rushmc 23 #1 August 21, 2009 Yet another copy paste supject line that (in billvons opinon) makes me a liar! http://www.reuters.com/article/newsOne/idUSTRE57K4XE20090821 QuoteBy Jeff Mason WASHINGTON (Reuters) - The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday. The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama's opponents, who say his spending plans are too expensive in light of budget shortfalls. The White House took heat for sticking with its $7.108 trillion forecast earlier this year after the Congressional Budget Office forecast that deficits between 2010 and 2019 would total $9.1 trillion. "The new forecasts are based on new data that reflect how severe the economic downturn was in the late fall of last year and the winter of this year," said the administration official, who is familiar with the budget mid-session review that is slated to be released next week. "Our budget projections are now in line with the spring and summer projections that the Congressional Budget Office put out." The White House budget office will also lower its deficit forecast for this fiscal year, which ends September 30, to $1.58 trillion from $1.84 trillion next week after removing $250 billion set aside for bank bailouts. Record-breaking deficits have raised concerns about America's ability to finance its debt and whether the United States can maintain its top-tier AAA credit rating. Politically, the deficit has been an albatross for Obama, a Democrat who is pushing forward with plans to overhaul the U.S. healthcare industry -- an initiative that could cost up to $1 trillion over 10 years -- and other promises, including reforming education and how the country handles energy. DEFICIT WORRIES Republicans have pounced on Obama for planning to spend too much when deficits are so high, and the issue is likely to loom large in next year's Congressional elections. Obama, who has promised to halve the deficit by the end of his four-year term and likes to remind constituents he inherited a $1.3 trillion deficit from former President George W. Bush, says bringing down healthcare costs is critical to long-term deficit reduction. Treasury markets have been worried all year about the mounting deficit. The United States relies on large foreign buyers such as China and Japan to cheaply finance its debt, and they may demand higher interest rates if they begin to doubt that the government can control its deficits. "It's one of those underlying pieces of news that is liable to haunt the bond market at some point in the future," said Kim Rupert, managing director of global fixed income analysis at Action Economics LLC in San Francisco, referring to the revised 10-year deficit projection. Many economists think it is unlikely the government can curtail spending, which means taxes would have to go up to cover the rising costs of providing retirement and healthcare benefits to aging Americans. Higher taxes, which could slow economic growth, are also a major concern of voters on both sides of the political divide. Obama has promised not to raise taxes on Americans making less than $250,000 a year. "America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
downwardspiral 0 #2 August 21, 2009 but I saved us $1 Tri over the next 10 years. Anyone wanna guess who said that prior to release of this news?www.FourWheelerHB.com Quote Share this post Link to post Share on other sites
rushmc 23 #3 August 21, 2009 And here I expected the first reply to say "It is Bush's fault"! Damn you "America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
billvon 3,120 #4 August 21, 2009 Good to see that you've finally stopped worshiping presidents who can't seem to stop spending! A little late, but better late than never. Quote Share this post Link to post Share on other sites
downwardspiral 0 #5 August 21, 2009 Quote And here I expected the first reply to say "It is Bush's fault"! Damn you Oh shit.... sorry. I will wait next time. For now you'll have to be satisfied with the "Bush did it too!" on the 2nd 3rd reply. www.FourWheelerHB.com Quote Share this post Link to post Share on other sites
rushmc 23 #6 August 21, 2009 Quote Good to see that you've finally stopped worshiping presidents who can't seem to stop spending! A little late, but better late than never. dude, I did not like it when Bush was doing itBetter go back and review the threads. I DID support him on his war spending. More americans are living today because of itI have to say, it has been another good day"America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
rushmc 23 #7 August 21, 2009 Quote Quote And here I expected the first reply to say "It is Bush's fault"! Damn you Oh shit.... sorry. I will wait next time. For now you'll have to be satisfied with the "Bush did it too!" on the 2nd 3rd reply. "America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
kelpdiver 2 #8 August 21, 2009 Quote Quote Good to see that you've finally stopped worshiping presidents who can't seem to stop spending! A little late, but better late than never. dude, I did not like it when Bush was doing it... I DID support him on his war spending. More americans are living today because of it So what you're really saying is deficit spending is fine, so long it is for things you approve of. That's why both parties continue to run red ink. As for the headline - look to the bright side - should be another guarantee that the current health care proposals will go nowhere. Quote Share this post Link to post Share on other sites
billvon 3,120 #9 August 21, 2009 >I DID support him on his war spending. Yep. So you support spending hundreds of billions that went towards the deaths of 4000 Americans and tens of thousands of Iraqis, but object to saving the lives of those who can't afford healthcare. I guess that exposes the difference in our values. Quote Share this post Link to post Share on other sites
SkyChimp 0 #10 August 21, 2009 QuoteQuote>I DID support him on his war spending. Yep. So you support spending hundreds of billions that went towards the deaths of 4000 Americans and tens of thousands of Iraqis, but object to saving the lives of those who can't afford healthcare. I guess that exposes the difference in our values. Wicker Alert.... Wicker Alert !!! You have now entered the spin cycle. Does anyone else find it funny that we made a SPORT out of an EMERGENCY PROCEDURE?!?! Quote Share this post Link to post Share on other sites
billvon 3,120 #11 August 21, 2009 >You have now entered the spin cycle. Indeed. In this particular one, right wingers will weep and moan over all the money that's being spent, while explaining that the war was a really GOOD use of hundreds of billions, and that it's COMPLETELY different. And then, of course, expect people to take them seriously. Quote Share this post Link to post Share on other sites
SkyChimp 0 #12 August 22, 2009 Quote>You have now entered the spin cycle. Indeed. In this particular one, right wingers will weep and moan over all the money that's being spent, while explaining that the war was a really GOOD use of hundreds of billions, and that it's COMPLETELY different. And then, of course, expect people to take them seriously. Hey brother..... how many times did Obama talk about cutting spending and lowering the deficit??? Just food for thought because unless you have slept thru the first 7 months of this administration, we are packing on the pounds to the deficit clock. People are tired of being lied to from Obama and his cronies! Does anyone else find it funny that we made a SPORT out of an EMERGENCY PROCEDURE?!?! Quote Share this post Link to post Share on other sites
dks13827 3 #13 August 22, 2009 National defense is definitely the purview of the Federal government. Quote Share this post Link to post Share on other sites
futuredivot 0 #14 August 22, 2009 Quote So you support spending hundreds of billions that went towards the deaths of 4000 Americans and tens of thousands of Iraqis, but object to saving the lives of those who can't afford healthcare. I guess that exposes the difference in our values. You damn skippy-I regret that we didn't spend enough soon enough to reduce those 4000 American casualties though, Lives......heathcare....mumble mumble at present no one in the USA is denied critical care that seeks it and I see nothing in these proposals that will do much to alter that standard and will not greatly increase the burden on my family. Maybe if the administration's plan went through we could all get our spines and testicles removed and become a whole nation of liberals.You are only as strong as the prey you devour Quote Share this post Link to post Share on other sites
turtlespeed 226 #15 August 22, 2009 Quote>You have now entered the spin cycle. Indeed. In this particular one, right wingers will weep and moan over all the money that's being spent, while explaining that the war was a really GOOD use of hundreds of billions, and that it's COMPLETELY different. And then, of course, expect people to take them seriously. Are you CAPABLE of discerning the difference between 9 TRILLION and a couple hundred billion?!! Never mind that it was for a good cause, like morality! Please! WTF? Get a clue!I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
Bolas 5 #16 August 22, 2009 Quote Maybe if the administration's plan went through we could all get our spines and testicles removed and become a whole nation of liberals. C'mon you know that sort of surgery will be rationed...Stupidity if left untreated is self-correcting If ya can't be good, look good, if that fails, make 'em laugh. Quote Share this post Link to post Share on other sites
