Posted on 02/21/2009 12:05:38 PM PST by Baladas
President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on business and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.
In addition to tackling a deficit swollen by the $787 billion stimulus package and other efforts to ease the nation's economic crisis, the budget blueprint will press aggressively for progress on the domestic agenda Obama outlined during the presidential campaign. This would include key changes to environmental policies and a major expansion of health coverage that Obama hopes to enact later this year.
A summary of Obama's budget request for the fiscal year that begins in October will be delivered to Congress on Thursday, with the complete, multi-hundred-page document to follow in April. But Obama plans to unveil his goals for scaling back record deficits and rebuilding the nation's costly and inefficient health care system Monday, when he addresses more than 100 lawmakers and budget experts at a White House summit on restoring "fiscal responsibility" to Washington
(Excerpt) Read more at washingtonpost.com ...
How about....
An even BIGGER flop than Carter.
Treasury revenues doubled from 1981-1989, from approx. 500B(1981) to almost a Trillion (1989), tax cuts do work. You are a troll, Grandma LOL!
-- John Stuart Mill
president DAMFOOL Obama
Obama is going to push Stimulus 2.0 through this budget bill. He may also add HR 45, a new expanded Assault Weapons Ban, and Amnesty for illegals to it.
I don’t think I said Clinton had no deficits, I think what I said was that Reagan and Bush had very large deficits. Could you post their figures for comparison? Also, I note that Clinton’s deficits reduced substantially over time, I guess when Republicans had more power in Congress. Why only exercise that power against Democrats, and give Repubicans carte banc?
“a fairly aggressive effort on tax enforcement” that would target tax havens and corporate loopholes, among other provisions, the official said.”
Translation: s-corp dividends will be subject to fica and medicare.
That will kill many small businesses. Ironically, the people who may help us the most with this one is trial lawyers.
I guess your less than 2 months here at FR really make you and expert on trolls. For what it’s worth, I looked at DU once, didn’t interest me. The argument here is much more lively. And yes, I am a grandma, and in a few month my son is going back for his second tour to Afghanistan, leaving two young grandchildren of mine here. Also, I am not ideology oriented, I am fact oriented.
You may be crying a different tune if countries overseas no longer trust our currency and refuse to deal in it.
“...Bush administration, nor the incoming administration can find where and exactly with whom it all went wrong. Cases in point, Maddox and now Sanford.”
They both broke the law. Con men come and go. They always have and always will.
What kind of regulation do you have in mind? Should every private entity have a government representative assigned for oversight? It’s called Sarbanes Oxley.
Have you had the pleasure of dealing with SOX compliance? That was the bill that was supposed to prevent another Enron. Corporations have full time government regulators on staff monitoring compliance. You know what they do where I have been? They file reports about too much paper in cubicles. They make sure the password policies meet government standards. They make you track every single, ticky-tack change in the software at a company.
But SOX didn’t prevent Fanny, Freddie, Lehman Bros, et al did it?
In Madoffs case, the SEC has oversight and his clients should have known it was too good to be true. In Stanfords case, the offshore banks and non-regulatory statements should have set off alarm bells for clients.
In other words, there will always be a segment of society trying to steal from others. No omnipotent government can change that. All it can do is reduce the efficiency and efficacy of legitimate business. In the end, individuals must guard their own assets and do due diligence on anyone they do business with.
Hear Hear!
Jimmy Carter served in the Navy and nearly became a nuclear technician, was a governor of a medium sized state, and a successful peanut farmer. Jimmy Carter had a record of actual accomplishment. Comparing 0bama to Carter smears Carter.
Not that I much care, just making a point.
The terrorists don’t need to attack us again. They can just wait while Obama and his fellow travelers in Congress destroy the U.S.
CHUMP “CHANGE” -——
Speaking about the so-called “stimulus” package, Obama has said:
“Never before in our history has a tax cut taken effect faster or gone to so many hardworking Americans,” Obama said Saturday in his weekly radio and Internet address.
He said the Treasury Department has begun directing employers to reduce the amount of taxes withheld from people’s paychecks in accordance with the new law, and that in six weeks, a typical family will start taking home at least $65 more every month.
Obama says his signature “Making Work Pay” tax break will affect 95 percent of working families.
The $400 credit for individuals is to be doled out through the rest of the year. Couples are slated to get up to $800. Most workers are to see about a $13 per week increase in their take-home pay. In 2010, the credit would be about $7.70 a week, if it is spread over the entire year.
ALL OF THE ABOVE IS CHUMP CHANGE, MORE THAN OFFSET BY ALLOWING BUSH’S TAX CUTS TO EXPIRE, PLUS BILLIONS MORE CO2 EMISSIONS TAXES THAT BHO IS PLANNING. A $65 per month cut for the proverbial “working families” (whatever that is suppose to mean) is about the price of a cheap bottle of wine for a Congressman dining in Georgetown tonight.
Once again, the market will correctly read all this smoke for what it is: a tax increase which will further depress the economy. Obama and his fellow travelers in Congress are repeating the horrible mistakes of FDR, which extended the depression for a decade. The market will Dive again this coming week. Obama and his fellow travelers are taking this country on a path to total disaster.
What we need fast are: 1) elimination of the federal income tax altogether, replacing it with a national sales tax; and 2) elimination of mark-to-market accounting, reverting back to historical cost accounting to help restore bank capital.
Unfortunately if you depend on the media for your information you might actually believe this. Reagan inherited a much worse recession with a Rat congress. He had the threat of global nuclear war over his head and predatory communism advancing in South America.
Reagan got the productive side of the economy going with tax cuts and regulatory reform. He took on communism and defeated the beast. The Rats in congress reneged on their agreements to cut spending and reform entitlements.
Bush inherited a recession and within 6 months of taking office Islam came to our shores destroying the World Trade Center. He responded to the recession by cutting taxes and increasing spending, which worked. He responded to Islam by killing the beasts. He also began the process of civilizing the beast by introducing representative govts in the middle east for the first time in history.
What did the Rats do? They undercut the WOT from the get go and when they took Congress instead of reforming the housing problems they expanded them.
You may not have noticed, but the markets didn't begin their decline and the recession didn't start until the Rats took Congress.
Hi Coach,
Just a hunch on that, or have you heard something? Am a small business owner and can not believe the passive aggressive nature of this administration. Like a dog licking your face while he’s pissing on your shoe.
A_R
>>The frog will want out of the pan, before the water boils.<<
You are right. He is playing this way too fast and it is going to hurt him I think. When he comes down with his universal health care initiative, people are going to look at the true cost of it all and then the revolutionary pumps will be primed.
I bet that you will see how congress tries to cut some of the pork from this budget in the MSM eyes. Not that they really will of course, but the smoke and mirrors are to be expected at this point. They are spending all their political capital already, they can’t go the distance like this.
Okay, let’s give our predictions. Obama gives his budget pitch Tuesday night. What does the Stock Market do on Wednesday?
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