't it.

So he's proposing yearly deficits of 1.3 trillion over the next 12 years. That's about 17 trillion added to the national debt.

Stunning.

[ClearCase_guy]

He is against $38B in cuts for the budget for one year, but we are supposed to believe he is for $4 Trillion in tax cuts over 12 years?

Exactly.

[aces]

Long Term, Bait and switch BS that so called saves trillions from theses programs while ramping up 10 times more from the new programs..he saves nothing, fraud, POS POTUS..don’t do anything he wants, just cut, no new anything, cut until Washington is nothing but a pimple on thee states as$..

[HereInTheHeartland]

A massive Soylent Green project would help Obama achieve this. Anyone over 62 will be “recycled”.
Look for the concentration camp construction to start soon.

[Carley]

Delayed. Can’t get the teleprompter to work.

[sunmars]

He’s waffling away already.....blah blah blah.

[stocksthatgoup]

http://www.whitehouse.gov/the-press-office/2011/04/13/fact-sheet-presidents-framework-shared-prosperity-and-shared-fiscal-resp

Obama's Budget framewook

[sunmars]

full speech if you cant be assed to listen.

http://www.washingtonpost.com/blogs/plum-line/post/obama-speech-open-thread/2011/03/03/AFzwX9WD_blog.html

[darth]

The objective of cutting taxes is economic growth which leads to INCREASED TAX REVENUE.

Art Laffer was absolutely right. We are well past the point in the curve where increasing taxes will REDUCE TAX REVENUES not to mention cratering the economy and increasing unemployment.

I have noticed that one of the most glaring differences between libs and conservatives is that conservatives are RATIONAL. The dims think they can tax and regulate us to prosperity. They are economic ILLITERATES.

[ladyvet]

Blame Bush time!!!!

[Red_Devil 232]

"But there has always been another thread running throughout our history – a belief in our CONSTITUTION which Obozo is dismantling with each day he is in the White Hut!

[paulycy]

[sunmars]

Hypocrisy of the day......

President Obama on deficit: ‘We have to live within our means.

I will when you give up air force one jaunts round the place for dinner dates.

[ladyvet]

It's Bushe’s fault....I won't stop spending...I'm raising taxes.