Posted on 02/13/2011 10:09:27 AM PST by NormsRevenge
WASHINGTON (Reuters) – President Barack Obama's proposed budget for fiscal 2012 will seek to cut the record federal deficit by $1.1 trillion over the next 10 years, White House budget director Jack Lew said on Sunday.
Lew, speaking on CNN, said the president was also on track to halve the budget deficit by the end of his first term in office, which goes through 2012.
But Republicans, who control the House of Representatives, said the spending cuts in the president's budget to be released on Monday were not enough.
"We are reducing programs that are important programs that we care about, and we're doing what every family does when it sits around its kitchen table: we're making the choices about what do we need for the future," Lew said.
"We have a responsible budget that will cut in half the deficit by the end of the president's first term." [ For complete coverage of politics and policy, go to Yahoo! Politics ]
The White House sees the budget as a starting point for a debate on spending and reducing the deficit, forecast to reach $1.48 trillion this fiscal year, or 9.8 percent of U.S. GDP. This would be down from 10.0 percent of GDP in 2010, but still very high for the United States on a historical basis.
The 2012 fiscal year begins on October 1.
The White House intends to get two-thirds of the $1.1 trillion in savings from spending cuts and one-third from tax revenues, including by closing several tax loopholes, according to sources familiar with the budget.
(Excerpt) Read more at news.yahoo.com ...
This is as big a crock of crap as Vlasic saying ethanol consumes 5% of the corn crop and if the subsidy were cut corn planting would fall 50%.
$1.1 trillion over 10 years is $110 billion a year. A full blown and over blown drop in the bucket compared to the $750 billion annual increase since 2008!
On top of this the proposal is to raise taxes substantially!
NOTHING HERE BUT THE SAME OLD OBASTARD DAMN LIES!
Yes, it is, AND the GOP's doesn't call for any tax money to do it with.
The 2012 fiscal year begins on October 1.
Fiscal Year 2011 has not even passed yet so we have not spent a penny during this fiscal year at least under the FY-11 money. Next year when we look back they are going to say that they saved a ton of money by using FY-10 budget......Don’t believe me? WATCH!!!!
[$1.1 trillion in savings from spending cuts and one-third from tax revenues]
How in the world are tax hikes the same as spending cuts?
The morons over at DU are hopping mad over cuts to low income heating assistance, block grants, and pell grants. They are too stupid to recall that all were increased 30% in the last 2 years. And, they call us the party of stupid.
Thank you for the correction and elucidation!
One of the reasons I enjoy the exchanges I experience here is that I can always learn something.
Completely dead.
Without even seeing the proposed budget, I can almost guaranted the 10 year plan is backloaded with these supposed cuts.
My guess is none of them start until 2013 at the earliest, and most of the “cuts” are reductions in forecast increases.
It brings to mind this scene from Johnny Dangerously:
http://www.youtube.com/watch?v=4EO4nYqAOfM
Comments go in the comment box.
Only the title goes in the title box—>
Let's do the arithmetic:
$1,100,000,000,000 x .333 = $363,000,000,000.
Wheeeeee... Ubanga wants a $363 billion tax hike!
Let's get serious folks. Anything that's gonna be done "over the next ten years" is pure unadulterated BS!
Something that can be done in one year, cool. Two years, maybe. Any more years than that and yer blowing smoke. Too many unknowns and variables.
Global warming alone could change everything/sarc.
Baloney, the president doesn’t control the budget and certainly can’t control it 10 years from now. It is all just hot air.
Is he saying he is giving up vacations for the next 10 years?
$1.1 Trillion divided by 10 years=
$110 Billion per year--in a $4 TRILLION dollar budget.
Not enough, Hussein. Not damn near enough. Nice try, and it'll certainly be enough to put your ass-sucking media into overdrive...
Exactly, let’s start with major cuts this year. (But, that might put a kink in his spending plans.)
At the rate we're going, the deficit will be over $8 trillion ten years from now. So Obama wants to cut $1.1 trillion from that? Please.
This is unadulterated BS by this feckless so-called “leader”. nobama blew away trillions in creating the largest deficits IN HUMAN HISTORY ANYWHERE. Unadulterated BS! If Congress buys this, they need voted out as soon as feasible. Cut entitlements and retirements.
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