Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Obama to Unveil an Ambitious Budget Plan
The Washington Post ^ | February 21, 2009 | Lori Montgomery and Ceci Connolly

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 ...


TOPICS: Breaking News; Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: 111th; agenda; barackhusseinobama; bho44; bhobudget; economy; federalspending; first100days; hopeychangey; obama; porkulus; socialism; spendandtax; stimilusv2; stimulus; taxes; taxincreases
Navigation: use the links below to view more comments.
first previous 1-20 ... 81-100101-120121-140141-150 last
To: arkady_renko

my mom is a cpa and she told me that at seminars they getting warned about it constantly... that it has been going bubbling through committees for a while, but Republicans had been blocking it.

Certain members of congress consider it a corporate ‘loophole’. Add that to the idea that keeps kicking around to apply fica to all income (no cap) and it gets even uglier. — ya ya libs, I know about the ‘donut’, but I don’t expect that to last long.

The kicker is that they think one way to get it through is to only apply these changes to service based income. I don’t see how they can maintain that distinction. But, it must be geared toward getting more of the income from lawyers, doctors, CPAs, IT, and probably some financial service providers.

If they managed to get both ideas enacted, it would amount to a 13.5% (fica/medicare) immediate tax increase for s-corp dividends.


141 posted on 02/22/2009 9:28:50 AM PST by laxcoach
[ Post Reply | Private Reply | To 138 | View Replies]

To: Munz

They will include some sacrificial pork in the budget so that they can can claim they trimmed fat from it.


142 posted on 02/22/2009 9:37:48 AM PST by arkady_renko
[ Post Reply | Private Reply | To 139 | View Replies]

To: tallyhoe

Might be that time is fast approaching.


143 posted on 02/22/2009 10:42:44 AM PST by roaddog727 (BS does not get bridges built - the funk you see is the funk you do)
[ Post Reply | Private Reply | To 50 | View Replies]

To: Baladas
>>Here it comes . . .<<

You betcha! More taxes, more spending.

Our nation has taken a flyin leap toward a socialist big brother society the likes of England.

Thanx to Bush, Clinton, Obama and the liberal progressive congress.

144 posted on 02/22/2009 2:05:01 PM PST by servantboy777
[ Post Reply | Private Reply | To 1 | View Replies]

To: Baladas
primarily by raising taxes on business and the wealthy

Of course! This must be the "change" he is talking about...

145 posted on 02/22/2009 2:44:40 PM PST by John123 (The US may be going down the drain, but everyone else will drown first...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: patton
He is actually modifying the draft FY10 that Bush's team had started. All FY10 MILCON was submitted as Sept/Oct for review. DOD reviewed the MILCON and all other appropriations and for differences, determine the correct amount. They made DOD decisions and services (Army, Navy, Air Force, and DOD Agencies submitted reclamas. The FY09 MILCON and the DOD FY09 were the only 2 out of 13 appropriation acts completed. The rest of the government is on a Continuing resolution.
146 posted on 02/22/2009 4:41:23 PM PST by Aggie65
[ Post Reply | Private Reply | To 8 | View Replies]

To: Aggie65

Aahhh, then I stand corrected.


147 posted on 02/22/2009 4:43:49 PM PST by patton (America is born in Iceland, and dies in California)
[ Post Reply | Private Reply | To 146 | View Replies]

To: Bertha Fanation
And all that new environmental regulation and additional health care will produce revenue? Why say anything that makes sense when your kneepadders such as Matthews will echo anything you say and never hold you accountable when it doesn't work?
148 posted on 02/22/2009 4:46:33 PM PST by AmericanVictory
[ Post Reply | Private Reply | To 2 | View Replies]

To: Baladas
We Got Your Money

We Got Your Money!

149 posted on 02/22/2009 6:19:57 PM PST by TennTuxedo
[ Post Reply | Private Reply | To 1 | View Replies]

To: Baladas
Obama to Unveil an Ambitious Budget Plan


150 posted on 02/22/2009 6:34:20 PM PST by ding_dong_daddy_from_dumas (I want to "Buy American" but the only things for sale made in the USA are politicians)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-20 ... 81-100101-120121-140141-150 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson