Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Obama plans to cut deficit by $1.1 trillion
Yahoo ^ | 2/13/11 | Jeff Mason and Thomas Ferraro - Reuters

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 ...


TOPICS: Breaking News; Business/Economy; Government; Politics/Elections
KEYWORDS: breakingnewsabuse; budget; cuts; debt; deficit; duplicate; notbreakingnews; obama; obamanomics; plans
Navigation: use the links below to view more comments.
first 1-5051-94 next last

1 posted on 02/13/2011 10:09:30 AM PST by NormsRevenge
[ Post Reply | Private Reply | View Replies]

To: NormsRevenge

lets see... increase spending by 14 trillion (over the next en years) then cut spending by 1.1 trillion (over the next 10 years)

journalism is so dead in this country..


2 posted on 02/13/2011 10:11:13 AM PST by Mr. K ("Diversity is an obstacle to be overcome, not a goal to be achieved" -Ann Coulter)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
"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."
3 posted on 02/13/2011 10:11:44 AM PST by goodnesswins (I'm not a great man....I just believe in great ideas! Ronald Reagan)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

What’s he going to do? Repeal the garbage he passed in the first half of his term that tacked on these trillions in the first place?


4 posted on 02/13/2011 10:12:29 AM PST by Sister_T ("Calling ILLEGAL aliens "immigrants" is like calling shoplifters 'customers'!"-UCFRoadWarrior ><>)
[ Post Reply | Private Reply | To 1 | View Replies]

Michelle Obama: Laughter is good for marriage

--

Yes, Michelle,, You are a lucky women.

Somehow he has us giggling all the time.

5 posted on 02/13/2011 10:13:26 AM PST by NormsRevenge (Semper Fi ... Godspeed .. Monthly Donor Onboard .. Obama: Epic Fail or Bust!!!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
Well, they were planning to increase spending by at least 1.1 Trillion over the next 10 years,, so if the democracts scrap that plan,, did they just cut 1.1 Trillion?

See,, we don't have to cut anything! :>

6 posted on 02/13/2011 10:14:04 AM PST by MrPiper
[ Post Reply | Private Reply | To 1 | View Replies]

To: goodnesswins

“Reducing the deficit” is lib-speak for increasing the size of government while raising taxes.

The goal is reducing the size of government, not reducing the deficit. Let’s hope the GOP in congress don’t lose site if this.


7 posted on 02/13/2011 10:15:28 AM PST by BigBobber
[ Post Reply | Private Reply | To 3 | View Replies]

To: NormsRevenge

Remind me again how much he added to the deficit with his Stimulus Plan and the Stimulus Plans v2 and v3...


8 posted on 02/13/2011 10:17:09 AM PST by bgill (Kenyan Parliament - how could a man born in Kenya who is not even a native American become the POTUS)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

So he’s going to cut it by $110 billion a year? Holy cow that is $10 billion more than the $100 billion in cuts proposed by the GOP that he called too deep.


9 posted on 02/13/2011 10:17:44 AM PST by Brilliant
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

“....and one-third from tax revenues...”

You can be SURE that this underestimates what he will try to do.


10 posted on 02/13/2011 10:17:53 AM PST by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified Decartes))
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr. K

How about cutting $1.1 trillion THIS YREAR??

No trains, no wireless net for everyone, no phones for welfare recipients, no free cable TV for welfare recipients.... just stop it already


11 posted on 02/13/2011 10:18:42 AM PST by GeronL (http://www.stink-eye.net/forum/index.php for FR backup site!)
[ Post Reply | Private Reply | To 2 | View Replies]

To: NormsRevenge

Did Madoff do the accounting? This one is going to have more cooked books than Global Warming.

Pray for America


12 posted on 02/13/2011 10:18:49 AM PST by bray (Vote Palin to make heads explode on both sides of the aisle.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

Smoke, meet mirror.


13 posted on 02/13/2011 10:21:07 AM PST by Reagan Man ("In this present crisis, government is not the solution to our problem; government is the problem.")
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

It it has to do with the Military 0 will gut it. If it has to do with Seniors 0 will gut it. We tend to vote GOP.


14 posted on 02/13/2011 10:21:41 AM PST by GailA (2012 rally cry DEMOCRATS and RINOS are BAD for the USA!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

Aren’t we presently borrying $1.5 trillion a year just to keep the lights on?


15 posted on 02/13/2011 10:22:04 AM PST by blam
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

He will be cutting spending by $110B and increase investment by $120B.


