Posted on 02/26/2009 3:27:02 PM PST by americanophile
WASHINGTON – President Barack Obama laid out his first budget plan Thursday predicting a stunning federal deficit of $1.75 trillion this year — nearly four times last year's record — and asking Congress to raise taxes on the wealthy to stem that flood of red ink while still moving the country toward guaranteed health care for all.
Denouncing what he called the "dishonest accounting" of recent federal budgets, Obama unveiled his own $3.6 trillion blueprint for next year, a bold proposal that would transfer wealth from rich taxpayers to the middle class and the poor.
Congressional approval without major change is anything but sure. The plan is filled with political land mines including an initiative to combat global warming that would hit consumers with considerably higher utility bills. Other proposals would take on entrenched interests such as big farming, insurance companies and drug makers.
Obama blamed the expected federal deficit explosion on a "deep and destructive" recession and recent efforts to battle it including the Wall Street bailout and the just-passed $787 billion stimulus plan. The $1.75 trillion deficit estimate for this year is $250 billion more than projected just days ago because of proposed new spending for a fresh bailout for banks and other financial institutions.
As the nation digs out of the most serious economic crisis in decades, Obama said, "We will, each and every one of us, have to compromise on certain things we care about but which we simply cannot afford right now."
Signaling budget battles to come, Republicans were skeptical Obama was doing without much at all.
"We can't tax and spend our way to prosperity," said House GOP leader John Boehner of Ohio. "The era of big government is back, and Democrats are asking you to pay for it."
(Excerpt) Read more at news.yahoo.com ...
Demography of the lowest order.
...demagoguery anyway!
By 2016 according to their plan, deficits will go under $800 billion.
Can you say spinning out of control.
If the Porkulus will end the recession, won’t cutting spending cause a recession?
This is beyond disgusting.
including an initiative to combat global warming that would hit consumers with considerably higher utility bills
Well, at least they got that one right.
What exactly is going to happen to those tens of thousands of people that will be out of work when Obambi pulls the Halliburton Contract ...Oh thats right like all of Obambi edicts they care little of the effect...
So let it be written, So let it be done.
Headline:
“Mammoth deficits but headed lower”
What kind of double-speak is that?
That too.ggg
One thing about the rich is that by the time you try to confiscate their wealth, they have already adjusted to protect their wealth. It’s called “The Laffer Curve”, and liberal Democrats hate it with the intensity of a dozen suns.
They deny it exists, because it thwarts one of the greatest of their agenda items: to hurt those they hate. And the harder they push, the less money they take.
I suspect that this time, unlike in the past, they will no longer be satisfied with trying to take new income, but will instead try direct wealth confiscation. And this is even funnier than the Laffer curve.
This is because, even with someone like Bill Gates, all their money is tied up with investments. In truth, he probably only has a few hundred thousand dollars “in the bank”. The rest is stock, that only has value when the stock is high. If he starts selling it, his billions disappear overnight, because the stock drops like a rock.
What about the "dishonest accounting" that's been hiding the $ 24+ Trillion unfunded liability from Soc. Sec. & Medicare?
You are 100% correct. Many of the wealthy will just not take a salary for a period of time or move more operations to lower tax nations. Obama's class warfare is going to backfire on him big time.
EXACTLY what we were warned of, that massive spending increases were setting the table for massive tax increases - which Obama lied about and denied.
These are all deliberate lies. They are ptretending that Obama doubling the budget is not the reason for the huge deficit, that it is all from hidden Bush spending.
the Obama team is a very sneaky lying bunch and this is all deliberate dishonesty to mislead the American people.
They are robbing us blind.
http://www.cnn.com/2008/US/03/26/beck.deficit/index.html
I saw that. It’s forced socialism by indebtedness.
Hussein says he`ll cut the deficit in half,
after he triples it.
See?
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