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Originally Posted by Luvian
From the article I get the impression most of it is inherited debts, and that the white house experts don't seem to be in agreement with the dire predictions cited in the article...
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Go back over it, it is the current president who has created this situation with his elaborate spending and bailouts...
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"This report should serve as the wake-up call this administration needs," said House Minority Leader John Boehner, R-Ohio. "We simply cannot continue to mortgage our children and grandchildren's future to pay for bigger and more costly government."
But Obama insisted on Friday that his agenda is still on track.
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Like other politicians, the writing is there, BHO is failing to read and heed.
These are current administration numbers, not inherited.
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Obama's $3.6 trillion budget for the 2010 fiscal year beginning Oct. 1 contains ambitious programs to overhaul the U.S. health care system and initiate new "cap-and-trade" rules to combat global warming.
Both initiatives involve raising federal revenues sharply higher, but those dollars wouldn't be used to defray the burgeoning deficit and would instead help pay for Obama's health plan and implement Obama's $400 tax credit for most workers and $800 for couples.
Obama's budget promises to cut the deficit to $533 billion in five years. The CBO says the red ink for that year will total $672 billion.
Most disturbing to Obama allies like Senate Budget Committee Chairman Kent Conrad, D-N.D., are the longer term projections, which climb above $1 trillion again by the end of the next decade and approach 6 percent of GDP by 2019.
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I should not have any personal concern of these historic budget predictions, however, with VA affairs and military benefits coming up next for ways to scrape money to fund national health-care, the administration is treading into areas that even bill clinton claimed to be off limits. When these items fall prey to the BHO axe, things will become different, and different at levels beyond type here.
The issue lies with my daughter element, who at 17 cannot get a part time job or even a simple summer hire job due to the amount of our elderly going back to work to help support their children.
Lastly;
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The 2009 deficit, fueled by the $700 billion Wall Street bailout and diving tax revenues stemming from the worsening recession, is four times the previous $459 billion record set just last year.
The CBO's estimate for 2010 is worse as well, with a deficit of almost $1.4 trillion expected under administration policies, about $200 billion more than predicted by Obama.
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A more conservative approach which would allow one of his four projects to get overhauled a year over the next four years might win him greater support. However, at this breakneck pace and rapid deterioration of the budget, the economy, and increasing bailout monies, he will find himself jobless next year, and have no future goals for re-election in 2012. Therefore, I do applaud his actions, and wish him success!