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Obama seeks budget savings as huge deficits loom
Reuters ^ | May 7, 2009 | By Caren Bohan and Jeff Mason

Posted on 05/07/2009 7:23:33 AM PDT by Oldeconomybuyer

WASHINGTON (Reuters) - President Barack Obama on Thursday will suggest wringing $17 billion in savings from the fiscal 2010 budget as he seeks to allay worries about soaring deficits and build support for a hefty domestic agenda. [snip]

Amid spending on the wars in Iraq and Afghanistan and bailouts for the banking and auto industries, the White House has forecast that the budget deficit will hit $1.75 trillion in the current 2009 fiscal year. The administration expects the deficit to drop to a still-huge $1.17 trillion in 2010. [snip]

Of the spending cuts Obama will spell out on Thursday, about half would be in the defense budget.

(Excerpt) Read more at reuters.com ...


TOPICS: Business/Economy; Government; News/Current Events; Politics/Elections
KEYWORDS: bho44; bhobudget; bhobudgetcuts; bhodeficit; porkulus; socialism
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1 posted on 05/07/2009 7:23:33 AM PDT by Oldeconomybuyer
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To: Oldeconomybuyer
Photobucket
2 posted on 05/07/2009 7:26:28 AM PDT by odin2008 (EVIL TRIUMPHS WHEN GOOD MEN DO NOTHING)
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To: Oldeconomybuyer

I was about to joke that half of the cuts would come from defense... until I read down in the article.

Disgusting.


3 posted on 05/07/2009 7:26:48 AM PDT by SlowBoat407 (To those crying racism: Sometimes it's not about you.)
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To: Oldeconomybuyer

“Of the spending cuts Obama will spell out on Thursday, about half would be in the defense budget.”

I bet no one saw that coming. /sarc


4 posted on 05/07/2009 7:27:14 AM PDT by EQAndyBuzz (Welcome to Germany, circa 1933.)
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To: Oldeconomybuyer

99.5% of the budget is critical spending. Only the Department of Defense wastes any money.

FWIW - I believe the total acquisition budget for the entire DoD runs around $50B. Compare that to the bank bailout (750B), the ‘print fake money (1,000B) or even the various loans to the UAW (I mean, GM & Chrysler) that will never be paid back...


5 posted on 05/07/2009 7:28:56 AM PDT by Mr Rogers (Everything for Unions, Nothing for Defense!)
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To: Oldeconomybuyer
"Amid spending on the wars in Iraq and Afghanistan and bailouts for the banking and auto industries, the White House has forecast that the budget deficit will hit $1.75 trillion"

Don't blame the wars. They both total about $100 billion per year. That puts Obama at $1.65 trillion! The last Republican Congress complete budget was fiscal 2007 and that only had a $160 billion dollar budget deficit.

6 posted on 05/07/2009 7:30:04 AM PDT by avacado
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To: Oldeconomybuyer

OBUMMER’S ONLY THINKING OF THIS NOW! WHERE WAS HE DURING THE FORMULATION OF THE STIMULUS PACKAGE? WHERE WAS HE WHEN HE FORMULATED THE BUDGET? Oh yeah, I forgot he was too busy scrambling around finding folks for his cabinet WHO DID PAY THEIR TAXES AND apologizing to everybody over seas for America, such a bad terrible country who does nothing right and everything wrong.


7 posted on 05/07/2009 7:32:11 AM PDT by Ev Reeman
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To: avacado

$17 billion is 0.05% of the federal budget. It is not even a rounding error. Just more Axelrod PR to fool an ill-informed and dumb electorate.


8 posted on 05/07/2009 7:34:07 AM PDT by kabar
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To: kabar
"Just more Axelrod PR to fool an ill-informed and dumb electorate."

Yep!

9 posted on 05/07/2009 7:36:40 AM PDT by avacado
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To: Oldeconomybuyer
President Barack Obama on Thursday will suggest wringing $17 billion in savings from the fiscal 2010 budget

Too late. Our economy has been toasted.

Regan inherited the same thing, and quickly fixed it with a citizen "stimulus" package. It led us through 2 presidencies.
Oboma (praise Allah) decided to do the opposite, damning us for the next 10 generations - that is if this country manages to survive another year.

10 posted on 05/07/2009 7:39:00 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Oldeconomybuyer

Who are they kidding?


11 posted on 05/07/2009 7:42:22 AM PDT by BenLurkin
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To: Oldeconomybuyer
expects the deficit to drop to a still-huge $1.17 trillion in 2010.

Ain't gonna happen. The unemployment is too high and still climbing. There isn't going to be any tax revenue.

I hope Obomas ...(praise Allah).... wife, Mack, really likes gardening. She's going to have to grow enough food to feed the entire country.

12 posted on 05/07/2009 7:42:39 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Oldeconomybuyer
It's like buying eight brand new cars on credit and buying the cheap toilet paper instead of the good stuff. LOL

An era of financial insanity like no other in the history of mankind.

13 posted on 05/07/2009 7:42:45 AM PDT by Names Ash Housewares
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To: Mr Rogers
99.5% of the budget is critical spending. Only the Department of Defense wastes any money.

Maybe Oboma (praise Allah) is attempting to finish the job his Muslim brothers failed to do on 9/11.

Remember, the man was never vetted.

14 posted on 05/07/2009 7:45:19 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Oldeconomybuyer

$17,000,000,000.00 out of $3,400,000,000,000.00 is 0.5%. To put into perspective, if you spent $100,000 a year, that would be like cutting you spending by $500 and spending $99,500 instead...

Big friggin deal.


15 posted on 05/07/2009 7:45:50 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: Wyatt's Torch
If $1 was paid on the deficit every second......

$1,000,000 in seconds = @ 3 Months

$1,000,000,000,000 in seconds = = @ 31,688.8 YEARS.

16 posted on 05/07/2009 8:01:27 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: concerned about politics

I wonder if the great one has any concept of Billion vs trillion, other than both end with ion?


17 posted on 05/07/2009 8:07:32 AM PDT by going hot (Happiness is a Momma Deuce)
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To: Oldeconomybuyer
Obama seeks budget savings as huge deficits loom

Gee, no bias in that headline

18 posted on 05/07/2009 8:07:57 AM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: Oldeconomybuyer
President Barack Obama on Thursday will suggest wringing $17 billion in savings from the fiscal 2010 budget as he seeks to allay worries about soaring deficits and build support for a hefty domestic agenda.

And cutting the deficit by LESS THAN ONE PERCENT does this how?

19 posted on 05/07/2009 8:11:28 AM PDT by wagglebee ("A political party cannot be all things to all people." -- Ronald Reagan, 3/1/75)
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To: going hot

So much for a Harvard educated affirmative action community organizer.


20 posted on 05/07/2009 8:15:37 AM PDT by Ev Reeman
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