President Barack Obama’s New Budget: $1.65 Trillion Deficit for This Year

LEADERSHIP?

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.

GOP Senate Minority Leader Mitch McConnell Declared that the Obama Agenda is Over

Senate Minority Leader Mitch McConnell declared in a speech over the weekend that President Barack Obama’s legislative agenda was over. Funny, I thought the American public told that to the Democrats and Obama in the 2010 midterm elections when “We the People” overwhelmingly voted out Democrats in the House, Senate, Governors and state legislatures.

Senate Minority Leader Mitch McConnell declared Saturday that President Barack Obama’s legislative agenda is “over,” but said GOP lawmakers are willing to work with the White House to do what they “think is right for America.”

In a speech Saturday night to a GOP crowd in his hometown, the Kentucky Republican derided Obama for performing “Clintonian back flips” to portray himself as a moderate, but said it’s yet to be seen whether the new tone is “rhetoric or reality.”

The days of Obama and Democrat spending are over, yet some how they just did not get the message. As reported at The Hill,  Obama budget falls far short of debt commission savings plan.

President Obama’s 2012 budget request to be released on Monday will reduce budget deficits over the next decade by only a quarter of the amount proposed by the presidential debt commission in December, a senior administration official confirmed Sunday.

Obama Offer Spending Freeze as CBO Says this Year’s Budget Deficit to hit $1.5 TRILLION!!!

$1.5 TRILLION!!!

The CBO,  Congressional Budget Office, has predicted that this years federal budget defict will be 1.5 trillion, with a “T”.  This is the forecast and all President Obama offered in last night’s SOTU speech was to “freeze” discretionary spending for the next five years. That’s it, a freeze? Sorry, much more is going to have to be done than a freeze. Let’s see if Obama provides any leadership to do the tough work or is he just worried about reelection.

A new estimate predicts the federal budget deficit will hit almost $1.5 trillion this year, a stunning new record.

The latest figures from the Congressional Budget Office are up from previous estimates because Congress and President Barack Obama teamed up in December on bipartisan legislation to extend Bush-era tax cuts that were due to expire. The new estimates will only add fuel to a raging debate over cutting spending and looming legislation that’s required to allow the government to borrow more money.

As reported at The Hill, the increase in the deficit would bring it to 9.8 percent of gross domestic product. The CBO’s projections assume that current laws remain unchanged.

The CBO’s projections assume that current laws remain unchanged. If the nation continues on its current path, the CBO said, the total national debt will rise from 40 percent of GDP in 2008 to 70 percent by the end of 2011, reaching 77 percent of GDP by 2021.

Other bleak news from our economy after Obama stated that “the state of the nation” was good.

• New-home sales in 2010 fall to lowest in 47 years.

The Commerce Department says sales for all of 2010 totaled 321,000, a drop of 14.4 percent from the 375,000 homes sold in 2009. It was the fifth consecutive year that sales have declined after hitting record highs for the five previous years when the housing market was booming.

Economists say it could be years before sales hit a healthy rate of 600,000 units a year.

• DOLLAR CRUMBLES After Obama’s Disappointing SOTU Performance
• 9.4% Unemployment when everyone knows that the actual rate is much higher.
• Underemployment at near 20%. (Gallup poll)

Before Obama’s SOTU … Republicans Pass Non Binding Spending Cuts by The 256-165 Bi-Partisan Vote

Just hours before President Obama delivered the SOTU, the GOP House of Representatives passed a non-binding, bi-partisan spending cut measure that would cut federal budget to 2008 levels or less by a 256 to 165 vote. Seventeen Democrats cross party lines and voted with the GOP. Its all about the spending and cutting the federal deficit, which party is going to be perceived as not being serious about reducing the deficit? The loser of this issue loses badly in 2012.

Just hours before President Obama delivers his State of the Union Address, the GOP-led House easily endorsed cutting the federal budget to 2008 levels or less.

House Speaker John Boehner, left, and Majority Leader Eric Cantor, right, talk to reporters about the federal budget. The 256-165 vote was aimed at getting Democrats to go on record about federal spending, a key issue in the 2010 election that helped Republicans take the House majority.

Seventeen Democrats, most members of the fiscally conservative Blue Dog Coalition, sided with 239 Republicans to pass the non-binding measure.

Earlier today, President Barack Obama released part of his SOTU that stated that he would ask for a spending freeze fopr the next 5 years. Wow, Mr. President, that will amount to nothing. It is the same old promises from the past when it comes to spending. Of course this year Obama will call it “investing”, not spending. So we are supposed to believe that Obama has become a fiscal hawk … hardly as so aptly stated by Protein Wisdom, “Freezing the budget after increasing discretionary domestic spending by 84% is hardly a sacrifice”.

Pursuing a path of deficit reduction and government reform, President Obama will tonight in his State of the Union address call for a ban on earmarks and he will propose a five year budget freeze on non-security related discretionary spending, ABC News has learned.

77% of Americans Agreee with Tea Party and not Democrats … Want to Cut Spending

Once again a majority of Americans are on the side of the Tea Party …

In a recent CBS poll, 77% of Americans agree with the Tea Party platform of cutting spending rather than raising taxes in order to cut he federal deficit. Only 9% said they wanted to raise taxes. The full poll can be seen HERE (pdf). The American public has lost their appetite for out of control government spending. I guess its fair to say that the folks in Illinois are livid over ther soon to be 66% tax increase.

 A new CBS News poll finds that Americans strongly prefer cutting spending to raising taxes to reduce the federal deficit. While 77 percent prefer to cut spending, just nine percent call for raising taxes. Another nine percent want to do both.

Yet most Americans could not volunteer a program they’d be willing to see cut in order to reduce the deficit – only 38 percent could name a program they would support cutting. The top responses were military/defense (six percent), Social Security/Medicare (four percent) and welfare/food stamps (four percent).

However, Americans are more willing to consider cuts when presented with specific ideas, as the chart above illustrates. The most popular ideas for reducing the deficit are to reduce Social Security benefits for the wealthy, reduce the money allocated to projects in their own community, reduce farm subsidies and reduce defense spending. More than 50 percent supported reductions in each of those programs.

Weasel Zippers could not have stated it any better, In related news, 77% of Americans are now considered extremist teabaggers by the left. I guess its easy to see why Democrats were hammered in the 2010 election and if they keep it up will not fair any better in 2012.