US President Barack Obama unveils a budget projecting a record deficit this year, with billions of dollars to curb unemployment and tax hikes on the rich to tame big fiscal shortfalls. (AFP/Mandel Ngan)
Posted on 02/01/2010 10:28:49 AM PST by NormsRevenge
WASHINGTON (AFP) – President Barack Obama Monday unveiled a budget projecting a record deficit this year, with billions of dollars to curb unemployment and tax hikes on the rich to tame big fiscal shortfalls.
"It's a budget that reflects the serious challenges facing the country," Obama said at the White House after sending the mammoth spending plan to Congress.
"We're at war, our economy has lost seven million jobs the last two years and our government is deeply in debt after what can only be described as a decade of profligacy."
The 3.834 trillion dollar budget includes a freeze on non-security discretionary spending, a 100 billion dollar jobs package and more money for overseas wars, education and homeland security.
It makes a grim forecast that unemployment, currently at 10 percent, will average 9.2 percent in 2011, and 8.2 percent in 2012, the year when Obama faces a reelection campaign, carrying a punishing legacy of the worst financial crisis since the Great Depression.
The economic forecast, however, predicts solid GDP growth of 2.7 percent in 2010 and 3.8 percent in 2011.
The budget, for fiscal year 2011, foresees a record deficit of 1.556 trillion dollars in 2010, falling to 1.267 trillion dollars in 2011, and abandons a bid to send men back to the moon, by ending the Constellation program.
The Obama administration said the 2011 budget is aimed at dealing with the aftermath of the financial, fiscal, housing and unemployment crises, and to put the United States on a path to long-term economic security.
The budget will also set the battle lines for the political debate in the run-up to mid-term congressional elections in November, in which Obama's Democrats, paying the price for high unemployment, fear heavy losses.
(Excerpt) Read more at news.yahoo.com ...
US President Barack Obama unveils a budget projecting a record deficit this year, with billions of dollars to curb unemployment and tax hikes on the rich to tame big fiscal shortfalls. (AFP/Mandel Ngan)
This budget reflects total economic LUNACY!
UT is getting almost 5 million dollars to create 12 positions...you guessed it...to help the unemployed.
If this budget “reflects tough times”, I’d hate to see what the Won would propose in a time of plenty!!!
The mule that pulls our wagon is tired and is slowing down...let's increase his load to make up the difference!
Well, a $4T budget out to fix that little problem!
.
U.S. President Barack Obama speaks and Tim Geithner listens about the budget in the Cross Hall of the White House next to (L-R) Christina Romer, Chair of the Council of Economic Advisers, Treasury Secretary Tim Geithner, Office of Management and Budget (OMB) Director Peter Orszag, and President Obama's top economic adviser Lawrence Summers, in Washington, February 1, 2010. REUTERS/Jason Reed (UNITED STATES - Tags: POLITICS BUSINESS)
“—in a time of plenty!!!” then we give it back..
There, that's more like it.
lulz....what an idiotic AP article title......
“The mule that pulls our wagon is tired and is slowing down...let’s increase his load to make up the difference!”
//////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
I have the experience to know what a mule does when pushed past a reasonable limit. A mule will walk more and more slowly and eventually just stop and “balk” and refuse to work. When you go out the next day to hitch your mule again your mule is likely to trot toward the back section of the fenced pasture where there is a patch of brush and briers and stand in the mud and refuse to come out.
The “mule” of American business is likely to do the same but that “mule” is likely to trot all the way to another country where mules are more appreciated and treated with more respect.
$3.834 trillion / 300 million population = $12,780 spending per person or $51,120 per family. How much is enough?
Unfortunately, a big part of the American business mule is small business and it (collectively) cannot run to another country.
Small mules may have to hide in Galt’s Gulch.
Heheh...move over ‘cause here we come’!!!
This bunch of lunatics is spending money like we have it, or something.
Just watch, as the looting of America continues, as foundation monies, grants, federal loans, and other funds are siphoned off to enrich the very people and their cronies who daily add links to the massive chains of debt they forge for future generations of Americans.
And while we hear the clink and clank of their hammers at work, remember what freedom you once knew so you can tell your grandchildren what it was like.
Would someone tell me where the press went? They howled at Bush's deficits, and now are the dogs who do not bark (at their master).
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.