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Conservatism, Not in Bush White House: FY09 Budget Deficit Will Reach $482 Billion
National Journal ^ | July 28, 2008 | the eagle has landed

Posted on 07/28/2008 9:53:26 PM PDT by TheEaglehasLanded

The Bush administration today projected that the budget deficit for FY09 would be $482 billion, more than the record $413 billion deficit recorded for FY04. The figure includes the $151 billion economic stimulus package enacted in February and would total 3.3 percent of gross domestic product. That compares with 3.6 percent in FY04. For FY08, the projected deficit is $389 billion, 2.7 percent of GDP. The projected FY09 deficit is roughly $70 billion more than the $410 billion FY09 deficit estimated in President Bush's budget proposal released in February and about $320 billion more than the $162 billion FY07 estimated deficit. It does not include FY09 funding for the wars in Iraq and Afghanistan that Congress approved this year, totaling $80 billion.

In a document released today on the midyear budget review, the White House said the exclusion of the tax rebates and other provisions in the stimulus package would lower the FY08 figure to only 1.9 percent of GDP. In addition, the paper said, the deficit is "expected to fall sharply after FY09," with the deficits in following two fiscal years only "slightly higher than projected in February." The paper concluded: "These projected deficits are both manageable and temporary if spending is kept in check, the tax burden remains low, and the economy continues to grow." The White House maintains the budget will be balanced by FY12.

Senate Budget Chairman Kent Conrad slammed the new numbers and blamed the increase in part on the tax cuts Bush pushed through in 2001 and 2003, which are scheduled to expire in 2010. Bush "squandered a record surplus on tax cuts for the rich and drove us deeply into deficit and debt," Conrad said in a press release. "And he has dramatically increased our indebtedness to foreign nations like China, Japan, and Saudi Arabia -- which is clearly unsustainable." Conrad added that the debt has pushed down the dollar, causing high gas prices, inflation, and worsening living standards. "If they gave out Olympic medals for fiscal irresponsibility, President Bush would take the gold, silver, and bronze," Conrad said.

by Humberto Sanchez


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: 482b; belongsinchat; belongsinoped; belongsondailykos; belongsondu; deficit; economy; goldbugs; jerkoffs; liberalism; paulistinians; record; rino; trolls
When President Bush arrived in DC, the Federal Gov't was spending $1.865 Trillion and took in $2.0 Trillion,

Now it's spending $3,15 Trillion and taking in $2.65 Trillion. He won't veto housing bailout for $300 Billion. The fact the Iraq War is at $650 Billion and should have been managed alot better from 2004-2006 and not cost nearly this much.

President Bush did this with 6 years of Republican Congress and did nothing to control spending. Damaging the Republican brand.

1 posted on 07/28/2008 9:53:26 PM PDT by TheEaglehasLanded
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To: TheEaglehasLanded

Thankfully, they wre able to squeeze in another $50B of borrowed future taxpayer wealth to give to Africa to “treat” people who can’t control their sexual organs.


2 posted on 07/28/2008 10:00:26 PM PDT by Mad_Tom_Rackham ("The land of the Free...Because of the Brave")
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To: TheEaglehasLanded

Not to mention the $2 trillion in additional costs of the war down the road, for things such as health care and training, etc., for the wounded.


3 posted on 07/28/2008 10:08:12 PM PDT by Gondring (I'll give up my right to die when hell freezes over my dead body!)
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To: TheEaglehasLanded

Bush43 is the biggest spender since LBJ!


4 posted on 07/28/2008 10:12:29 PM PDT by Reagan Man ( McCain Wants My Conservative Vote in November --- EARN IT or NO DEAL !!!)
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To: TheEaglehasLanded

The Federal Government should be able to EASILY function with half the current budget... but it would mean surrendering a lot of the tools it uses to keep power.

Return to the
constitutional bounds of the Federal Government and there is suddenly over $1 trillion less tax extraction necessary... that is over $1 Trillion back in the economy, to pay towards mortgages, to give to charities, to do what the private sector does better anyway.