16 posted on 02/13/2011 10:22:36 AM PST by bray (Vote Palin to make heads explode on both sides of the aisle.)
[ Post Reply | Private Reply | To 1 | View Replies]

Comment #17 Removed by Moderator

To: NormsRevenge

* Repeal 0bama care
* Close the Dept of Education
* Close the EPA
* Cut budges for regulatory agencies in half
* Roll-back congressional pay for *ALL* staff to 80% its current level.
* Force all all government employees, especially Congress, to surrender their retirement package to Social Security and participate in that program.
* Outlaw unions in any and all government jobs.


18 posted on 02/13/2011 10:26:51 AM PST by Westbrook (Having children does not divide your love, it multiplies it.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr. K
lets see... increase spending by 14 trillion (over the next en years) then cut spending by 1.1 trillion (over the next 10 years) journalism is so dead in this country..

The collection and dissemination of information about current events, people, trends, and issues, is apparently alive and well, by a citizen journalist, in post number two of this thread.

19 posted on 02/13/2011 10:29:31 AM PST by FreeReign
[ Post Reply | Private Reply | To 2 | View Replies]

To: NormsRevenge

This 10-year accounting horizon is a house of mirrors. Zer0’s gaonme long b4 that. We need to stick to the next two years.


20 posted on 02/13/2011 10:30:56 AM PST by Paladin2 (Free Parking is what made America Great!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr. K
lets see... increase spending by 14 trillion (over the next en years) then cut spending by 1.1 trillion (over the next 10 years)

journalism is so dead in this country..

He has a plan. He will simply print more money to pay down the deficit.

21 posted on 02/13/2011 10:32:06 AM PST by He Rides A White Horse (unite)
[ Post Reply | Private Reply | To 2 | View Replies]

To: NormsRevenge

What a used car salesman this President is. Another Joe Wilson moment Mr. president YOU LIE!


22 posted on 02/13/2011 10:33:18 AM PST by ICE-FLYER (God bless and keep the United States of America)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
"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.

The Obama Administration is the ultimate BS machine... spin, lie, distort, obfuscate, etc., etc., etc...

23 posted on 02/13/2011 10:34:36 AM PST by Third Person
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

I’ll believe it when I see it. Is that what the teleprompter told him to say?


24 posted on 02/13/2011 10:34:38 AM PST by b4its2late (Ignorance allows liberalism to prosper.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

Keep your eyes to the sky. A Cow may be falling from it on the way down from its jump over the Moon.


25 posted on 02/13/2011 10:40:58 AM PST by screaminsunshine (34 States)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
Obama plans to cut deficit by $1.1 trillion (way more than $400 billion figure in SOTU speech)

Over ten years. With an annual deficit of $1.5 trillion, we need to reduce spending by $1.1 trillion per year.

26 posted on 02/13/2011 10:41:10 AM PST by Yo-Yo (Is the /sarc tag really necessary?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Paladin2

Even better:
Cut spending by 3 trillllllion (over 100 years)
FUBO!!!!


27 posted on 02/13/2011 10:41:43 AM PST by Leo Carpathian (fffffFRrrreeeeepppeeee-ssed!)
[ Post Reply | Private Reply | To 20 | View Replies]

To: NormsRevenge
Elections have consequences.

We would not be seeing this headline if Pelosi was still in the Chair.

28 posted on 02/13/2011 10:42:27 AM PST by Siena Dreaming
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
Elections have consequences.

We would not be seeing this headline if Pelosi was still in the Chair.

29 posted on 02/13/2011 10:42:40 AM PST by Siena Dreaming
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
Elections have consequences.

We would not be seeing this headline if Pelosi was still in the Chair.

30 posted on 02/13/2011 10:42:45 AM PST by Siena Dreaming
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
Think about it. The last time we had a truly balanced sheet was under Andrew Jackson.

It is interesting to note that he hated paper money, and now has his portrait on the $20 bill.

31 posted on 02/13/2011 10:48:48 AM PST by He Rides A White Horse (unite)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
I have a plan that will cut 9 thousand gazillion trillion in spending over the next umpty-leven thousand years. It's even less painful than Ah'bama's "plan."
32 posted on 02/13/2011 10:49:52 AM PST by Thom Pain (November 2, 2010, Step ONE. Repeal 17th, Step TWO. 11/6/2012, Step THREE)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge
Cut 1.1 Trillion in Ten Years? That's the same piddly shit GOP is proposing right now for this year's budget......I'll tell you, these buttwipes need to be swept up and pissed out completely. We are suffering from a case of 'indulgent parent' syndrome refusing to believe we have a child hooked on crack.

