Posted on 01/19/2016 10:55:29 AM PST by John W
The federal budget deficit will soar this year, the Congressional Budget Office reported Tuesday, after President Obama and Congress gave up on austerity late last year, embracing spending hikes and massive new tax cuts that have left the government awash in red ink.
Adding to the problems is a projected rise in interest rates, which will force the government to pay higher costs as it services the trillions of dollars of debt that have already piled up over the last 15 years.
CBO analysts say the deficit will reach $544 billion in fiscal 2016, which is a 24 percent leap over last year's total. It's also deeper than what the analysts had projected in August, when they had assured Congress deficits would continue to fall slightly.
The difference is the year-end deal House Speaker Paul D. Ryan and Mr. Obama reached to boost spending and approve a series of special tax breaks.
“That increase is largely attributable to legislation enacted since August — in particular, the retroactive extension of a number of provisions that reduce corporate and individual income taxes,†the CBO said.
(Excerpt) Read more at washingtontimes.com ...
Say it ain’t so.
Ryan-Obama - has an interesting ring to it....
The NWO cabal and their Marxist Muslim gay illegal alien puppet and his minions would love nothing more than to bring America to its knees. ‘Cloward & Piven’ strategy at work.
Paul Ryan = Wesley Mouch.
Good one.
Ryan-Obama says it all.
I'm really disappointed in Paul Ryan. In fact, I give him an "F" on his understanding of Atlas Shrugged. He is conducting himself 180 degrees out from the message of Rand.
What tax cuts?
What, Obama lied? In other news, water is wet.
/know you knew that, just couldn’t help saying it...
President Obama and Congress gave up on austerity? I never ever saw even the slightest bit of austerity from President or Congress, except that sequester thing that was a fraction of a percent of the budget. And that mostly hit the military.
Note that a previous generation of state sovereignty-respecting justices had clarified that Congress is prohibited from appropriating taxes in the name of state power issues, essentially any issue that Congress cannot justify under its constitutional Article I, Section 8-limited powers. This is evidenced by the excerpt below.
”Congress is not empowered to tax for those purposes which are within the exclusive province of the States.” - Justice John Marshall, Gibbons v. Ogden, 1824.
Based on the Courts statement above, here is a rough approximation of how much taxpayers should be paying Congress annually to perform its Section 8-limited power duties.
Given that the plurality of clauses in Section 8 deal with defense, and given that the Department of Defense budget for 2015 was $500+ billion, I will generously round up the $500+ billion figure to $1 trillion (but probably much less) as the annual price tag of the federal government to the taxpayers.
In other words, the corrupt media, including Obama guard dog Fx News, should not be reporting multi-trillion dollar annual federal budgets without mentioning the Supreme Courts clarification of Congresss limited power to appropriate taxes in budget discussions.
Remember in November!
When patriots elect Trump, or whatever conservative they elect, they need to also elect a new, state sovereignty-respecting Congress that will work within its Section 8-limited powers to support the new president.
Also consider that such a Congress would probably be willing to fire state sovereignty-ignoring activist justices.
In totally unrelated news, I have tried every browser I have on this PC and inevitably FR pages are truncated on here. Don’t seem to see such on the PCs at home. Any ideas?
Ryan lost all my respect instantly when he did that and considered it an "accomplishment."
He was one of those who made Trump not only possible, but essential.
Every time I see/hear Lyin’ Paul Ryan’s name, I’m reminded of that Ryan/Cruz WSJ Op-ED :(
Sorry, but you misread Article 1, Section 8. Congress is entitled to tax for the purpose of paying Debt, regardless of how that Debt was incurred. The Founders overlooked this fatal flaw (likely assuming that spending would be held in check) and the Sixteenth Amendment was the dagger that nicked the aorta of this once great country, creating an unlimited opportunity to seize the wealth of once free Citizens.
Once Congress realized they would not be held by the Supreme Court to Article 1, Section 8 for spending, then the jig was up as they can run up the Debt as far as they like and simply tax for the Debt.
With all due respect Go_Raiders, I am not buying it. In fact, since most of the debt is probably based on vote-winning spending for things that the states have never delegated to the feds, expressly via the Constitution, the specific power to tax and spend for, such as Planned Parenthood, a bunch of Washington cartel politicians need to go to jail imo, and throw away the key.
It doesn’t matter what you buy. If the Debt exists, Congress has the authority to tax to pay for it. PERIOD.
The Debt could exist because of the Treasury Secretary losing at the World Series of Poker. You could arrest the Secretary, but if the Treasury recognizes the Debt, the Congress can tax to pay it.
You have ZERO federal entities siding with you. The Supreme Court will not recognize the spending was outside of Article I, Sec. 8, and they sure as Hell aren’t going to repudiate the Debt. Game. Set. Match.
I agree with you, they should all be rounded up and waterboarded. But we need to face the fact that it ain’t gonna happen.
You lose, I lose, we all lose. As someone famous might say - “we’re all losers!”
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