We could have a military that would be unchallengeable, a currency that is more stable, a medical system that is second to none (and not socialized), and an economy that is not subject to the whims of foreign dictators.


5 posted on 07/28/2008 10:15:28 PM PDT by TheBattman (Vote your conscience, or don't complain about RINOs!)
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To: TheEaglehasLanded

But it’s always “too expensive” to secure our southern border and enforce existing immigration laws.


6 posted on 07/28/2008 10:18:21 PM PDT by DTogo (I haven't left the GOP, the GOP left me.)
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To: TheEaglehasLanded

The ONLY person running for president this election who seriously talked about the extreme dangers of out of control spending and the impending disaster our nation debt will bring was summarily dismissed by many people as a naive wingnut......


7 posted on 07/28/2008 10:22:23 PM PDT by frankiep (Every socialist is a disguised dictator - Ludwig von Mises)
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To: TheEaglehasLanded
Bush "squandered a record surplus on tax cuts for the rich and drove us deeply into deficit and debt," Conrad said in a press release.

Dirty liar. Tax cuts were not the problem. Tax cuts combined with out-of-control spending were the problem.

You scum-sucking Congressmen, along with Bush's willingness to sign off on YOUR "anything-goes" spending, IS the problem. Both the Executive and Legislative branches have utterly failed their duties on spending.

8 posted on 07/28/2008 10:37:44 PM PDT by FlyVet
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To: DTogo

“But it’s always “too expensive” to secure our southern border and enforce existing immigration laws.”

I can’t say anything against President Bush as he is defending us. But I will say that our failure to protect ourselves against the invasion from the south has been a great disappointment to anyone who cherishes their heritage.


9 posted on 07/28/2008 11:02:53 PM PDT by CalifChris
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To: CalifChris
I can’t say anything against President Bush as he is defending us. But I will say that our failure to protect ourselves against the invasion from the south has been a great disappointment to anyone who cherishes their heritage.

If Bush were "defending us" there wouldn't be an invasion from the south, and daily crimes committed by those who shouldn't be here. It's not "our" failure to protect "ourselves." It's every politician in Washington's failure, starting at the White House.

10 posted on 07/28/2008 11:08:51 PM PDT by DTogo (I haven't left the GOP, the GOP left me.)
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To: TheBattman

I couldn’t agree with you more.

And we could enforce our border with the men currently over seas in countries like Germany and Japan. I’d go further and say to hell with all “entitlement spending” which makes a little over half of the budget. Then start cutting out all the unconstitutional crap like education and transportation and leave it to the states (as the 10th Amendment says) and private sector (as it should be). Drilling here would mean less foreign oil and the fuel and money saved not having to ship here.

With all that gone, we wouldn’t need socialist payroll taxes, capital gains taxes, corporate taxes and all the other BS, and income taxes would be significantly reduced (although perhaps not immediately to pay off the national debt).

Bush really messed up, it pains me to say.


11 posted on 07/28/2008 11:18:40 PM PDT by djsherin
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To: TheEaglehasLanded

It has turned the limited government party into another big government party which happens to oppose abortion and talk tough.


12 posted on 07/28/2008 11:20:03 PM PDT by djsherin
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To: TheEaglehasLanded

Another Liberal Texan.

LBJ is smiling wherever he is right now.

Disgraceful.


13 posted on 07/28/2008 11:20:39 PM PDT by Finalapproach29er (Democrats still want to Impeach Pres. Bush and/or VP Cheney; keep your eye on these House hearings.)
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To: frankiep

Ain’t it a shame? Without this “kook” I would never have become so active in politics and so interested in Constitutionalism and limited government.


14 posted on 07/28/2008 11:22:43 PM PDT by djsherin
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To: CalifChris

Not defending the border is not defending us. It’s hard for me to admit that Bush has been a disappointment. I’m not sure how you feel about his presidency in general, but to dissent is not to attack. I like the guy, but I am terribly frustrated by his 2 terms as president.


