Obama budget plan forecasts $1.75 trillion deficit

Obama budget plan forecasts $1.75 trillion deficit

www.reuters.com

WASHINGTON (Reuters) - President Barack Obama forecast the biggest U.S. deficit since World War Two in a budget on Thursday that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy's freefall.

An eye-popping $1.75 trillion deficit for the 2009 fiscal year is projected in Obama's first budget. That is equal to 12.3 percent of U.S. gross domestic product -- the largest share since 1945 when the country ran a shortfall of 21.5 percent of GDP.

(visit the link for the full news article)

Wow.

Simply amazing isn't it?

Obama can come out one day with a budget like this, and in a different speech he can claim that he will erase the deficit, and nobody questions it.

In total, this budget spends $11,833 for every American citizen.

This spending, combined with the nearly 1 Trillion in new taxes is a recipe for disaster.

www.reuters.com
(visit the link for the full news article)

Maybe he plans to do a lot of magic tricks like Bill Clinton did and not add in social security or use projections and estimations to show that he met his goal.

Either way, the true cost of government will continue to rise right along with the debt we owe.

It isn't surprising, just look at Bush over the last 8 years. The general public doesn't care about deficits or government debt, hardly a mention of it appeared at all during the campaign from what I saw.

Originally posted by nyk537
Obama can come out one day with a budget like this, and in a different speech he can claim that he will erase the deficit, and nobody questions it.

Well, it's easier to cut the deficit in half after you've quadrupled it

reply to post by ModernAcademia


LMFAO. Exactly, my friend. Its utterly amazing that the media isn't calling him on that 'cut the deficit in half' garbage. Wait, no it isn't.

I swear, I think we're living in a bad episode of the Twighlight Zone these days.

reply to post by vor78

oh he's just gonna tax the hades out of the "unfavored".....till all there is in this country are their favored little pets...

someone needs to start a thread so we discuss possible countries we can relocate to...

lol...because....between bush and this guy, there's not gonna be a USA anymore....or maybe it might be there hiding under all the debt the loons are creating...

seems more like a psychotic break than an episode of twilight zone. this newest appropriations bill proves that our entire congress led by the president and his cabinet seem to be dwelling entirely in some other version of reality. This spending spree started a long time ago but that doesn't justify what's been happening over the past month. Once that line was crossed, that line that made them at least hesitate about spending trllions that must be borrowed, they don't seem able to stop or even look at the nature of where the moey is going. now they tell us they are doing us a favor, that it's for our own good, that we must "invest in the future" and so on. I might swallow this if it weren't for the "spcial projects" in all these bills that represent re-election insurance for individual congressmen.

It might have started out as a problem in the housing industry compounded by derivatives that affected banking, but this unbridled spending of borrowed money is destroying this country.

Yes, there must be an america underneath all this where all the regular people are, working and being neighborly and raising families, but we seem to be losing access to it.

In the meantime, I watch House Hunters International to get ideas for that relocation. Granite countertops, open floor plan, sea view.

Maybe the numbers are so high because they've included the cost of the iraq war, which was previously excluded from the budget under the bush admin. He's being open and honest here...

reply to post by gopher mines


The US is spending somewhere around $100 billion yearly in Iraq. That's nowhere near enough to make up the gap. No, this is due to the financial bailouts, as well as Obama's $3.55 trillion budget proposal.

It's official:

OBAMA IS TRYING TO DESTROY THE ECONOMY

He's banking on 3.5 trillion damnit.

QUIT DEFENDING HIM THE WHOLE DAMN GOVERNMENT IS GOING CRAZY!!!!

The rug is being pulled out from under our feet and people aren't noticing.

CRIPES!!

He's purposely doing this to knock everyone to the same level..unfortunately WE WILL ALL BE POOR!.

EVERYONE will be looking to the government for help.

Our government is going to be SO FREAKING IMMENSE that all hope of TRUE Constitutional rights will be gone.

That's right I said it.

Go ahead...flame me.

It makes no damn sense what is happening right now. If people aren't figuring it out by now then there is NO HOPE.

Stop the insanity!

Dick Morris's take on obama's agenda:

Why does Obama preach gloom and doom? Because he is so anxious to cram through every last spending bill, tax increase on the so-called rich, new government regulation, and expansion of healthcare entitlement that he must preserve the atmosphere of crisis as a political necessity. Only by keeping us in a state of panic can he induce us to vote for trillion-dollar deficits and spending packages that send our national debt soaring.

And then there is the matter of blame. The deeper the mess goes — and the further down his rhetoric drives it — the more imperative it becomes to lay off the blame on Bush. He must perpetually “discover” — to his shock — how deep the crisis that he inherited runs, stoking global fears in the process.

So, having inherited a recession, his words are creating a depression. He entered office amid a disaster and he is transforming it into a catastrophe, all to pass every last bit of government spending and move us a bit further to the left before his political capital dwindles.

TheHill.com

Things have moved past just recovering from this faltering of our economy. obama's spending since his inauguration is probably already beyond our ability to recover from. The rest of the world used to criticize us for the war in iran and gtmo but soon our dollar will be worthless in the world market.

This congress has got to stop spending. It is insane.