That's like saying, "I'll just apply for 10 new credit cards (to transfer balances to) instead of the 20 I would have done."

33 posted on 02/13/2011 10:56:41 AM PST by Gaffer
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

So what about this year’s budget? Hmmmmm???????

Obama still doesn’t get it.


34 posted on 02/13/2011 10:57:07 AM PST by fatnotlazy
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

And where are the cuts in each division and department of government? Maybe start at the top with Obama’s salary and perks and work the way down. Nah! Obama said we would have to sacrifice; he didn’t say HE would have to sacrifice.


35 posted on 02/13/2011 10:59:06 AM PST by fatnotlazy
[ Post Reply | Private Reply | To 1 | View Replies]

To: goodnesswins
It's no longer “tax and spend “.

It's now “borrow, piss away and confiscate”.

If I spoke my mind I would be arrested.

36 posted on 02/13/2011 11:01:33 AM PST by PA-RIVER
[ Post Reply | Private Reply | To 3 | View Replies]

To: NormsRevenge

Sorry for the triple.


37 posted on 02/13/2011 11:02:00 AM PST by Siena Dreaming
[ Post Reply | Private Reply | To 1 | View Replies]

To: Leo Carpathian
Is flying the presidents dog around the world been cut from the budget? That might save a few million.

(I don't mean the one he sleeps with, but that could also save a billion.)

38 posted on 02/13/2011 11:05:35 AM PST by PA-RIVER
[ Post Reply | Private Reply | To 27 | View Replies]

To: Mr. K
lets see... increase spending by 14 trillion (over the next en years) then cut spending by 1.1 trillion (over the next 10 years)

It's all smoke and mirrors. Building trains and subsidized green jobs aren't going to work.

And there should be a law that all budget predictions have to be on an annual basis, not this ten year business that makes the savings seem bigger.

39 posted on 02/13/2011 11:06:27 AM PST by Moonman62 (Half of all Americans are above average. Politicians come from the other half.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: Brilliant

Most of the true ‘cuts’, as opposed to scale backs on money yet to be spent, will be from the defense department. The rest is just bookkeeping tricks and new taxes. There is NO comparison to the GOP proposal. It’s simply a big smoke screen to keep his redistribution schemes intact at the expense of our national security and peace keeping super power status.


40 posted on 02/13/2011 11:06:39 AM PST by Track9 (Make War!!)
[ Post Reply | Private Reply | To 9 | View Replies]

To: Gaffer

Its a start. It gives us another year to divest ourselves of dollars and US bonds before the collapse. Not all bad.


41 posted on 02/13/2011 11:09:09 AM PST by PA-RIVER
[ Post Reply | Private Reply | To 33 | View Replies]

To: NormsRevenge

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


42 posted on 02/13/2011 11:13:48 AM PST by Southnsoul
[ Post Reply | Private Reply | To 1 | View Replies]

To: Mr. K

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.


43 posted on 02/13/2011 11:14:37 AM PST by oust the louse (Mr. Obama is a left-wing ideologue who believes in the greatness of Fedzilla.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: NormsRevenge

He is such a kidder. Let’s throw Obama out.


44 posted on 02/13/2011 11:16:26 AM PST by freekitty (Give me back my conservative vote; then find me a real conservative to vote for)
[ Post Reply | Private Reply | To 1 | View Replies]

To: NormsRevenge

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!


45 posted on 02/13/2011 11:16:26 AM PST by ronnie raygun (V)
[ Post Reply | Private Reply | To 1 | View Replies]

To: oust the louse

Here’s a Joe Wilson to you, barry.


46 posted on 02/13/2011 11:18:17 AM PST by yorkie01
[ Post Reply | Private Reply | To 43 | View Replies]

To: screaminsunshine
A Cow may be falling from it on the way down from its jump over the Moon.

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.

47 posted on 02/13/2011 11:20:35 AM PST by Track9 (Make War!!)
[ Post Reply | Private Reply | To 25 | View Replies]

To: NormsRevenge
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

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.

48 posted on 02/13/2011 11:20:53 AM PST by stevem
[ Post Reply | Private Reply | To 1 | View Replies]

To: Track9

Both his proposal and the GOP proposal are pathetic, if you ask me. In that respect they are comparable.


49 posted on 02/13/2011 11:21:40 AM PST by Brilliant
[ Post Reply | Private Reply | To 40 | View Replies]

To: NormsRevenge

50 posted on 02/13/2011 11:28:38 AM PST by Iron Munro ("Our country's founders cherished liberty, not democracy." -- Ron Paul)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first 1-5051-94 next last

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.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson