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 ...
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.
This is as big a crock of crap as Vlasic saying ethanol consumes 5% of the corn crop and if the subsidy were cut corn planting would fall 50%.
$1.1 trillion over 10 years is $110 billion a year. A full blown and over blown drop in the bucket compared to the $750 billion annual increase since 2008!
On top of this the proposal is to raise taxes substantially!
NOTHING HERE BUT THE SAME OLD OBASTARD DAMN LIES!
Yes, it is, AND the GOP's doesn't call for any tax money to do it with.
The 2012 fiscal year begins on October 1.
Fiscal Year 2011 has not even passed yet so we have not spent a penny during this fiscal year at least under the FY-11 money. Next year when we look back they are going to say that they saved a ton of money by using FY-10 budget......Don’t believe me? WATCH!!!!
[$1.1 trillion in savings from spending cuts and one-third from tax revenues]
How in the world are tax hikes the same as spending cuts?
The morons over at DU are hopping mad over cuts to low income heating assistance, block grants, and pell grants. They are too stupid to recall that all were increased 30% in the last 2 years. And, they call us the party of stupid.
Thank you for the correction and elucidation!
One of the reasons I enjoy the exchanges I experience here is that I can always learn something.
Without even seeing the proposed budget, I can almost guaranted the 10 year plan is backloaded with these supposed cuts.
My guess is none of them start until 2013 at the earliest, and most of the “cuts” are reductions in forecast increases.
It brings to mind this scene from Johnny Dangerously:
Comments go in the comment box.
Only the title goes in the title box—>
Let's do the arithmetic:
$1,100,000,000,000 x .333 = $363,000,000,000.
Wheeeeee... Ubanga wants a $363 billion tax hike!
Let's get serious folks. Anything that's gonna be done "over the next ten years" is pure unadulterated BS!
Something that can be done in one year, cool. Two years, maybe. Any more years than that and yer blowing smoke. Too many unknowns and variables.
Global warming alone could change everything/sarc.
Baloney, the president doesn’t control the budget and certainly can’t control it 10 years from now. It is all just hot air.
Is he saying he is giving up vacations for the next 10 years?
$1.1 Trillion divided by 10 years=
$110 Billion per year--in a $4 TRILLION dollar budget.
Not enough, Hussein. Not damn near enough. Nice try, and it'll certainly be enough to put your ass-sucking media into overdrive...
Exactly, let’s start with major cuts this year. (But, that might put a kink in his spending plans.)
At the rate we're going, the deficit will be over $8 trillion ten years from now. So Obama wants to cut $1.1 trillion from that? Please.
This is unadulterated BS by this feckless so-called “leader”. nobama blew away trillions in creating the largest deficits IN HUMAN HISTORY ANYWHERE. Unadulterated BS! If Congress buys this, they need voted out as soon as feasible. Cut entitlements and retirements.
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!