Obamas 9 Trillion Dollar Defecit Plan

[Mike Hawk]

WASHINGTON – In a chilling forecast, the White House is predicting a 10-year federal deficit of $9 trillion — more than the sum of all previous deficits since America's founding. And it says by the next decade's end the national debt will equal three-quarters of the entire U.S. economy.

 

But before President Barack Obama can do much about it, he'll have to weather recession aftershocks including unemployment that his advisers said Tuesday is still heading for 10 percent.

 

Overall, White House and congressional budget analysts said in a brace of new estimates that the economy will shrink by 2.5 to 2.8 percent this year even as it begins to climb out of the recession. Those estimates reflect this year's deeper-than-expected economic plunge.

 

The grim deficit news presents Obama with both immediate and longer-term challenges. The still fragile economy cannot afford deficit-fighting cures such as spending cuts or tax increases. But nervous holders of U.S. debt, particularly foreign bondholders, could demand interest rate increases that would quickly be felt in the pocketbooks of American consumers.

 

Amid the gloomy numbers on Tuesday, Obama signaled his satisfaction with improvements in the economy by announcing he would nominate Republican Ben Bernanke to a second term as chairman of the Federal Reserve. The announcement, welcomed on Wall Street, diverted attention from the budget news and helped neutralize any disturbance in the financial markets from the high deficit projections.

 

The White House Office of Management and Budget indicated that the president will have to struggle to meet his vow of cutting the deficit in half in 2013 — a promise that earlier budget projections suggested he could accomplish with ease.

 

"This recession was simply worse than the information that we and other forecasters had back in last fall and early this winter," said Obama economic adviser Christina Romer.

 

The deficit numbers also could complicate Obama's drive to persuade Congress to enact a major overhaul of the health care system — one that could cost $1 trillion or more over 10 years. Obama has said he doesn't want the measure to add to the deficit, but lawmakers have been unable to agree on revenues that would cover the cost.

 

 

Source

 

 

Common Lets see you all Defend Obama now. Is this really a necessity to raise the budget to 9 Trillion. Good Luck Paying 50% taxes, the taxes you are paying now will be considered good times by the time we reach this figure.

[Art]

I have not trusted O since his first infomercial; too much brand promotion for me.

[EastCoastNiner]

Do any of you democrats want to pay my "reasonable" taxes?

[Mike Hawk]

I have not trusted O since his first infomercial; too much brand promotion for me.

 

Why can you explain your Reasoning. Out of all the people not to like Obama I did not expect you to be one of them.

[Art]

Why can you explain your Reasoning. Out of all the people not to like Obama I did not expect you to be one of them.

 

Everything with him seems too carefully calculated for me, i just get the feeing he's hiding something. From the way he talks, pausing every other second, to his "overly open" persona; I used quotations because little inklings here and there show that his personal opinions differ from his publicized views. Plus all through out the campaign and even till today he points a finger at past presidency's for the faults of today rather than just playing the cards he has been dealt.

 

He really has not been in there long enough to evaluate his progressions though as much as he may be a good guy I just do not trust him at all.

Edited August 26, 2009 by Ya Dig!

[Real Deal]

Overall, White House and congressional budget analysts said in a brace of new estimates that the economy will shrink by 2.5 to 2.8 percent this year even as it begins to climb out of the recession.

So I guess it's not doom and gloom after all.

 

But here we go...

 

The White House Office of Management and Budget indicated that the president will have to struggle to meet his vow of cutting the deficit in half in 2013 — a promise that earlier budget projections suggested he could accomplish with ease.

So they still predict that he can cut the deficit in half by 2013? Well, uh...I'd say that's pretty damn good, even if he does have to struggle.

 

But I guess since he's not performing acts of God and changing the entire outlook of a doomed economy in just a half a year, he's already screwing up and performing worse than those other brain-dead pundits he was running against would've.

[Mike Hawk]

So I guess it's not doom and gloom after all.

 

But here we go...

 

 

So they still predict that he can cut the deficit in half by 2013? Well, uh...I'd say that's pretty damn good, even if he does have to struggle.

 

But I guess since he's not performing acts of God and changing the entire outlook of a doomed economy in just a half a year, he's already screwing up and performing worse than those other brain-dead pundits he was running against would've.

