Official: Obama plans to slash deficit in half

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Sanity -> Official: Obama plans to slash deficit in half (2/23/2009 6:10:27 AM)
Propaganda? Wishful thinking? Or does he really believe this is possible. quote: Official: Obama plans to slash deficit in half WASHINGTON – President Barack Obama has committed hundreds of billions of dollars to help revive the economy and is working on a plan to cut the federal deficit in half by the end of his first term. Obama will touch on his efforts to restore fiscal discipline at a White House fiscal policy summit on Monday and in an address to Congress on Tuesday. On Thursday he plans to send at least a summary of his first budget request to Capitol Hill. The bottom line, said an administration official Saturday, is to halve the federal deficit to $533 billion by the time his first term ends in 2013. He inherited a deficit of about $1.3 trillion from former President George W. Bush. The official, speaking on condition of anonymity because the president has not yet released his budget for the fiscal year 2010, which begins Oct. 1, said the deficit will be shrunk by scaling back Iraq war spending, ending the temporary tax breaks enacted by the Bush administration for those making $250,000 or more a year, and streamlining government. (Full article here).

SpinnerofTales -> RE: Official: Obama plans to slash deficit in half (2/23/2009 6:32:35 AM)
quote: ORIGINAL: Sanity Propaganda? Wishful thinking? Or does he really believe this is possible. quote: Official: Obama plans to slash deficit in half WASHINGTON – President Barack Obama has committed hundreds of billions of dollars to help revive the economy and is working on a plan to cut the federal deficit in half by the end of his first term. Obama will touch on his efforts to restore fiscal discipline at a White House fiscal policy summit on Monday and in an address to Congress on Tuesday. On Thursday he plans to send at least a summary of his first budget request to Capitol Hill. The bottom line, said an administration official Saturday, is to halve the federal deficit to $533 billion by the time his first term ends in 2013. He inherited a deficit of about $1.3 trillion from former President George W. Bush. The official, speaking on condition of anonymity because the president has not yet released his budget for the fiscal year 2010, which begins Oct. 1, said the deficit will be shrunk by scaling back Iraq war spending, ending the temporary tax breaks enacted by the Bush administration for those making $250,000 or more a year, and streamlining government. (Full article here). I think he's going to make a good try at it.....and, if you'll notice, that is JUST what he promised to do in his campaign. I think Obama is very well aware that the economic stimulus is "putting out the fire" while the reduction of deficit and restructuring of expenditures is the "rebuilding the house so we can live in it again." All in all, can anyone, especially a conservative, say that the idea of cutting the deficit is a BAD thing to try for? I will sit back now and listen to all the nay sayers shouting about how we should automatically assume he's lying, incapable and generally how only tax cuts, military spending and a total revocation of the social safety net can accomplish any worthwhile economic goals.

TheHeretic -> RE: Official: Obama plans to slash deficit in half (2/23/2009 7:02:51 AM)
Well, Sanity, there isn't any question that getting the deficit under control is something that has to happen, and soon. The question is what methodology President Obama plans to use to make it happen. Any savings from Iraq are going to get poured into Afghanistan (and then some), and "streamlining" government isn't something I've seen any evidence of from him. That leaves tax increases presented with a lot of spin. We saw during the campaign what happens when it turns out he needs more money than he thought he would. He goes out and gets more money. (For the slow or forgetful, that is a reference to his broken pledge on how he would finance the campaign.) Fuckit. I have to go to work. Millions on welfare are depending on me.

Sanity -> RE: Official: Obama plans to slash deficit in half (2/23/2009 7:04:48 AM)
Thank you Rich, for your thoughtful analysis.

rexrgisformidoni -> RE: Official: Obama plans to slash deficit in half (2/23/2009 7:10:42 AM)
I don't see how he plans on doing that having just spent a trillion plus dollars on a stimulus package that may or may not work. If it doesn't, then what? Another stimulus, this time bigger and bolder than before? More public debt, more years for our children and grandchildren to pay for our mess. As for streamlining the government, wouldn't that put a shitload of people out of work? Just when he said we need to keep people working he talks of streamlining. Nice. Anyhow, I am going to ponder this along with some other things, then take a nap.

Coldwarrior57 -> RE: Official: Obama plans to slash deficit in half (2/23/2009 8:23:48 AM)
its called I dance a little side step! he wants to cut the deficit but he added close to 10 % on the national debt. I now understand that hope n CHANGE part. the change was to go from tax n spend to spend then tax.

Mercnbeth -> RE: Official: Obama plans to slash deficit in half (2/23/2009 9:30:24 AM)
quote: Propaganda? Wishful thinking? How about delusional? Considering the actions and details of President Obama's plan, I'd compare it to announcing you are going on a diet and expect to lose 25 pounds while chomping down of the first bite of the 3 extra large Pizzas you just had delivered to your house with extra cheese, pepperoni, and a case of coke to wash it down.

rexrgisformidoni -> RE: Official: Obama plans to slash deficit in half (2/23/2009 9:34:11 AM)
quote: ORIGINAL: Mercnbeth quote: Propaganda? Wishful thinking? How about delusional? Considering the actions and details of President Obama's plan, I'd compare it to announcing you are going on a diet and expect to lose 25 pounds while chomping down of the first bite of the 3 extra large Pizzas you just had delivered to your house with extra cheese, pepperoni, and a case of coke to wash it down. hahahahah nice analogy!

slaveboy291 -> RE: Official: Obama plans to slash deficit in half (2/23/2009 9:54:06 AM)
quote: ORIGINAL: Mercnbeth quote: Propaganda? Wishful thinking? How about delusional? Considering the actions and details of President Obama's plan, I'd compare it to announcing you are going on a diet and expect to lose 25 pounds while chomping down of the first bite of the 3 extra large Pizzas you just had delivered to your house with extra cheese, pepperoni, and a case of coke to wash it down. How do you figure? Is he borrowing more money? If he's not, he's not adding to the deficit(deficit is how much is borrowed each year) how is the analogy relevent? quote: its called I dance a little side step! he wants to cut the deficit but he added close to 10 % on the national debt. I now understand that hope n CHANGE part. the change was to go from tax n spend to spend then tax. Awwe what's the matter? Upset that he's trying to clean up the mess created by the idiot before him? You prefer Bush's borrow and spend policy which would've made the deficit even higher and continue to add to the debt as well? And how did he add to the debt? The debt is created by the deficit. The deficit he inherited from Bush, he didn't create the deficit.

rexrgisformidoni -> RE: Official: Obama plans to slash deficit in half (2/23/2009 9:59:13 AM)
quote: ORIGINAL: slaveboy291 quote: ORIGINAL: Mercnbeth quote: Propaganda? Wishful thinking? How about delusional? Considering the actions and details of President Obama's plan, I'd compare it to announcing you are going on a diet and expect to lose 25 pounds while chomping down of the first bite of the 3 extra large Pizzas you just had delivered to your house with extra cheese, pepperoni, and a case of coke to wash it down. How do you figure? Is he borrowing more money? If he's not, he's not adding to the deficit(deficit is how much is borrowed each year) how is the analogy relevent? quote: its called I dance a little side step! he wants to cut the deficit but he added close to 10 % on the national debt. I now understand that hope n CHANGE part. the change was to go from tax n spend to spend then tax. Awwe what's the matter? Upset that he's trying to clean up the mess created by the idiot before him? You prefer Bush's borrow and spend policy which would've made the deficit even higher and continue to add to the debt as well? And how did he add to the debt? The debt is created by the deficit. The deficit he inherited from Bush, he didn't create the deficit. so um, where is his pile o' cash coming from? Its kind of hard to just conjure up a trillion dollars or I would have already.

slaveboy291 -> RE: Official: Obama plans to slash deficit in half (2/23/2009 10:08:14 AM)
You don't elimitate the deficit by paying it off like the debt. You do so by cutting spending. Do you know what a deficit is? A person makes $5000 a month Person spends 5500 He's spending $500 more than he takes in. That $500 is his deficit. How do you stop it? Borrow another $500? No, you spend within your means and don't overspend. Now if he was talking about the debt, and therefore was borrowing to pay down the debt maybe you'd have an argument. But you don't pay down the deficit, you reduce it by reducing your spending and spending within your means(how much money you take in with taxes) something Bush didn't do. And the deficit becomes the debt.

rexrgisformidoni -> RE: Official: Obama plans to slash deficit in half (2/23/2009 10:26:14 AM)
why yes I do know the difference, and in my opinion, the difference is marginal at best. The thing is, the government never spends within its means. ever. even getting out iraq and letting the bush tax cuts expire will help all that much, he just added another trillion dollars to the government balance sheet that somehow has to be paid for. I know people will say I am wrong and stupid and bla bla bla, but like I said, I fail to see the difference between the two. Maybe he'll just fart out the money.

