Welcome to Obamanomics, CBO Says National Debt Will be 90% of GDP in 10 Years

HEY AMERICA, HOW’S THAT HOPEY CHANGEY STUFF WORKING OUT FOR YA?

Welcome to the not-so Wonderful World of OBAMANOMICS. This is how Obama’s socialism destroys a nation. This is what happens when you put a socialist in charge.

The CBO has stated that the 2011 Obama budget be nearly $10 trillion in budget deficits and a $1.2 trillion more than Obama had projected. But don’t worry folks, Obamacare is going to reduce the budget. Sure it is.

Get this, the national debt will be 90% of GDP by 2020.

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.

Thanks President Obama and the spend happy Democrat socialists in Congress.

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.

The Jawa Report takes down memory lane where Obama talked about responsible spending. Responsible, eh?

Budget reform is not an option, it is a necessity

As stated at Conservatives for Palin, “All of this is unsustainable and will result in an economic disaster if someone doesn’t put a stop to it”.  This must be stopped and stopped now! It is irresponsible to allows this to go on any longer.  STOP IT NOW, unless you don’t mind living in a third world Banana Republic.

The President should have been focusing on jobs, but instead it is still this health care bill, now law, that is front and center. Next it will be “illegal” immigration reform and “cap & tax”.  This White House seems to focus on everything but jobs.  Ask yourself, why is that?

Karl Rove & David Plouffe in Battle Royal Health Care & Deficit Debate

The “D” in Democrat stands for DENIAL …

It might as well have been billed as a WWE Battle Royal, No Holds Barred cage match on ABC’s This Week between Republican and former GWB senior adviser Karl Rove and Obama operative David Plouffe battling over Obamacare.

It is astounding that the Obama minions continue to use as an excuse for their complete disregard of the American people, the 2008 election of Barack Obama.  A note to Obama and his cronies, all has changed since the election. Your approval rating is gone and so is that of the Democrat party. A once 60% Obama approval rating is now in the mid 40′s. The people are strongly against Obamacare, yet Obama & his minions think they know better than “We the People”.

“We are going to be much better positioned politically…if we pass this,” David Plouffe, who managed Barack Obama’s campaign, told ABC’s Jon Karl this morning on “This Week.” “We had 15 million new voters vote in the 2008 election. These were people who were cynical that their vote really mattered. If we don’t pass health care, I think that sends a very depressing message,” Plouffe said. But, Plouffe insisted, if the bill passes “it’s going to be a very powerful message to them that the vote mattered and they ought to stay involved in politics.”

Americans want health care reform. However, Americans have made it clear in every poll that they DON’T WANT THIS HEALTHCARE REFORM.

While David Plouffe talked campaign rhetoric, Karl Rove rebutted with the facts. Many of these facts the American people are very well aware of as they do not trust Obamacare and the fact that it will increase the deficits.

Rove hit back: “Look, you have run up more deficit, before this bill, in the first 20 months and 11 days of your term in office then was done in the entire Bush years!”

“Don’t be lecturing us about what you’re doing with the profligate spending that started last year with the failed stimulus bill,” Rove said, “and continued with your budget increases.”

“You will bankrupt the country, if this bill passes!” Rove insisted.

Plouffe responded with another jab: “Karl and the Republicans have zero credibility – about as much credibility as the country of Greece does to talk about fiscal responsibility.”

Rove, brandishing a white board with health care cost figures, interrupted: “For God’s sake, will you stop throwing around epithets and deal with the facts for once, David!”

Even more interesting as pointed out by Hot Air,was that Plouffe never denied Rove’s accusations regarding double counting and other sleazy gimmicks.

… but what’s most interesting about this exchange is that Plouffe never rebuts the charges of double counting or the sleaziness of leaving out the planned “doc fix.” Either Plouffe’s implicitly admitting to it, or he’s out of his league when it comes to arguing on the accounting.

A note to The Raw Story, Plouffe was hardly a debating wizard on This Week. Rove may has lost his coll, but Plouffe lost the debate.

In the end and come the Fall 2010 midterms and the 2012 elections Democrats are not going to be able to defend that they defied the will of the People. Obama and Democrats have tried to portray Republicans as the party of No; however, as Rove pointed out the GOP was never allowed to the table. The American people wanted Congress to scrap the Obamcare bill and start over from scratch. Scott Brown was even elected in Massachusetts to be the 41st Senator to vote against Obamacare. Instead, Obama, Pelosi and Reid rammed health care down the throats of Americans.

“That’s bunk!” Rove interjected. “Republicans have offered a positive alternative on health care and you didn’t bother to have one meeting between March 5 of 2009 and February 25 of 2010 to discuss how the White House could involve some of those Republican ideas in the bill. Don’t give us that bunk,” Rove said.

See you in November folks …

House Republicans Vote to Ban All Earmarks … Return to Conservative Principles

FINALLY … a step in the right direction.

Have Republicans finally wizened up and returned to their Conservative principle? With Obama’s out of control spending and record deficits, Republicans better differentiate themselves from Democrats and mean it. A complete ban on pork spending … could it become a reality?

Could Republicans finally be returning to Conservative principle?

As stated by Another Black Conservative, the Democrats, in an attempt to put lipstick on their corruption pig, banned earmarks to private companies yesterday. Only private companies?

However, Republicans upped the ante and went all in as House Republicans voted to ban all earmarks. It is a move in the right direction as the pork spending must come to an end.

House Republicans approved a conference-wide moratorium on earmarks on Thursday, one day after a House committee enacted a ban on for-profit earmarks.

The Republicans’ moratorium is more extensive than the House Appropriations Committee’s ban in that it applies to all earmarks for all members of the caucus.

House Republican Conference Chairman Mike Pence (Ind.) hailed the decision in an interview on Fox News.

“Republicans did something very dramatic today that’s going to make it very uncomfortable for business as usual,” he said. “So now House Republicans are going to the American people and saying we want a clean break from the runaway spending in the past. And that’s going to be quite a contrast from this Congress and the administration.”

This is only the beginning, but at least it is a start. Republicans now need to emphasize Pay-Go and really mean it, not PAY IT FORWARD. It will be interesting how this legislation plays out in the political environment we are in and the record Obama budget deficits.

Obama Administration Ran Up Largest Monthly Budget Deficit in February in History

More “Hope and Change” … Thank you Mr. President.  Your policies are not the solutions to our economic problems, they are our problems.

For February, 2010 Barack Obama’s government ran up the largest monthly budget defict in history. THAT IS CORRECT, IN HISTORY!!!

The Treasury Department stated that the February deficit totaled $220.9 billion, 14% higher than the previous record set in February of last year. For the year in the first five months of this budget totals deficits are $651.6 billion or 10.5% higher than a year ago. Obama has the audacity to say that this spending was necessary to hold unemployment at 8%, yet we find it presently at 9.7%.

The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year’s record for the full year.

The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.

The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.

Read more

Hope & Change: CBO – Obama’s Record Budget Deficits Even Worse Than Thought, To Add $9.7 Trillion to US Debt by 2020 (+$1.2 Billion)

Good Grief … Obama and the Democrats are driving our economy off a cliff. What’s an extra $1.2 billion among friends?

No wonder only 25% of Americans say the country is heading in the right direction. After this news, that number will most likely be even lower. Confidence in the US economy is at the lowest point since Obama took office.

Barack Hussein Obama just continues to get the United States of America further and further into debt. Obama budget worsr than previously thought. The nonpartisan Congressional Budget Office (CBO) predicts that Obama’s budget plans would generate deficits $1.2 trillion more than predicted by the administration.

The Washington Post reports that President Obama’s policies would add more than $9.7 trillion to the national debt over the next decade. Obama is running this country into financial ruin. But of course it’s all Bush’s fault.

The 10-year outlook by the nonpartisan Congressional Budget Office is somewhat gloomier than White House projections, which found that Obama’s policies would add $8.5 trillion to the debt by 2020. While the two agencies are in relative agreement about the short-term budget picture, with both predicting a deficit of about $1.5 trillion this year and $1.3 trillion in 2011, the CBO is less optimistic about future years, predicting that deficits will grow rapidly after 2015.

Hey America, how is that “hopee, changee” thing working out for you? Want some news that will make you lose your appetite? These record deficits will be Obama’s undoing in 2012 and the Democrats destruction in 2010.

The new report predicts that debt held by investors, including China, would spike from $7.5 trillion at the end of last year to $20.3 trillion in 2020. That means interest payments would more than quadruple — from $209 billion this year, to $916 billion by the end of the decade.