Obama budget sees '09 deficit at $1.75 trillion (and still blaming Bush. $1,750,000,000,000)

reuters ^ | 2/26/2009 | reuters

[tobyhill]

President Barack Obama will forecast a 2009 deficit of $1.75 trillion on Thursday in a budget that covers big goals including reforming the health care system and stabilizing the U.S. economy, an administration official said.

The huge deficit figure, to be published in the president's budget later on Thursday, would represent 12.3 percent of the U.S. economy -- its largest share since World War II.

Obama, a Democrat, has pledged to halve the more-than $1 trillion deficit he inherited from former Republican President George W. Bush by early 2013, when his current term in office ends. The budget lays out a series of spending cuts in agriculture subsidies and other areas to meet that goal.

[Bulldawg Fan]

Not to worry, the deficit will cut in half in four years. Half of what?

No story here, move along. The dying media will alert us if there is a newsworthy story with this..............

[tobyhill]

He claims he will cut $533 billion from where the deficit was but contrary to media reports he has never said he will cut it from where it is or will be. He could rack it up to an easy $2.5 trillion and then bring it down to $1.9 trillion and claim he cut it like he said.

[scooby321]

When is the Media going to do their job. Bush Never had any budject decifit like this one. The last two were democratic controlled budjects.

[raybbr]

How is it not the Bush administration's fault? It was his SEC, his HUD, his Treasury and his leadership toward socialism (Drug plan, CFR, NCLB, etc) and lack of leadership on housing controls that led us here.

I hate Obama and his minions but saying that three weeks into his admin is the cause of the debacle (that started last year) is ridiculous.

[Dixie Yooper]

By the end of Obama’s term in office, the vast majority of working American families will be earning more than $250,000 and paying ridiculous taxes. Inflation will create more millionaires than ever, but they be living the lifestyles of lower middle class at best.

[tobyhill]

You can blame Bush all you want but the fact is Obama has signed over $1 trillion in social spending in just 3 weeks.

[tobyhill]

$787 billion bailout, $350 billion remaining TARP funds. Those are the two items Obama signed in his first week and together it totals $1.137 trillion. That would mean Bush's responsibility is $613 billion of the $1.75 trillion.

I know you hate Bush but keep it real. Bush was a big spender but he's no where near the league of Obama.

[rbg81]

I think you’re right on target about that. Call $250K rich, then inflate a lot more people to that level at 35%.

[rbg81]

That won’t stop Obama from blaming the deficit he “inherited” for the next 8 years.

[Don Corleone]

President Barack Obama will forecast a 2009 deficit of$1.75 trillion

For you people in Rio Linda, that number after the decimal point is 750 BILLION. That's right. One Trillion 750 Billion.. Try to wrap your heads around that.

[avacado]

The current budget deficit fiscal 2009 (Oct 2008 - Jan 2009) excluding the stimulus and TARP is $600 billion. Another $600 billion will probably be spent to close out fiscal 2009. So the fiscal 2009 standard budget deficit will probably end up $600B + $600B + $400B = $1.5 trillion dollars. Plus the $800B stimulus and $700B TARP = $3 trillion.

How in the world can the Democrats scream about the Republicans’ spending when the largest single year deficit that the Republicans ran up was $412B in 2004? And the Republican Congress had the deficit down to $160B in fiscal 2007.

Where is the media?

[avacado]

"How is it not the Bush administration's fault? It was his SEC, his HUD, his Treasury and his leadership toward socialism (Drug plan, CFR, NCLB, etc) and lack of leadership on housing controls that led us here."

a) Bush does not cut the checks. Congress cuts the checks and Congress has been Democratic controlled since Jan 2007.

b) Bush and the Republicans introduced bills to regulate Fannie Mae and Freddie Mac and those bills were filibustered in the Senate by the Democrats and in particular Democrat Senator Chris Dodd.

c) The Republican Congress last budget had a deficit of only $160B for fiscal 2007.

[raybbr]

a) Bush does not cut the checks. Congress cuts the checks and Congress has been Democratic controlled since Jan 2007.

Bush WASTED four years of pub control of Congress.

b) Bush and the Republicans introduced bills to regulate Fannie Mae and Freddie Mac and those bills were filibustered in the Senate by the Democrats and in particular Democrat Senator Chris Dodd.

They did not have enough to filibuster early in 2003. Also, there's plenty of records to show that Bush pushed the Secretaries of HUD under him to increase lending, using tax dollars for down payments, to people who didn't deserve them including illegal aliens.

c) The Republican Congress last budget had a deficit of only $160B for fiscal 2007.

Bush's last fiscal year is not over yet I believe. I think it ends in June. Here's Bush's last budget.

[raybbr]

You can blame Bush all you want but the fact is Obama has signed over $1 trillion in social spending in just 3 weeks.

No! Really?

I don't blame Bush for it all but he's not at all innocent of what's happening.

[avacado]

- "Bush WASTED four years of pub control of Congress."

Meaningless statement without specifics. The largest deficit was $412B in 2004 and that dropped to $160B by fiscal 2007. That is small potatoes compared to Obamas $2 trillion deficit.

- "They did not have enough to filibuster early in 2003. Also, there's plenty of records to show that Bush pushed the Secretaries of HUD under him to increase lending, using tax dollars for down payments, to people who didn't deserve them including illegal aliens."

The bill was introduced in late 2003 and came up for vote in the Senate by 2004 in which it was filibustered. And Bush pushed FHA loans which are not the toxic subprime loans that tanked the economy.

- "Bush's last fiscal year is not over yet I believe. I think it ends in June."

Fiscal years start in October and end in September. Bush's budget was for $3 trillion and the federal revenues are $2.6 trillion which would have given us a $400B deficit. Obama and the Democrats have run the budget deficit up to close to $2 trillion.

And nothing, and I mean NOTHING gets on the president's desk unless Congress puts it there and the Democrats control Congress since Jan 2007. And Bush did plenty of vetoing of the Democrats' bills.

At some point, you are gonna have to quit defending the Democrats and lay responsibility on the Congress. In fact, the US Constitution lays all spending responsibility upon the Congress, FYI.

[raybbr]

And Bush did plenty of vetoing of the Democrats' bills.

Prove it. As far as I know Bush has only vetoed three things.

At some point, you are gonna have to quit defending the Democrats and lay responsibility on the Congress. In fact, the US Constitution lays all spending responsibility upon the Congress, FYI.

No! Really? Of course I know that Congress spends. But, Bush did not veto any bill but one that I know of.

Here is a list of Bush's vetoes. Show me where he "did plenty of vetoing of the Democrats' bills".

[raybbr]

You want to see where Bush is culpable as well as the dems. Go to Ol' Dan Tucker's home page. Read and become informed instead of defending something you are not aware of.

[Voltage]

Not to worry. Just two of the One Trillion Dollar Bills he will print will pay it off with change to boot!

[Chgogal]

“U.S. congressional budget experts on Friday offered a darker economic and budget outlook, projecting a breathtaking $1.8 trillion deficit this year, which could complicate President Barack Obama’s efforts to win passage of his $3.55 trillion budget for 2010.”

Hey President “profit to earnings” econ-challenged mental migit, you didn't inherit THIS. YOU and your ideological pals OWN this. You put your signature on bills written and passed by Congress lead by members of YOUR party. So man up little man and start leading the free world.