Here It Comes - $1.75 Trillion Deficit This Year

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ThatDamnedPanda -> Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 7:32:31 AM)
quote: WASHINGTON (Reuters) - President Barack Obama will forecast the biggest U.S. deficit since World War Two in a budget 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, according to U.S. officials who briefed reporters on the numbers.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... A big challenge for Obama will be selling the budget to lawmakers, some of whom may resist cuts to such programs as farm subsidies that are popular in Congress."There's no doubt that there are going to be things that we do that are going to create some political heartburn," one official said."But our fundamental mission is restore the health of the economy, put the budget on a better (footing) moving forward." Your Check, Sir OK, I voted for the man. I still support him, believe it or not. But 1.75 trillion dollars? Who is going to buy that debt? Where is the money going to come from?

Crush -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 7:33:11 AM)
Hey, spending this year is only $10,000 PER PERSON .... No Change ... real money....

BoiJen -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 7:51:40 AM)
Obama already said where he'll get the money from... http://news.yahoo.com/s/ap/obama_budget "President Barack Obama is sending Congress a "hard choices" budget that would boost taxes on the wealthy and curtail Medicare payments to insurance companies and hospitals to make way for a $634 billion down payment on universal health care." I applaud him. The wealthy have been reaping the benefits of a fucked up system for 8 years...time to pay the piper.

Coldwarrior57 -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 8:02:04 AM)
quote: ORIGINAL: ThatDamnedPanda quote: WASHINGTON (Reuters) - President Barack Obama will forecast the biggest U.S. deficit since World War Two in a budget 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, according to U.S. officials who briefed reporters on the numbers.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... A big challenge for Obama will be selling the budget to lawmakers, some of whom may resist cuts to such programs as farm subsidies that are popular in Congress."There's no doubt that there are going to be things that we do that are going to create some political heartburn," one official said."But our fundamental mission is restore the health of the economy, put the budget on a better (footing) moving forward." Your Check, Sir OK, I voted for the man. I still support him, believe it or not. But 1.75 trillion dollars? Who is going to buy that debt? Where is the money going to come from? well its going to come from you , your kids, your grand kids. and mine and every one else. I heard that he wants to raise taxes on the RICH , but that will only cover a third, and now his health care can cost a billion a year. Get ready for HIGHER taxes for every one, and or higher prices for things. If the gov raises my taxes , I am going to do a rate increase on my customers. then will raise their prices to YOU. yes and the 2010 budget. Up to $4T budget includes *$750B for more bank bailouts*, and $634B as downpayment on health care, paid for by ending Bush tax cuts.

came4U -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 8:02:35 AM)
Obama needs to learn the tricks of the trade from this woman: http://www.cbc.ca/mercerreport/video.html 88 Year old Mayor Hazel McCallion for 31 years (11 terms) and lasted through 8 Prime Ministers, Created one of the few debt free cities with 700 million in reserve funds available for use. Obama should have visited Mississauga instead of Ottawa to hang with this hot chick.

Mercnbeth -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 8:12:10 AM)
quote: Taxpayers for Common Sense calculates that there are an astonishing 8,570 earmarks at a cost of $7.7 billion. 1.7 million for "Swine Odor and Manure Management Research." That's on top of $1.9 million in each of the last two years, or nearly $6 million over the last three years. Polynesian Voyaging Society of Honolulu, which got a $238,000 "earmark" in the bill. New York got its share of earmarks, among them $475,000 to "improve and expand" the Italian American Museum in Little Italy. Source: Bi-partisan pork. A Ten year reality: quote: Based on budget scenarios outlined by House Speaker Nancy Pelosi, California Democrat, federal budget deficits will average $870 billion for the next 10 years, according to a new analysis by the nonpartisan Congressional Budget Office (CBO). Source: TEN YEAR REALITY

Coldwarrior57 -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:01:45 AM)
quote: ORIGINAL: Mercnbeth quote: Taxpayers for Common Sense calculates that there are an astonishing 8,570 earmarks at a cost of $7.7 billion. 1.7 million for "Swine Odor and Manure Management Research." That's on top of $1.9 million in each of the last two years, or nearly $6 million over the last three years. Polynesian Voyaging Society of Honolulu, which got a $238,000 "earmark" in the bill. New York got its share of earmarks, among them $475,000 to "improve and expand" the Italian American Museum in Little Italy. Source: Bi-partisan pork. A Ten year reality: quote: Based on budget scenarios outlined by House Speaker Nancy Pelosi, California Democrat, federal budget deficits will average $870 billion for the next 10 years, according to a new analysis by the nonpartisan Congressional Budget Office (CBO). Source: TEN YEAR REALITY american people dont care about pork. ROFLMAO

slvemike4u -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:03:14 AM)
It is amusing to see the new found worry for the deficit being bantered about by the right. Running 2 wars while cutting taxes for the rich was okie dokie. Trying to put the economy back on track and help out the middle class(disappearing?) and the howling begins......Priceless.

Coldwarrior57 -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:15:12 AM)
quote: ORIGINAL: slvemike4u It is amusing to see the new found worry for the deficit being bantered about by the right. Running 2 wars while cutting taxes for the rich was okie dokie. Trying to put the economy back on track and help out the middle class(disappearing?) and the howling begins......Priceless. helping the middle class? keep following the shiney object. taking money from the rich and giving it to the people that didnt make , is steeling. Gov sanction but still steeling none the less the 3 percent of americans pay 40 % of the tax. Under our wonderfull constitution we are all equal in the eyes of the law. We should all pay the same amount. no one should pay more then their brother or sister. this means that EVERY ONE should pay! of the 280,000,000 every one should pay the same amount. the Gov should NOT be able to raise taxes on any group and should learn to live with in its means.

BoiJen -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:17:05 AM)
stealing....dictionary please

slvemike4u -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:21:17 AM)
So the burgeoning disparity between the haves and the have-nots that took place during the Bush administration is okay with you Coldwarrior As I said Priceless.

MrRodgers -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:22:12 AM)
quote: ORIGINAL: Coldwarrior57 quote: ORIGINAL: ThatDamnedPanda quote: WASHINGTON (Reuters) - President Barack Obama will forecast the biggest U.S. deficit since World War Two in a budget 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, according to U.S. officials who briefed reporters on the numbers.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... A big challenge for Obama will be selling the budget to lawmakers, some of whom may resist cuts to such programs as farm subsidies that are popular in Congress."There's no doubt that there are going to be things that we do that are going to create some political heartburn," one official said."But our fundamental mission is restore the health of the economy, put the budget on a better (footing) moving forward." Your Check, Sir OK, I voted for the man. I still support him, believe it or not. But 1.75 trillion dollars? Who is going to buy that debt? Where is the money going to come from? well its going to come from you , your kids, your grand kids. and mine and every one else. I heard that he wants to raise taxes on the RICH , but that will only cover a third, and now his health care can cost a billion a year. Get ready for HIGHER taxes for every one, and or higher prices for things. If the gov raises my taxes , I am going to do a rate increase on my customers. then will raise their prices to YOU. yes and the 2010 budget. Up to $4T budget includes *$750B for more bank bailouts*, and $634B as downpayment on health care, paid for by ending Bush tax cuts. Yep, all of this money is going to come from the same place that all of the money was going to come from for all of the previous borrowing and spending. The first bank bailout, the war, a prescription drug benefit and the usual pentagon obsession with more cold war toys. The only exception being the expiration of Bushes tax cuts. That's ok, billions were made with all of those billions and that's where the real money is now and has been anyway.

Owner59 -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:36:39 AM)
This is where the money`s going to come from. Takes about ten minutes to listen.It`s really quite unbelievable.Look for the term"liar loans". The "giant(or Global) pool of money".Or in other words,all the money in the world, saved or held in investments,70 trillion dollars,is where the money will come from. Ironically,it`s the same source of our underlaying problems. Interesting fact.Took the world a few centuries to get to 36 trillion.In the last 6-7 years,that amount doubled to over 70 trillion.Wow.

slaveboy291 -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:41:23 AM)
Keep grasping at those straws Merc and Coldwarrior. Maybe one day you'll have something legit to say. And maybe one day I might grow another ass. The desperation tactitics of the right continue.

MrRodgers -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:43:06 AM)
quote: ORIGINAL: Coldwarrior57 quote: ORIGINAL: slvemike4u It is amusing to see the new found worry for the deficit being bantered about by the right. Running 2 wars while cutting taxes for the rich was okie dokie. Trying to put the economy back on track and help out the middle class(disappearing?) and the howling begins......Priceless. helping the middle class? keep following the shiney object. taking money from the rich and giving it to the people that didnt make , is steeling. Gov sanction but still steeling none the less the 3 percent of americans pay 40 % of the tax. Under our wonderfull constitution we are all equal in the eyes of the law. We should all pay the same amount. no one should pay more then their brother or sister. this means that EVERY ONE should pay! of the 280,000,000 every one should pay the same amount. the Gov should NOT be able to raise taxes on any group and should learn to live with in its means. I generally agree but the top ONE PERCENT have a net worth equal to the 'poorest' get this...95%. When I own 95% of the wealth in this country and pay 40% of the taxes on its earnings...I...I have by far the best deal. Example...the bottom 50% HALF of the workers in this country own ONE PERCENT of the stock. As for tax 'fairness' and a flat rate, that would be fought and fought hard by the wealthy as they have already indicated. Suppose we had a flat rate of say 20-25% same rate for everybody yet less than now and soon for the wealthiest and more for the working middle class let's call them. That would represent an actual increase in capital gains taxes and most of the top 10-15% make most of their money in tax free bonds, treasuries and cap. gains. Didn't Teresa Kerry (John's wife) pay about 10-11% on $5 million ONE YEAR ? Disscussions around raising capital gains had the investor class right away throwing money at Hillary and Schumer in NY while both still in the senate...and the issue died an early death.

thishereboi -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:43:56 AM)
quote: ORIGINAL: slvemike4u It is amusing to see the new found worry for the deficit being bantered about by the right. Running 2 wars while cutting taxes for the rich was okie dokie. Trying to put the economy back on track and help out the middle class(disappearing?) and the howling begins......Priceless. Is this going to be the standard reply now....it's ok if Obama does this because ya know Bush was a real asshole. Sorry but as excuses go, that one is real lame. How about showing us that change didn't just refer to the party in the big office. It meant he was going to do things differently.

Mercnbeth -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 9:50:54 AM)
quote: ORIGINAL: slaveboy291 Keep grasping at those straws Merc and Coldwarrior. Maybe one day you'll have something legit to say. And maybe one day I might grow another ass. The desperation tactitics of the right continue. sb, It requires a mind set and focus such as yours to answer any points of fact with name calling and dismissal without rebuttal in kind. I'm glad I don't have it. Whether you grow another ass must be material to you. To me, a commitment to spend at a rate generating an annual deficit of $850 Billion for the next ten years is a more worthy subject of discussion. It seems the only "desperation" involved in on your side of the issue, tying to reconcile to the same numbers I am. Also dissimilar to you. I have no 'side'. I look at numbers both now and projected; create an opinion and take pragmatic action based upon it. Honestly, I'd like to see an alternative analysis, but not one has been forthcoming, even from those usually supporting Administration rhetoric. All I see is people like you - no argument, a lot of angst, and nothing to discuss but your "ass". Good luck in hopes of growing another one; perhaps you'll find a counter point from within it.

rulemylife -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 11:12:10 AM)
quote: ORIGINAL: Mercnbeth A Ten year reality: quote: Based on budget scenarios outlined by House Speaker Nancy Pelosi, California Democrat, federal budget deficits will average $870 billion for the next 10 years, according to a new analysis by the nonpartisan Congressional Budget Office (CBO). Source: TEN YEAR REALITY Reality? Congressional Budget Office ten-year estimates are as reliable as weather forecasts for five days from now. In 2001 the CBO estimated budget surpluses to continue through 2011. How did that work out?

slvemike4u -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 11:18:59 AM)
quote: ORIGINAL: thishereboi quote: ORIGINAL: slvemike4u It is amusing to see the new found worry for the deficit being bantered about by the right. Running 2 wars while cutting taxes for the rich was okie dokie. Trying to put the economy back on track and help out the middle class(disappearing?) and the howling begins......Priceless. Is this going to be the standard reply now....it's ok if Obama does this because ya know Bush was a real asshole. Sorry but as excuses go, that one is real lame. How about showing us that change didn't just refer to the party in the big office. It meant he was going to do things differently. When posters who didn't give a rats ass where the money for Bush's war was coming from stop acting like newly minted fiscal conservatives I will stop pointing this out.Does that work for you Boi.

Mercnbeth -> RE: Here It Comes - $1.75 Trillion Deficit This Year (2/26/2009 11:30:36 AM)
quote: ORIGINAL: rulemylife quote: ORIGINAL: Mercnbeth A Ten year reality: quote: Based on budget scenarios outlined by House Speaker Nancy Pelosi, California Democrat, federal budget deficits will average $870 billion for the next 10 years, according to a new analysis by the nonpartisan Congressional Budget Office (CBO). Source: TEN YEAR REALITY Reality? Congressional Budget Office ten-year estimates are as reliable as weather forecasts for five days from now. Regarding weather - do you have the same opinion on the 'global warming' religion's predictions coming from a source with no historical reference? Seems this Administration is basing much more on those predictions without any, and in contradiction to, historical observation. quote: In 2001 the CBO estimated budget surpluses to continue through 2011. How did that work out? Well, you really got me there - I guess I have to agree you really pointed out how reliable the information published by a source, such as the independent and non-political CBO, is. It can not be argued - They didn't foresee a hole in the ground where two large office buildings used to be. I doubt they put it into consideration this time either. However, that would make their prediction an underestimation, and not support the use of that historical reference as a contention that this prediction is wrong.

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