President Barack Obama’s New Budget: $1.65 Trillion Deficit for This Year
Obviously President Barack Obama did not get the “shellacking” message of the 2010 midterm elections. Obama’s new budget is $1.65 trillion for this year. WHAT! Freezing spending is not going to cut it sir, especially when you increased federal spending to record levels.
The other one-third of the savings would come from tax increases, including limiting tax deductions for high income taxpayers, a proposal Obama put forward last year only to have it rejected in Congress.
The Obama budget recommendation, which is certain to be changed by Congress, would spend $3.73 trillion in the 2012 budget year, which begins Oct. 1, a reduction of 2.4 percent from what Obama projects will be spent in the current budget year.
The Obama plan would fall far short of the $4 trillion in deficit cuts recommended in a December report by his blue-ribbon deficit commission.
Obama claims his budget will reduce record federal deficits by $1.1 trillion over the next decade. That’s it? Obama did not even take the recommendations of hisbudget reducing committee of deficit reduction. Is this President really serious about lowering the federal deficit? It certainly appears that he does not want to lead with any find of biting deficit reduction plan.
More from Big Government and the so-called born again fiscal conservative Obama, not. Sadly, the Other McCain is correct, Obama’s budget is a joke and “We the People” are not laughing.
WAPO: Obama budget projects record $1.6 trillion deficit. Didn’t Obama just extend the Bush tax cuts?
Households with income of more than $250,000 a year would immediately see new limits on the value of their itemized deductions. And starting in 2013, they would lose the lower tax rates and other breaks that were enacted during the George W. Bush administration and recently extended.
Posted February 14, 2011 by Scared Monkeys
Barack Obama, Budget Deficits, Federal Deficits, National Debt, Obamanation, Tax & Spend Liberals, Taxes | 20 comments
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20 Responses to “President Barack Obama’s New Budget: $1.65 Trillion Deficit for This Year”
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While the President is feeding us his line of garbage as to cutting spending, it came to my attention yesterday that the FED is considering a QE3 package as the 1.2 trillion dollars of worthless money they’ve already printed hasn’t done what they though it would. All of the cuts in the world are not going to offset the hyper inflation and the costs that come with printing worthless money. M! has grown 15.2% in less than 3 months and all of that is unbacked paper!
here’s your $1.65 trillion tax hike that obama
promissed he wouldn’t do to us. anybody that
believes this nutjob has the smarts to run this country is surely ignorant.
Hey obama you must be wearing see through underwear because I can clearly see YOUR NUTS !!!
I truly think O-bummer has a gambling problem !!!
So, he literally steals trillions from taxpayers for his buddies on Wall Street, and calls them “bail outs” Then he proposes budget cuts and tax hikes to stick it to the American people even more! This president it a true tyrant! He hates us! He really is a socialist scumbag who is ruining it for all of us! None of this is an accident!
Obama has obviously not gotten the message…or has he? Truthfully, I think he’s actually working with his New World Order friends in an attempt to destroy the country. So far, he’s doing a splendid job! Ron Paul 2012!
The OhBum can be taken out of office now because he is an alien. Replace him with Ron Paul. We can fix the depression caused by the lameass 2-party sheeple voters very simply and in a heartbeat.
*Stop all foreign aid immediately.
*Eliminate National Public Radio, insecure Homeland Security and NASA.
*Then and only then can we feed our own hungry, clothe the naked and have a huge surplus.
I still insist that the main focus of the actual depression we are having, is due to the personal financial interest which moved the “Clintons” to create the NAFTA PROGRAM. An open gate to the biggest entrepreneurs in America, to move out of the Country, and pay lower wages to employees somewhere else, leaving Americans in chaos. Its a fact that we buy cheap computers nowadays, and other goods. But what good is it, if we can not get a decent job? This bull shit of “creating jobs”, which eventually will also move out is not a solution. It is like a band aid applied to a boo boo. It’s about time someone has the guts of imposing heavy taxes in imports, obliging the manufacturers to come back home. The dollar is dropping in the whole world of economics, but yet we keep importing more than ever, and there is no reciprocity of the Countries involved in the so called NAFTA. (North America Free Trade Program) As it was originaly, but spread all over, to places like India, China, Taiwan, Mexico, Canada and many others.Listening to the dream plans so much spoken through the media, is like to watch a chicken, revolving the mud, looking for food, and at the end of the day, only eats dirt.
Folks, Instead of president bashing, do some hard thinking and present an idea or two about practical, long term, rational ways to reduce the deficit. Negative comments, no matter how visceral, are not helpful to the nation.
Thoughtful explanation of some of the key problems and possible solutions for them. Bravo!
Unfortunately, I doubt we can get a strong employment recovery, as the jobs that will recover are all overseas already. The other problem is that increased demand is needed to push the economy so it needs new jobs to replace inventory to meet new demand. With so many Americans having job instability, they are unable or reluctant to spend much more than the minimum to simply exist. Any plan to fix this needs to include some means to increase demand.
I guess it needs to be restated again…
Obama did NOT create this deficit or recession – he inherited them.
You can thank Dubya for this mess.
I have the only answer that I know of to fix the whole corrupt system.
Both parties are at fault and do not work for WE THE PEOPLE, but both parties work for the bankers and the families that control the federal res.
Open your mind and go to this link below.
Find out what happen to us and how we got in this mess.
The answer is there I believe God is giving us a choise.
We are at a fork in the road, which path we take determiner’s America’s fate.
Here is the first link of our history
Here is the answer
If you need more proof I can send more links..God Bless.
Raise import tax like the price of gas gets raised on all of us !!!
* So, he literally steals trillions from taxpayers for his buddies on Wall Street, and calls them “bail outs”
– Really? Strong claims require strong evidence; You either have some, or this is merely your opinion. As I recall, the TARP (bail-out) law passed in 2008 totaled about $800 billion, and was administered by both Bush and Obama administrations.
* Then he proposes budget cuts and tax hikes to stick it to the American people even more!
– Let me discuss tax hikes. When you say “the American people”, that type of reference refers to all Americans. Are you really saying that all Americans would get a tax hike in this budget? Or do you really mean some Americans would get a tax hike? It is a well-known fact the recent tax cuts passed last Dec are all funded by additional debt. If we are to reduce our debt, we need to change some tax rates that are directly involved. Do you disagree with this concept?
* This president it a true tyrant! He hates us!
– Pure frustration and subsequent hyperbole.
* He really is a socialist scumbag who is ruining it for all of us!
– Pure frustration and subsequent hyperbole.
* None of this is an accident!
– Pure frustration and possible (obscure) conspiracy theory(?).
I get you’re angry, and you don’t like things that have happened in recent years. However, I don’t get some of your conclusions.
#13- Steve- great post. Wow, lots of good stuff on here tonight to mull over.
#15- Me thinks you may have been a Political Major in College?
Wild guess, but I love your passion & intelligence. Proves as Americans in this great Country- we do not have to agree on every thing, every issue, social agenda, etc. etc.
Have a great appreciation for those of us who can debate with passion, and constantly push the boundaries and the revelation that is the human brain to it’s limits.
KNOWLEDGE IS POWER. Go, Steve!
Guess #2 for Steve (#15) Political Major perhaps, MBA in Finance. You knock it out the box, Brother as they would say in da hood.
#12: get a life boy ! i guess you support the IRS
hiring another 1200 employees at the cost of 359 million dollars just to begin the strongarm enforcement of your president’s health reform dictatorship. you people are by far the most ignorant organisms on the planet.
$300,000 per year? For starters, That’s an amazingly unbelievable salary (and benefits?) figure. I can’t wait to see the evidence on that!