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Obama Submitting 3.8 Trillion Dollar Budget
As President Obama prepares to unveil his $3.8 trillion budget for fiscal year 2011, which begins Oct. 1, the White House is projecting the current fiscal year will end with a $1.6 trillion deficit, congressional sources confirmed to Fox News.
Next year’s budget will have a nearly $1.3 trillion debt, according to those sources, dropping to just over half that — $700 billion in fiscal year 2013 — before jumping back up to $1 trillion in 2020, the furthest out that budgeters will predict.
A $1.6 trillion deficit would represent more than 10 percent of the gross domestic product, but the White House says over the next 10 years, the average deficit will represent only 4.5 percent of GDP annually. Last year’s deficit was $1.42 trillion.
“We don’t expect this is going to be easy,” Fox Business Network reported White House Communications Director Dan Pfeiffer saying. Pfeiffer added that the White House proposed cuts last year but Congress funded programs anyway.
But keeping budget deficits where they are currently projected will happen only if tax cuts passed in 2001 and 2003 expire as scheduled at the end of this year. The White House calculates tax hikes would generate $1.2 trillion in revenue over 10 years.
At what point is Obama going to say, like all liberal politicians eventually say, that he will be “forced” to raise taxes on the middle class to pay for all this?
Or will he simply stick to the plan of lying and hope that the ignorant, or what is also known as “his base,” don’t notice that the price signals and various fines he is going to impose aren’t taxes.
Dixie
January 31st, 2010
What the hell happens in five years when we have to ask Haiti for financial aid?
It’s a very un-funny joke.
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Wyatt AARP
January 31st, 2010
We will trade Illinois Avenue and Marvin Gardens straight up for Boardwalk in an effort to balance the budget. At this point, it’s all Monopoly money anyway.
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cg6380
January 31st, 2010
Relax. We can always qualify for a reverse morgage from China.
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Dixie
January 31st, 2010
Hells bells, cg6380, we -are- China West.
Doc
January 31st, 2010
cg…don’t we have to wait for obama to turn 62 for that?
“The Obama Budget – Operationalizing The Freeze” and related posts - KuASha Organization
January 31st, 2010
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cg6380
January 31st, 2010
Well Dix, that explains the deals on Chinese buffets & Norinco AK’s lately.
Doc, this unfortunately is how long he plans to park his ass.
Boobie The Rocket Dog
January 31st, 2010
Either Obama plans on selling Hawaii to the Chinese,
or
This is a rope-a-dope. He’s written off a second term and is giving congress plenty of fat to lop off so they look like budget cutters to fence-sitting DemocRATs.
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scr_north
February 1st, 2010
I wonder what the “average” deficit would be if only the next three years (and hopefully last) of his mandate were calculated.
cfm990
February 1st, 2010
San Fran Nan is doing her part to keep spending down.
http://www.judicialwatch.org/news/2010/jan/judicial-watch-uncovers-new-documents-detailing-pelosis-use-air-force-aircraft
Diann
February 1st, 2010
That a$$hole George W. Bush!
Boobie the Rocket Dog
February 1st, 2010
@ Diann-
Why so?
Diann
February 1st, 2010
You mean it’s not George W. Bush’s fault. Really? Huh.
Horrorman18
February 1st, 2010
I just heard that a portion of this budget is based on revenue expected from the cap and trade bill…which hasn’t passed yet!!! WTF
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IH8Socialist
February 1st, 2010
I’ve got some budget cuts I’d like to make. We start by not giving the president and congress a pay check.
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had enuf mike
February 1st, 2010
furthermore,
this deficit that this spending bill has in it,
already….I repeat, already has TAKEN in the effect of the Bush Tax cuts being sunsetted, and Washington is still in a deficit mode.
we are so SCREWED !
Papadoc
February 1st, 2010
The Chinese probably see our currency the way we see Chinese food–no matter how much you get, you’re never full.
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Fbud
February 1st, 2010
Imagine borrowing 42 cents for every dollar you spend.
Matt
February 1st, 2010
On the bright side,maybe China will take Detriot.
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Chris
February 1st, 2010
“Pfeiffer added that the White House proposed cuts last year but Congress funded programs anyway.”
Does this mean he’s going to blame the democongress now instead of blaming Bush?
This goes much further than blatant stupidity. When the asshats are printing dollars and spending like there’s no tomorrow, it drives the price of everything up as well. went to the grocery store (something I rarely do) and prices were on the average higher by 25-50 cents on most items since the last time I shopped, before Christmas.
This is, for all purposes, yet another tax infringement on us working folks.
Fbud
February 1st, 2010
Just think of it as a “Reverse Surplus.”
DavidD
February 1st, 2010
Do you mean “*ARE* taxes”?
Sicktoy
February 1st, 2010
@cfm – This information detailing Nancy’s continued and flagrant misuse of money for travel (business or personal) really chaps my little pug ass. And that liquor bill crap has got to stop. There is no good reason her travel shouldn’t be run like any other business – you have a travel budget….and if you go over it, YOU PAY THE OVERAGE! Liquor is on your dime! I’ve travelled for work quite a bit – there are rules and/or guidelines for it. Stay within them and there are no problems; go over the guidelines or bust out and do something really extravagant, then pony up. Quick, easy, no rocket science involved. How dare she continue to thumb her nose at the taxpayers like this??!! I don’t begrudge gov’t officials having even a higher standard of travel than corporate executives – they are representing our country etc, etc, after all…..but don’t you DARE make me pay for your liquor or your family!
Isn’t there anyone who can put their foot down on things like this? And not just Nancy’s travel either – but you know there have to be many, many things like this that could be monitored and/or reduced rather than just continuing to spend and borrow through the nose…It just galled me the other night during the SOTU when Obama said “that’s how budgets work”….he has no clue! He and Nancy Pelosi have probably never had to live on one.
May I have a xanax please? Wow…
rebecca
February 1st, 2010
Cut the budget by 1 billion over the next 3 years — forget this trial of KSM – in any city. First of all, it should be in Gitmo; and secondly, Gibbs has already tainted the jury by his remarks over the weekend that KSM will be executed for his crimes. Who pulled the string on this a$$hole that he should be saying those things? The first day, the first judge, the first DA is going to dismiss the charges and throw this out. You can’t have it both ways, either it’s a civilian trial or it’s not, Gibbs. And if it’s a civilian trial, then you just blew it.
Sicktoy
February 1st, 2010
@Rebecca -
I hadn’t heard about this little faux pas of Gibbs. Someone in his position ought to know better….unless he or someone he works for has an agenda…..
I’m just sayin…..
rebecca
February 1st, 2010
Sicktoy — here’s one story – I just went to the first on the Binglist…but the Gibbon has been talking this up all weekend. Not to mention the Announcer in Chief
http://jonathanturley.org/2010/02/01/gibbs-ksm-will-be-tried-convicted-and-executed/
MonkeyPig
February 1st, 2010
November can’t come soon enough, I just hope that the destruction Obaama and the Dems are inflicting on our country can be reversed in time. I believe their plan is to completely bankrupt America, and surrender sovereignty to the United Nations. As George Soros said, America is the only thing standing in the way of a New World Order. He wants China to run the world economy. Unfortunately I don’t hold much hope in the Repubs either. So who would we the people put in office, after the inevitable armed insurrection? Maybe I go to far on this.
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