Posted on 05/28/2009 1:38:24 PM PDT by reaganaut1
Former vice president Dick Cheney continued his recent verbal assault on President Barack Obama’s policies, denouncing the new administration’s budget plans as “way out of whack.”
“I think the budgets he submitted are way out of whack,” Cheney told CNBC’s Larry Kudlow in an interview. “I think what it does not only to the short-term deficit but long-term debt situation is very objectionable.”
The administration’s deficit for the current budget year is expected to hit a record $1.8 trillion, mainly due to the government’s efforts to rescue the country from its current recession, such as the Wall Street bailout and the stimulus package.
The administration has recently stepped up the efforts of the Treasury Department and the Federal Reserve, with a flurry of programs to get bad assets off of banks’ balance sheets, jumpstart lending to consumers and small businesses, and stop the housing crisis.
Peter Orszag, director of the Office of Management & Budget, wrote on his blog that the deficits “are driven in large part by the economic crisis inherited by this administration.”
The Bush regime inherited a $127 billion budget surplus, but set five record-high budget deficits in seven years and left office with the national debt over $10 trillion.
According to former Treasury Secretary Paul O’Neill, Cheney once told him during a cabinet meeting, “Reagan proved deficits don’t matter.”
Despite the increases in the near-term future, President Obama has pledged to cut the deficit in half by the end of his term.
However, in recent weeks the ongoing crisis has prompted worries that the United States might lose its AAA credit rating. The concerns come after rating agency Standard & Poor’s warned Britain that its perfect rating could be in jeopardy due to the country’s rising debt.
(Excerpt) Read more at blogs.abcnews.com ...
ABC = traitor media.
Of course Cheney is right, but I think he also may just be enjoying tweaking the marxist’s nose & driving guys like Kieth Olbermann into spittle-flecked purple-faced rages.
Regime? No bias there. The largest deficit by the Republican Congress was $412 billion in 2004. The Republican Congress' last budget for fiscal 2007 only had a $160 billion dollar deficit.
The largest deficit with Bush and the Democratic Congress was $455 billion in 2008. The Democratic Congress with Obama will have a $2 trillion dollar deficit fiscal 2009 and in 2010 the budget is $3.6 trillion and revenues are $2.4 trillion so there is an inherent deficit of $1.2 trillion even before the start of 2010.
Yup, and yet people here on FR can't get enough of bashing the GOP. Go figure.
Enough is enough!
I saw Daryl Cagle cartoons on Cheney and it was labeled crazy Cheney. I am NOT a republican, (I am country, conservative FIRST <----Not a McLiberal fan either!) But I am gosh danged sick of the media being in the tank for this empty suited marxist radical loser and bashing Bush and Cheney when they are out of office.
“”The Bush regime inherited a $127 billion budget surplus,...”
If clinton was raiding the SS trust fund, which he probably was, then there was no surplus.
The truth hurts sometimes. We may need another or third party. The pubs have failed. Sorry.
Hey, I gotta have faith that the tipping point is coming and the fat and intellectually lazy sleeping giant will one day wake up again.
I ran through all the deficits back to 1968. Here are some tidbits.
- Since 1968 a Republican controlled Congress is the only congress to run a budget surplus. That was from 1998 - 2001.
- Since 1968 a Democratic controlled Congress has always run a budget deficit.
- Since 1995 to fiscal 2007 the Republican Congress total deficit is $1.8 trillion
- Total deficit under Bush and the Republicans (2001 - 2007) is $1.6 trillion.
Wait.
Is this an actual news article, and not a commentary column?
How the living hell does that type of writing even make it through a bias outfit like ABC?
Why a loser third party??
Go for it. Maybe you can come up with another Ross Perot and get us yet another 4 years of the current commie regime.
The GOP gave us a secure country and a deficit that was NOT hugely larger than had been done before, despite what the MSM says.
The lies just keep getting told.
I want to know how we can win any war...terror or other wise when all's Obama has done is heated up the cultural warfare on our own soil? All awhile knocking Bush to the point of risking nat security.It is maddening. Too much hate and political fighting for a man that campaigned on change and hope. What a fake!
Compliments of a Republican Congress!
That mentality is why a third party has never stood a chance. They are all on the take... I guess even if we got new blood in there it would not be long before they would be too. So maybe you’re right. Iam just sick of all the corruption.
hey bush inherited a .com burst from clinton and the deficit is to rescue the econony and bush promised he will half the deficit by end of his term. Funny how the abc give obama excuses while attacking bush
Of course they’re out of whack. Our pres is a whack-o!
Interesting article... it mention’s Cheney, offering up a couple of quotes and spends the rest of the time mentioning what others have said.
I think this was more of an effort to blame everything on the last administration rather than provide clarity.
And Bush’s tax cuts encouraged people to invest and the deficit went down, IIRC.
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