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With Budget Proposal Obama Tells Us What Is A ‘Reasonable’ Amount To Have In Retirement Accounts April 6, 2013 Lonely Conservative With his budget proposal, President Obama has told us what he believes is a “reasonable” amount to have in a retirement account. $3 million is the number he chose. According to a White House statement, the Obama administration believes the current rules allow some wealthy individuals “to accumulate many millions of dollars in these accounts, substantially more than is needed to fund reasonable levels of retirement saving.”“The budget would limit an individual’s total balance across tax-preferred accounts to an...

In his weekly radio address, President Obama explained the budget he'll rollout next week, and said, "the truth is, our deficits are already shrinking." Barack Obama delivers inaugural address 1-20-09 090120-A-8725H-285 "My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families – but through the balanced approach that the American people prefer, and the investments that a growing economy demands," said Obama. "Now, the truth is, our deficits are already shrinking. That’s a fact. I’ve already signed more than $2.5 trillion in deficit reduction into law, and my budget will...

The Republican side of the Senate Budget Committee is breaking down President Obama's budget with this preliminary analysis:The budget will be released next week "The figures regarding the President’s plan are based on numbers reported in the media today, the table posted on the White House (WH) website, and information regarding Senator Murray’s budget resolution," says the minority side of Senate Budget Committee.

No wonder it's taking so long for Barack Obama to send his budget proposal to Congress. The budget is almost two months overdue, but Republicans may find it worth the wait. The Washington Post reports that Obama will offer cuts to Social Security in exchange for tax hikes to close the deficit --- in effect, the grand bargain he and John Boehner nearly made two years ago: President Obama will release a budget next week that proposes significant cuts to Medicare and Social Security and fewer tax hikes than in the past, a conciliatory approach that he hopes will convince...

So the White House simply hasn’t had the time to finish up a major project that was due a month ago, yet somehow, they’ve managed to come up with and fudge overly-alarmist numbers for specific Cabinet officials and sent them all out on a sequestration scaremongering spree. Via Politico: President Obama’s budget will probably be released in March, White House press secretary Jay Carney said Thursday, but has been delayed in part by “manufactured crises” including sequestration. “The series of manufactured crises around budget issues, certainly has resulted at least in part in those experts in the administration who work...

Editor's note: U.S. Sen. Ron Johnson, R-Wisconsin, is a member of the Senate Budget Committee. (CNN) -- The U.S. government is the largest financial entity in the world. Nothing else comes close. On Sunday, April 29, it will be exactly three years since the U.S. Senate passed a budget. If you own or work for a small business that has a loan from a bank, I'm quite sure your business has a budget -- and a rather detailed budget at that. Every year around tax time, many American families sit down to fill out tax forms, estimate their income, and...

In President Obama’s address to the Associated Press Luncheon on Wednesday, he claimed that he is preventing disaster. Republican congressman Paul Ryan’s proposed budget cuts would still allow publicly held debt to increase by $5.5 trillion over the next ten years, but to Obama, they mean Americans will be dying from starvation and defenseless from hurricanes and other natural disasters. “Demagoguery” is not too strong of a word to describe Obama’s speech. Two million mothers and young children will be left without “access to healthy food.” Violent crime will soar and illegal aliens will flood across our borders because of...

President Obama’s budget for 2013 is pure Obama. How do we know? Paul Ryan, the House Budget Committee chairman, was once asked how to become a budget expert. “You have to read the budget,” he said. To know Obama, it’s similar. You have to read the speeches and look over the budgets. For the past year, they’ve told the same story. No, the real Obama is not a pragmatist or a frustrated moderate or a well-intentioned but weak politician forced by political circumstances to take positions he’d rather not. Only sympathizers, notably media types, believe any of those notions. The...

US President Barack Obama will seek to raise taxes on the wealthy as he unveils his budget later, prompting an election year spending showdown with Republicans. The proposal includes $1.5 trillion (£950bn) in new taxes, much from allowing Bush-era tax cuts to expire. He will also call for a Buffett Plan tax hike on millionaires, and infrastructure projects. The budget must be agreed between the White House and Congress. Mr Obama will address students at a college in Virginia on Monday morning as he outlines his 2013 spending proposal to Congress. Dead on arrival? The BBC's Steve Kingstone says the...

.....At the same time, the president’s foreign aid request includes an entirely new $770 million account in 2013, described as the Middle East and North Africa Incentive Fund with the purpose of advancing democratic and economic reforms in the region after the turmoil of the past year. The two initiatives come on top of the budget’s plan for an almost 50 percent, six-year increase in transportation spending, $231 billion of which would be financed not by gas taxes but war savings attributed to Obama pulling U.S. troops out of Iraq and Afghanistan. Conservatives are sure to challenge this assumption and...

Announcing his budget plans for fiscal year 2013 in an address at Northern Virginia Community College in Annandale, Va., President Barack Obama characterized the current income tax rates--signed into law by President Bush a decade ago--as a form of government spending. Essentially, the president said that the federal government "spends" when it does not raise taxes. “Right now, we’re scheduled to spend more than $1 trillion more on what was intended to be a temporary tax cut for the wealthiest two percent of Americans,” Obama said. “We’ve already spent about that much. Now we’re expected to spend another $1 trillion....

Obama: Not Raising Taxes is a Form of Government Spending By Fred Lucas February 13, 2012 (CNSNews.com) – Announcing his budget plans for fiscal year 2013 in an address at Northern Virginia Community College in Annandale, Va., President Barack Obama characterized the current income tax rates--signed into law by President Bush a decade ago--as a form of government spending. Essentially, the president said that the federal government "spends" when it does not raise taxes. “Right now, we’re scheduled to spend more than $1 trillion more on what was intended to be a temporary tax cut for the wealthiest two percent...

TAPPER: The president, when he spoke to students earlier today acknowledged that the numbers and the budget were so big, they were difficult to talk about. And to break them down, it would be along the lines of a family that makes $29,000 a year spending $38,000 a year, so taking on new debt — $9,000 in new debt, with a $153,000 credit card bill that they were not able to pay down. That would be a way for — like the average American to afford – to understand it. Does that seem responsible? CARNEY: I appreciate the analogy... TAPPER:...

President Obama’s budget is bad for jobs, bad for seniors, and makes the economy worse. House Budget Committee And Senate Budget Committee Republican Summary Of President’s FY2013 Budget February 13, 2012 The President has not merely ducked from our fiscal and economic challenges, but—with his fourth straight budget flop—he has advanced policies that dangerously accelerate the crisis before us. His gimmick-filled budget fails to reduce the fast-rising debt, permanently entrenches unsustainable levels of government spending, and erects new barriers to upward mobility. His plan stifles economic growth, threatens the health and retirement security of millions of Americans, and commits the...

Taking a pass on reining in government growth, President Barack Obama unveiled a record $3.8 trillion election-year budget plan Monday, calling for stimulus-style spending on roads and schools and tax hikes on the wealthy to help pay the costs. The ideas landed with a thud on Capitol Hill. Though the Pentagon and a number of Cabinet agencies would get squeezed, Obama would leave the spiraling growth of health care programs for the elderly and the poor largely unchecked. The plan claims $4 trillion in deficit savings over the coming decade, but most of it would be through tax increases Republicans...

Earlier today, Obama formally proposed his 2013 budget (link) which sees a $1.33 trn budget deficit in the 2013 fiscal year - more than the $1.296 trillion 2011 budget deficit, which unfortunately indicates that even with rather rosy assumptions, the deficit hole continues to grow, which also means that the debt plug will be higher in the next year compared to the prior, which in turn lends even more credibility to the US debt clock analysis which assumes a nearly 140% debt/GDP ratio by the end of a potential second Obama term. While that will likely end up being an...

President Obama sent Congress a $3.8T budget proposal Monday that he says is a “reflection of shared responsibility” and aims to pour billions of dollars in increased spending into the down economy to inject some immediate life there. Appearing at Northern Virginia Community College, Obama — who continued to hammer home his policies aimed at helping the middle class — said that while the budget he put forward included “some difficult cuts,” it aims to help the economic recovery accelerate. “The economy is growing stronger, recovery is speeding up and the last thing we can afford to do right now...

NEW YORK -- President Obama unveiled a $3.8 trillion budget request Monday that hikes taxes on the rich, spends new money on infrastructure and education, but does little to reform the entitlement programs that pose the biggest long-term threat to the federal budget. "We built this budget around the idea that our country has always done best when everyone gets a fair shot, everyone does their fair share and everyone plays by the same rules," Obama said in his budget message.

The president prided himself on honesty in his first budget proposal, including the real estimated costs of spending, but Obama later shifted his stance and approved the use of budget gimmickry, according to The New Yorker. When his aides suggested in late 2009 that he should abandon the honest approach on estimated spending on disaster aid, for example, the president signed off, The New Yorker’s Ryan Lizza reports. Obama also approved of fanciful budget numbers on his signature health care legislation, Lizza wrote: In the December 20th memo, [Obama aides] resorted to gimmickry...On disaster relief, for example, he had estimated...

Obama delays budget for 2013 By Erik Wasson - 01/23/12 02:08 PM ET President Obama will release his 2013 budget one week late, an administration official said Monday, the third time the administration has missed the legal deadline. Under the law, the budget is to be released on the first Monday in February, but the Office of Management and Budget (OMB) will be releasing the 2013 budget on Feb. 13. The Obama administration also delayed the release of the budget last year, waiting until Feb. 14. House Budget Committee Chairman Paul Ryan (R-Wis.) said the delay is symptomatic of a...