--- In FairfieldLife@yahoogroups.com, "do.rflex" <do.rf...@...> wrote: > > > BillyGee Willikers posts a story from the right wing Moonie Times > newspaper with a similar anti-Obama alramist slant to FOX Noise...
You are one sick puppy...... > Here's a more balanced report put into a more realistic perspective: > > CBO: Obama's budget would double deficit over decadeBy Kevin G. Hall and > David Lightman | McClatchy Newspapers > [Congressional estimate puts deficit at $1.8 trillion] > <http://media.mcclatchydc.com/smedia/2009/03/20/20/211-20090320-US-DEFIC\ > IT.large.prod_affiliate.91.jpg> > > WASHINGTON The national debt held by the public would > double over the next decade if President Barack Obama's budget is > enacted into law, the nonpartisan Congressional Budget Office projected > Friday. > The U.S. government would run budget deficits approaching $1 trillion > every year for a decade under Obama's budget, the CBO said. > > Deficits and debt that big are unsustainable over the long term, > economists agree. They'd threaten to send inflation spiraling upward, > threaten the nation's creditworthiness and the value of the dollar > China's prime minister publicly voiced concern about the safety of U.S. > debt last week and force up interest rates, as investors come to > see the United States as a risky, debt-ridden economy. They'd saddle > future generations with a debt payable only by cutting federal spending > or raising taxes sharply. > > With the U.S. mired in what appears to be the worst economic downturn > since the Great Depression, these deficit projections are likely to > force Congress to rethink Obama's $3.55 trillion budget for fiscal 2010. > > "The reality is we are going to have to make adjustments to the > president's budget if we want to keep the deficit on a downward > trajectory," said Senate Budget Committee Chairman Kent Conrad, D-N.D. > > Debt held by the public would double to 82 percent of the gross domestic > product by 2019 under Obama's budget, from 41 percent last year, CBO > said. If current law remained unchanged, debt held by the public would > rise to 56 percent of GDP in 2019, the CBO said. > > Obama's budget would add $4.8 trillion to cumulative federal deficits > over that decade, boosting their total from $4.4 trillion under current > law to $9.3 trillion. > > The deficit for the current fiscal year is projected to be $1.7 trillion > now. It would be $1.8 trillion under Obama's budget, or 13.1 percent of > GDP, and would be $1.4 trillion in fiscal 2010, or 9.6 percent of GDP, > CBO said. > > > > The highest previous post-World War II deficit was 6 percent of the GDP > in 1983, and it was considered dangerously high. Ronald Reagan, a > conservative Republican president, and a Democratic-majority Congress > agreed to raise taxes and cut spending to reduce future deficits. > > In remarks to state lawmakers gathered Friday morning at the White > House, Obama vowed to cut the deficit in half by the end of his first > term, but he defended his calls for massive investments in health care, > clean energy and education. > > "What we will not cut are investments that will lead to real growth and > real prosperity over the long term. That's why our budget makes a > historic commitment to comprehensive health-care reform. That's why it > enhances America's competitiveness by reducing our dependence on foreign > oil and building on a clean-energy economy. And that's why it makes a > down payment on a complete and competitive education for every child in > America," Obama said. > > In a conference call after the CBO report's release, however, White > House budget director Peter Orszag already was lowering expectations. > > "We recognize that the budget resolution will be written off of the CBO > numbers," he said, adding that "no one ever had an expectation that they > would just take our budget, Xerox it and vote on it." > > Conrad has acknowledged that Congress will have to revise Obama's > budget. > > "Under any scenario, we are on an absolutely unsustainable long-term > path and we need entitlement reform, tax reform," he said Thursday. > Conrad is expected to propose a five-year budget that would reduce the > deficit by two-thirds by 2014. > > Republicans, who ran up their own record deficits earlier in the decade, > said that the CBO report envisioned a new era of big government under > Obama's plan. > > "This report should serve as the wake-up call this administration needs. > We simply cannot continue to mortgage our children and grandchildren's > future to pay