Skip to comments.Obama plans to cut deficit by $1.1 trillion
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 ...
The “closing tax loopholes” fairy tale again. Liberals have been shamelessly peddling that lie for decades.
>The White House intends to get two-thirds of the $1.1 trillion in savings (over 10 years)
from spending cuts and one-third from tax revenues,
What? So they are admitting that it will take 140 years to balance this budget?
Why do I suspect that there “Cut the deficit in half” language is dependent on some super rosey pie-in-the-sky predictions about how revenue is going to magically double in the next two years.
Well, it is dependent upon 200% employment. Everyone will have to have two jobs to support government
Sen. Rand Paul to unveil budget proposal with $500B worth of cuts
Kentuckys junior Republican senator... about to unveil his own sweeping budget plan that would result in a $500 billion cut in just one year about five times more than what the House GOP has promised to do.
I call SERIOUS BS!
Besides, a $1.1 trillion dollar cut over 10 years amounts to what...$100 billion a year?! LOL!!!!!!!!!!!!!!!!!!!! =.=
I posted the direct truth on my FB page...and suggest we all get this message out.
“Obama submits Fiscal Year 2012 Budget...
LARGEST ANNUAL BUDGET DEFICIT EVER $ 1.6 TRILLION
...then claims he is cutting Budget. Remarkable.”
President Obama and Venezuela dictator Hugo
Chavez at the 2009 Summit of the Americas in Trinidad.
Note the "soul bro" handshake. (my caption)
Obama, Chavez shake hands at Americas Summit:
From the Russian News and Information Agency:
July 27, 2006
"'I am determined to expand relations with Russia,' Chavez, known as an outspoken critic of what he calls the United States' unilateralism, told the Russian leader, adding that his determination stemmed from their shared vision of the global order.":
We are creating a new world, a balanced world. A new world order, a multipolar world, Chavez told reporters during a visit to Communist China, one of many. His new world order includes [RUSSIA], China, Iran,... and a significantly weakened United States, he explained.
Resurgent Communism in Latin America
by Alex Newman, March 16, 2010:
From the Sino-Russian Joint Statement of April 23, 1997:
"The two sides [China and Russia] shall, in the spirit of partnership, strive to promote the multipolarization of the world and the establishment of a new international order."
"Joint war games are a logical outcome of the Sino-Russian Friendship and Cooperation Treaty signed in 2001, and reflect the shared worldview and growing economic ties between the two Eastern Hemisphere giants."
Russia's Medvedev hails "comrade" Obama
Associated Foreign Press (AFP) ^ | April 2, 2009 | Anna Smolchenko
"Russia's Dmitry Medvedev hailed Barack Obama as "my new comrade" Thursday after their first face-to-face talks"
April 1, 2009:
"Obama, Medvedev pledge new era of relations":
Now he’s going to be the hero for cutting one trillion of the deficit that HE created?
Is it just me???
Reports indicate that Obama’s record $3.73 TRILLION social program will increase the deficit by an all-time high $1.65 trillion next year and decrease it by $1.1 trillion the next. Uhh, my 3rd grade grandchild tells me that’s still a net increase of $0.55 trillion (that was our entire budget in the early 80’s).
Now, what bothers me, other than the sheer magnitude of the numbers, is the disparity between what the Socialist-in-Chief tells us and the whole truth:
- He tells us that his status quo tax and spend plan will decrease the deficit by $1.1 trillion. While that partly is true, what he doesn’t tell us is that it won’t happen until the second year, after a greater increase in the first.
- The Spender-in-Chief said in the SOTU “Now that the worst of the recession is over, we have to confront the fact that our government spends more than it takes in. That is not sustainable.” However, his proposed “investment” plan (code word for spend and tax more so the spending doesn’t look so bad) continues the same pattern that got us into this financial mess.
- Also from the SOTU, “Most of the cuts and savings I’ve proposed only address annual domestic spending, which represents a little more than 12% of our budget. To make further progress, we have to stop pretending that cutting this kind of spending alone will be enough. It won’t.” But, once again, his actions don’t follow his words.
I could go on and on and on and on and on. The points are:
1) He either thinks we’re all idiots, we’re not listening, we have short memories, or all of the above.
2) He doesn’t remember the results of the November elections.
We need to dispel these rumors of the demise of the American people and remind him, with a growing crescendo as November 2012 approaches, that this is our country and neither he nor anyone else or group of people are going to change that!!!
while increasing it only $7 trillion!