15 posted on 07/28/2008 11:25:18 PM PDT by djsherin
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To: FlyVet

How can he claim it was tax cuts. Like you said FV, spending is the real culprit and it must be stopped if we are to survive as a nation. Perhaps one day we’ll go back to a federal government that restricts its spending to Constitutional limits.


16 posted on 07/28/2008 11:29:02 PM PDT by djsherin
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To: DTogo

Don’t forget racist too. Can’t offend those illegals!


17 posted on 07/28/2008 11:30:07 PM PDT by djsherin
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To: TheEaglehasLanded
Oh! Silly me. All this time I been thinking that the Congress of the United States was the sole power to raise and spend the public revenue of the Federal Government. Now I find that like a king the President has that power all to himself. I wish my old civics teacher was still around so I could tell him the truth about how our government works.
18 posted on 07/28/2008 11:53:33 PM PDT by fella (.He that followeth after vain persons shall have poverty enough." Pv.28:19')
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To: frankiep

“The ONLY person running for president this election who seriously talked about the extreme dangers of out of control spending and the impending disaster our nation debt “

Well, not entirely. Romney also addressed this pretty extensively, as well. He had vowed to veto any budget that didn’t decrease spending by 1% minus inflation and spoke of social security as an inefficient system that could drag us under.

Your point is well take, though.

For better or worse, a lot of both support and animosity towards Ron Paul came directly from his policies on Iraq. It pretty much drowned out his voice on every other issue.


19 posted on 07/29/2008 1:00:42 AM PDT by CaspersGh0sts
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To: TheEaglehasLanded

Just think of all those people who might be paying taxes today if they had not been aborted.


20 posted on 07/29/2008 1:31:44 AM PDT by Dems_R_Losers (RIP Tony Snow, great American, father, and Christian)
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To: TheEaglehasLanded

489 billion?
How about you turds in the govt. quit spending MY MONEY?
Federal govt. is way too big. cut or gut it by about 65 percent and it will be about the right size then.


21 posted on 07/29/2008 3:08:25 AM PDT by Joe Boucher (An enemy of Islam)
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To: TheEaglehasLanded

I’m hoping McCain will reign in spending.

His joy at reaching across the aisle tells me he won’t.


22 posted on 07/29/2008 3:12:00 AM PDT by Glenn (Free Venezuela!)
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To: TheEaglehasLanded

Not to nitpick, but there’s only been a Republican Majority in both houses of Congress for just a shade over 4 years of Bush’ Presidency. (does “Jumpin Jim Jeffords” jog your memory?)


23 posted on 07/29/2008 4:28:13 AM PDT by digger48
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To: TheEaglehasLanded

It’s true. If it wasn’t spending he wanted it was spending he let the RINOs have. A better leader would have made liberal use of the veto pen.


24 posted on 07/29/2008 4:37:17 AM PDT by Impy (Spellcheck hates Obama, you should too.)
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To: TheEaglehasLanded
Senate Budget Chairman Kent Conrad slammed the new numbers and blamed the increase in part on the tax cuts Bush pushed through in 2001 and 2003, which are scheduled to expire in 2010. Bush "squandered a record surplus on tax cuts for the rich and drove us deeply into deficit and debt,"

The tax cuts INCREASED federal revenue! And the tax cuts were for all income levels and especially lower and middle income!

And there was only a surplus from 1999-2001 thanks to the Republican Congress under Clinton. Clinton ran a deficit from 1993 to 1998!

And Congress controls spending, Bush can only ask for things. The Democrat now control Congress!

25 posted on 07/29/2008 5:04:08 AM PDT by avacado
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To: TheEaglehasLanded
"The Bush administration today projected that the budget deficit for FY09 would be $482 billion,..."

Keep in mind that that budget is the budget of the Democratic-Controlled Congress!

26 posted on 07/29/2008 5:13:09 AM PDT by avacado
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To: djsherin

A Constitutional Federal Budget would be well under half the current budget.

So cut taxes by 30% the first few years, and then back to the actual constitutional spending (no “extending debt”). Pay off most of the federal debt in those first few years, and then require (another Amendment) a balanced budget. One that does not allow end-run creative financing to make it look balanced.

Any tax increase (including fees that they don’t call taxes) must be approved by 2/3 majority of both houses, and then receive a majority vote of citizen voters.


27 posted on 07/29/2008 7:32:34 AM PDT by TheBattman (Vote your conscience, or don't complain about RINOs!)
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To: TheEaglehasLanded
President Bush did this with 6 years of Republican Congress and did nothing to control spending. Damaging the Republican brand.

Yup. The GOP has failed big time. It's easy to blame Bush, and he certainly deserves much of the criticism for some of the decidedly un-conservative programs he pushed, but he had a Republican Congress as well, and they did everything they could to engorge themselves (and their lobbyists) at the expense of the taxpayer.

Unfortunately, I don't see things changing If McCain somehow won and Republicans somehow took back Congress (neither of which will happen), they would just keep on lapping up the pork.
28 posted on 07/29/2008 8:52:16 AM PDT by af_vet_rr
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To: digger48
Not to nitpick, but there’s only been a Republican Majority in both houses of Congress for just a shade over 4 years of Bush’ Presidency.

A truly conservative, Republican President with a truly conservative Republican Congress could have accomplished a lot with just four years, or even two.
29 posted on 07/29/2008 8:54:07 AM PDT by af_vet_rr
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To: TheEaglehasLanded
In 1983 the deficit was 6% of the GDP but I dare speak about who was President at that time.
30 posted on 07/29/2008 9:57:22 AM PDT by tobyhill (fraud -noun;(1)deceit, trickery, sharp practice, or breach of confidence, (2) Obama)
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To: bluerose

Dr. No, Tom Coburn, for president.


31 posted on 07/29/2008 11:01:47 AM PDT by bluerose (When all is said and done,McCain has not spent decades aiding and abetting people who hate.T Sowell)
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To: TheEaglehasLanded; Abathar; Abcdefg; Abram; Abundy; akatel; albertp; AlexandriaDuke; ...
see post 1

Libertarian ping! To be added or removed freepmail me or post a message here.
32 posted on 07/29/2008 12:55:00 PM PDT by traviskicks (http://www.neoperspectives.com/Ron_Paul_2008.htm)
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To: frankiep

“The ONLY person running for president this election who seriously talked about the extreme dangers of out of control spending and the impending disaster our nation debt will bring was summarily dismissed by many people as a naive wingnut......”

This was on my mind as well.


33 posted on 07/29/2008 1:07:40 PM PDT by AmericanHunter
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To: djsherin
"It has turned the limited government party into another big government party which happens to oppose abortion and talk tough."


That about sums things up.
34 posted on 07/29/2008 1:13:32 PM PDT by rob777 (Personal Responsibility is the Price of Freedom)
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To: fella

Bush has a veto pen. He didn’t use it for six years.


35 posted on 07/29/2008 2:47:53 PM PDT by MinnesotaLibertarian
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To: Mad_Tom_Rackham

While I agree completely with your sentiment on the stupidity/futility of the $50B in HIV related aid to Africa (like trying to catch water with a sieve), I do sympathize with the 540,000 HIV babies born each year in Africa. I don’t know what the rape victim stats are, but considering the estimates of 58,000 rapes per year in South Africa alone, I suspect there are a lot of HIV infections that way. I’m hoping that our tax dollars are at least reaching a few worthy recipients.


36 posted on 07/29/2008 7:29:51 PM PDT by amchugh (large and largely disgruntled)
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To: FlyVet

I used to say ‘tax relief’ without government cutbacks was merely ‘tax suspense’.


37 posted on 07/29/2008 7:31:27 PM PDT by amchugh (large and largely disgruntled)
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To: djsherin; DTogo

Humor isn’t my long suit. (grin!)


38 posted on 07/30/2008 1:50:21 PM PDT by CalifChris
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