SpinnerofTales -> RE: Official: Obama plans to slash deficit in half (2/23/2009 11:16:37 AM)
I have one question: If Obama DOES manage to pull this off. If he a) manages to see us through this economic meltdown and b) manage to cut the deficit in half, what are all you hopping mad conservatives going to say then? I want to see who has the guts to say that THEN they would be happier..and in 2013, believe me, I'll be checking

slaveboy291 -> RE: Official: Obama plans to slash deficit in half (2/23/2009 11:19:43 AM)
No he did not, there's still a trillion dollar deficit and any money from that deficit that's added to the debt, is not his fault because he's not the one who ran up the deficit and you cannot elimiate a trillion dollar deficit in little over a month that he's been in office. Once again, you try to blame him for something that was Bush's fault and failed miserably. He didn't create this mess. He inherited it, and as I said it's gonna take quite a while to clean up the mess left over by 8yrs of incompetent "leadership"

MasterShake69 -> RE: Official: Obama plans to slash deficit in half (2/23/2009 11:19:58 AM)
lets see in a recession you are going to raise taxes in order to cut the deficit. Which economic theory is he following? You cant just tax you way out of debt. What areas are you going to cut back in spending? Now we know Obama wants to cut military spending by about 10%. Where are the other cuts in programs?

Sanity -> RE: Official: Obama plans to slash deficit in half (2/23/2009 11:23:40 AM)
Bill Clinton came out the other day and urged Obama to show us the hope because all we were hearing from Obama was fearmongering gloom and doom, and every time he or anyone in his administration (or even on his side of the aisle) said or did anything the stock market would plunge a lot further down, or some other part of the economy would suffer. So maybe this is "showing us the hope" - spinning fairy tales about balancing the budget while flushing a trillion dollars down the hole. Madness. It's madness. Hillary is in China, ignoring their horrible civil rights violations because it's more important she begs them to lend us more money. Come again? Hillary is begging the Chinese for money but (really really) there's a plan in the works to balance the budget? Either everyone that's a part of this administration are utter fools, or they think we all are because if Obama truly intend to balance the budget, he's moving at mach speed going the wrong way down a one-way road. quote: ORIGINAL: Mercnbeth quote: Propaganda? Wishful thinking? How about delusional? Considering the actions and details of President Obama's plan, I'd compare it to announcing you are going on a diet and expect to lose 25 pounds while chomping down of the first bite of the 3 extra large Pizzas you just had delivered to your house with extra cheese, pepperoni, and a case of coke to wash it down.

rulemylife -> RE: Official: Obama plans to slash deficit in half (2/23/2009 11:27:00 AM)
quote: ORIGINAL: rexrgisformidoni why yes I do know the difference, and in my opinion, the difference is marginal at best. The thing is, the government never spends within its means. ever. even getting out iraq and letting the bush tax cuts expire will help all that much, he just added another trillion dollars to the government balance sheet that somehow has to be paid for. I know people will say I am wrong and stupid and bla bla bla, but like I said, I fail to see the difference between the two. Maybe he'll just fart out the money. If you remember, one of Bush's first acts in office was a 1.6 trillion dollar tax cut. Double the current stimulus package. Yet, the same people who applauded that are complaining of spending on the stimulus, even though they have the same net result to the national debt.

rulemylife -> RE: Official: Obama plans to slash deficit in half (2/23/2009 11:33:12 AM)
quote: ORIGINAL: SpinnerofTales I have one question: If Obama DOES manage to pull this off. If he a) manages to see us through this economic meltdown and b) manage to cut the deficit in half, what are all you hopping mad conservatives going to say then? I want to see who has the guts to say that THEN they would be happier..and in 2013, believe me, I'll be checking Not to worry, if that happens then it will be a result of the Bush tax cuts finally working their magic. Just like the economic success under Clinton was actually the lasting effects of Reaganomics. Just like the New Deal actually prolonged the Great Depression. There will always be some ridiculous spin to prove any Democrat policy is a failure.

SpinnerofTales -> RE: Official: Obama plans to slash deficit in half (2/23/2009 11:37:02 AM)
quote: lets see in a recession you are going to raise taxes in order to cut the deficit. Which economic theory is he following? You cant just tax you way out of debt. What areas are you going to cut back in spending? No, Shake...first you get the economy out of it's tailspin with an injection of much needed liquidity. Then, when the economy is stable again, you take out the liquidity. During this you figure out a way to turn a deficit into a surplus....now who was it who last had us with a government surplus? Reagan? no...that's not it....Bush the Elder.....nope, nope...he isn't who I'm thinking of. Bush the Younger....damn...he wasn't it either....oh yeah...I remember...it was Clinton...I suppose no one was reading the Wall Street Journal when they were so busy reading about his sex life in the Post.

SilverMark -> RE: Official: Obama plans to slash deficit in half (2/23/2009 11:37:46 AM)
quote: ORIGINAL: Mercnbeth quote: Propaganda? Wishful thinking? How about delusional? Considering the actions and details of President Obama's plan, I'd compare it to announcing you are going on a diet and expect to lose 25 pounds while chomping down of the first bite of the 3 extra large Pizzas you just had delivered to your house with extra cheese, pepperoni, and a case of coke to wash it down. When does my pizza get here Merc?....

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