for bigger and more costly government," said Rep. John > Boehner of Ohio, the Republican leader in the House of Representatives. > > One major factor driving deficits in the later years is Obama's decision > to maintain many of the Bush-era tax cuts. Obama would leave these tax > reductions in place for 95 percent of taxpayers, all but the wealthiest. > > "This isn't something that President Obama is stuck with; it's something > President Obama has to sign into law. It has to be Obama tax policy," > said Diane Lim Rogers, the chief economist for the Concord Coalition, a > nonpartisan budget watchdog group. "They're now Obama policy." > > Leaving Bush-era tax cuts in place for all but the top 5 percent of > taxpayers would cost the Treasury $2 trillion over 10 years, she said. > > The cost of paying interest on the swelling national debt, much of it > held by foreign central banks, also drives up the debt by about $1.3 > trillion over 10 years. That's almost twice as much as the $700 billion > Wall Street rescue package, which passed last year amid great > controversy. > > Congressional committees will begin writing their own versions of the > budget next week. Moderate Democrats already are uniting to promote > budget discipline in what could become a challenge to Obama's agenda. > Sixteen Democrats, led by Indiana Sen. Evan Bayh, have formed the > "Moderate Dems Working Group," and have begun meeting to discuss how to > pare spending. > > "There are a lot of like-minded Democrats concerned about spending in > the budget. We're not anti-administration, but we want everyone to > recognize some of us are fiscally conservative," said Sen. Ben Nelson, > D-Neb. > > In the House, the Blue Dog Coalition, a group of 47 centrist Democrats, > drew up a set of "principles" this week to guide the budget, emphasizing > a need to reduce spending. Its biggest push is to hold nondefense > discretionary spending, which Obama would increase by about 14 percent > next year, to the level of inflation. Over the past 12 months, consumer > prices are up about 0.2 percent, according to the Bureau of Labor > Statistics. > > Younger moderates bring a generational perspective. > > "I am one of the few (lawmakers) who may actually have to end up paying > for the deficits we're currently running up," said Rep. Tom Perriello, > D-Va., a 34-year-old freshman. > > > <http://www.mcclatchydc.com/2009/03/20/64528/cbo-obamas-budget-would-dou\ > ble.html#ixzz0jJPH8g9R> > http://www.mcclatchydc.com/2009/03/20/64528/cbo-obamas-budget-would-doub\ > le.html > > > > > > > --- In FairfieldLife@yahoogroups.com, "BillyG" <wgm4u@> wrote: > > > > CBO report: Debt will rise to 90% of GDP. > > By David M. Dickson > > <http://www.washingtontimes.com/staff/david-m-dickson/> > > > > President Obama's fiscal 2011 budget will generate nearly $10 trillion > > in cumulative budget deficits over the next 10 years, $1.2 trillion > more > > than the administration projected, and raise the federal debt to 90 > > percent of the nation's economic output by 2020, the Congressional > > Budget Office reported Thursday. > > > > In its 2011 budget, which the White House Office of Management and > > Budget (OMB) released Feb. 1, the administration projected a 10-year > > deficit total of $8.53 trillion. After looking it over, CBO said in > its > > final analysis, released Thursday, that the president's budget would > > generate a combined $9.75 trillion in deficits over the next decade. > > > > "An additional $1.2 trillion in debt dumped on [GDP] to our children > > makes a huge difference," said Brian Riedl, a budget analyst at the > > conservative Heritage Foundation. "That represents an additional debt > of > > $10,000 per household above and beyond the federal debt they are > > already carrying." > > > > The federal public debt, which was $6.3 trillion ($56,000 per > household) > > when Mr. Obama entered office amid an economic crisis, totals $8.2 > > trillion ($72,000 per household) today, and it's headed toward $20.3 > > trillion (more than $170,000 per household) in 2020, according to > CBO's > > deficit estimates. > > > > That figure would equal 90 percent of the estimated gross domestic > > product in 2020, up from 40 percent at the end of fiscal 2008. By > > comparison, America's debt-to-GDP ratio peaked at 109 percent at the > end > > of World War II, while the ratio for economically troubled Greece hit > > 115 percent last year. > > > > > > > http://www.washingtontimes.com/news/2010/mar/26/cbos-2020-vision-debt-wi\ > \ > > ll-rise-to-90-of-gdp/ > > >