 

Contradiction. They used to predict that he could cut the defecit in half by 2013. However that was a false prediction looking back on it now, just like this false presidency. Reading that article angers me, they clearly state that the numbers of the current crisis were grossly misscalculated, how can you screw that up. I didnt know Finance was so confusing on Capitol Hill.

 

I mean I can predict OTR will take over RealGM by 2010, and then in 2010, I can come back and say oh my prediction was way off but dont lose hope it will happen someday.

 

How do you cut the defecit though by raising it to 9 Trillion please explain to me Real Deal. I must have missing irregularities in Logic Somewhere?

 

Also, Good Luck when China cashes in all their Treasuries and USA Bonds. What are we gonna say, no China you cant cash in your bonds, lets go to war?

[Art]

Also I just want to add two more things; I updated last sentence in original post and continue on below.

 

He really has not been in there long enough to evaluate his progressions though as much as he may be a good guy I just do not trust him at all.

 

By no means with my original post am I defending any presidents before O, as if to say that they were better. All politicians have a job to do with possible personal or political ties but I take them for what they are. I agree to disagree because no two people will ever agree on everything.

Edited August 26, 2009 by Ya Dig!

[xx.]

Why can you explain your Reasoning. Out of all the people not to like Obama I did not expect you to be one of them.

Lol strong stereotype

Edited August 26, 2009 by NeTs15VC

[Mike Hawk]

Lol strong racism

It has nothing to do with racisam. I think Collin Powell is a good man.

[AtTheDriveIn]

Contradiction. They used to predict that he could cut the defecit in half by 2013. However that was a false prediction looking back on it now, just like this false presidency. Reading that article angers me, they clearly state that the numbers of the current crisis were grossly misscalculated, how can you screw that up. I didnt know Finance was so confusing on Capitol Hill.

 

I mean I can predict OTR will take over RealGM by 2010, and then in 2010, I can come back and say oh my prediction was way off but dont lose hope it will happen someday.

 

How do you cut the defecit though by raising it to 9 Trillion please explain to me Real Deal. I must have missing irregularities in Logic Somewhere?

 

Also, Good Luck when China cashes in all their Treasuries and USA Bonds. What are we gonna say, no China you cant cash in your bonds, lets go to war?

 

You're an idiot..

[JYD]

You're an idiot..

Agreed. The defecit should be less of an issue right now as the economy should be more of the focus...Republicans want to focus on that budget and defecit because they want to ignore the fact that the recession is starting to take a turn for the better.

[Mike Hawk]

Agreed. The defecit should be less of an issue right now as the economy should be more of the focus...Republicans want to focus on that budget and defecit because they want to ignore the fact that the recession is starting to take a turn for the better.

 

So we shouldnt focus on Unemployment and GDP? Isnt that part of the economy? I guess the economy is doing great?

 

And I am the idiot here?

[AtTheDriveIn]

And I am the idiot here?

 

That's what I said.. and that's what he agreed to. So, yep.

[Mike Hawk]

That's what I said.. and that's what he agreed to. So, yep.

I like how you only decided to answer that question Retard.

[AtTheDriveIn]

I like how you only decided to answer that question Retard.

 

I like how you don't know you're stupid. It makes it funny, knowing that everyone think's you're a moron.

[MainEv3nt]

people who dont like obama is just waiting for him to mess up, they dont care about america they jus care about obama messing up.

[JYD]

people who dont like obama is just waiting for him to mess up, they dont care about america they jus care about obama messing up.

Although that sounded retarded, I actually agree. People are more out to get him and try to act like he's f'ing up, instead of praising him.

 

You used to see a lot of people praise Obama. Now everything he does, it's wrong. It's not change. It's all wrong.

[J-Rat]

You have to spend money to make money. You guys think he can just make a quick fix and we're good. Get real, it's gonna take time and big time moves.

[JYD]

You have to spend money to make money. You guys think he can just make a quick fix and we're good. Get real, it's gonna take time and big time moves.

Pretty much true.

 

If people didn't think the defecit was going to get worse before it gets better when they elected him, they are probably retarded.

 

I guess the people who are complaining at the ones that voted McCain. They wanted a spending freeze, well, guess what? McCain isn't in office. We are trying things Obama's way.