President Obama's call for a spending freeze around the time of the SOTU address was widely reported and discussed. It would appear to not have much substance, as the new budget to be proposed on Monday predicts a record $1.6 trillion deficit as part of a $3.8 trillion total package.
Congressional aides are preparing to slog through an expected $3.8 trillion in spending to be proposed by President Obama on Monday when his fiscal year 2011 budget is delivered to Capitol Hill.While discretionary spending is indeed frozen (with some exceptions), it amounts to such a small percentage of the total budget as to be almost unnoticeable.The proposed budget predicts the national deficit will crest at a record-breaking $1.6 trillion in the current fiscal year, then start to recede in 2011 to $1.3 trillion, a congressional official said Sunday.
Still, the administration's new budget to be released Monday says deficits over the next decade will average 4.5 percent of the size of the economy, a level which economists say is dangerously high if not addressed, said the congressional official.
Of course the real situation is likely worse. Estimates of deficits so far have been shattered and I have no reason to believe this next estimate isn't equally as conservative. Time will tell, but I can't imagine that overspending by a staggering $1,600,000,000,000 is going to play well with a majority of Americans as they collectively tighten their belts in tough economic times.
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Comments (17)
One earmark on this bill an... (Below threshold)1. Posted by Marc | January 31, 2010 6:42 PM | Score: 9 (11 votes cast)
One earmark on this bill and obama is toasty toast.
AND YOU KNOW THERE WILL BE, the ass clowns in clown city just can't help themselves and obama will trot out some lame excuse for signing it as he did with the last budget he signed.
1. Posted by Marc | January 31, 2010 6:42 PM |
Score: 9 (11 votes cast)
Posted on January 31, 2010 18:42
2. Posted by GarandFan | January 31, 2010 6:49 PM | Score: 7 (7 votes cast)
"I can't imagine that overspending by a staggering $1,600,000,000,000 is going to play well with a majority of Americans."
Well, Barry just has to have his weekly get togethers with his pals and enjoy AF1; and Nancy really really needs those military aircraft to fly home on weekends.
The American public can just suck it up!
2. Posted by GarandFan | January 31, 2010 6:49 PM |
Score: 7 (7 votes cast)
Posted on January 31, 2010 18:49
3. Posted by wolfwalker | January 31, 2010 8:26 PM | Score: 5 (5 votes cast)
a record $1.6 trillion deficit as part of a $3.8 trillion total package.
To put that another way, almost half of the total budget is deficit spending.
How can any rational person support that?
3. Posted by wolfwalker | January 31, 2010 8:26 PM |
Score: 5 (5 votes cast)
Posted on January 31, 2010 20:26
4. Posted by Justrand | January 31, 2010 8:36 PM | Score: 5 (5 votes cast)
4 days agao this lying sack of shit said he was "concerned about the deficits". Then he proposes spending 42% MORE than the government brings in!
FORTY-TWO PERCENT of the money to be spend is BORROWED!!!
IMPEACH this son-of-a-bitch before he destroys our country completely!
4. Posted by Justrand | January 31, 2010 8:36 PM |
Score: 5 (5 votes cast)
Posted on January 31, 2010 20:36
5. Posted by Jim Addison | January 31, 2010 9:58 PM | Score: 5 (5 votes cast)
Well, "discretionary" spending accounts for roughly 1/8 of the budget, or less than $500 billion. Remember, Obama isn't going to save the $500 bil, he's just going to "freeze" it so the usual annual increase isn't automatic. Of course, by the time he's through will all the special exemptions and the like, there will probably be about $36.5 million in "frozen" spending.
5. Posted by Jim Addison | January 31, 2010 9:58 PM |
Score: 5 (5 votes cast)
Posted on January 31, 2010 21:58
6. Posted by Wayne | January 31, 2010 11:31 PM | Score: 4 (4 votes cast)
This crazy spending can't go on. In addition I concern that some hostile countries will perceive the U.S. as broke, weak and with a weak, incompetent President. They may decide this is a good time to act up.
6. Posted by Wayne | January 31, 2010 11:31 PM |
Score: 4 (4 votes cast)
Posted on January 31, 2010 23:31
7. Posted by Wayne | January 31, 2010 11:34 PM | Score: 2 (2 votes cast)
Sorry for not proof reading. My grammar is worst than normal.
7. Posted by Wayne | January 31, 2010 11:34 PM |
Score: 2 (2 votes cast)
Posted on January 31, 2010 23:34
8. Posted by Grace | February 1, 2010 12:10 AM | Score: 1 (1 votes cast)
Wolfwalker,
Of course, no rational person could support this type of spending.
Unfortunately, there are three types of people right now:
1. Those of us jumping mad trying to wake up the masses.
2. Those who are still sleeping - paying attention to sports and stars; never politics.
3. Those who are waiting for more free stuff - those who don't worry about deficits, because they have been coddled by the government their whole lives.
I pray to God that the third catagory never overtakes the first two, but Obama and his ilk have been rearranging the deck chairs to make it that way as quickly as possible.
8. Posted by Grace | February 1, 2010 12:10 AM |
Score: 1 (1 votes cast)
Posted on February 1, 2010 00:10
9. Posted by GarandFan | February 1, 2010 12:22 AM | Score: 3 (3 votes cast)
Grace:
Unfortunately, Barry and Company are banking on all those people in group #3.
As Alex de Tocqueville noted, "The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."
Did you notice those late last year, collecting their "Obama Bucks" in Detroit? Only one woman knew where the money was coming from. Everyone else could care less, as long as they "got some".
9. Posted by GarandFan | February 1, 2010 12:22 AM |
Score: 3 (3 votes cast)
Posted on February 1, 2010 00:22
10. Posted by 914 | February 1, 2010 1:30 AM | Score: 2 (4 votes cast)
"Time will tell, but I can't imagine that overspending by a staggering $1,600,000,000,000 is going to play well with a majority of Americans as they collectively tighten their belts in tough economic times."
Yes, but as everybody knows by now...Its all about the O
10. Posted by 914 | February 1, 2010 1:30 AM |
Score: 2 (4 votes cast)
Posted on February 1, 2010 01:30
11. Posted by Marc | February 1, 2010 2:39 AM | Score: 2 (4 votes cast)
Grace "I pray to God that the third catagory never overtakes the first two, but Obama and his ilk have been rearranging the deck chairs to make it that way as quickly as possible."
Well, that's about spot on and fully behind why over the course of years those that don't pay income taxes grows... and grows.
Once more than fifty percent pay no taxes or get a rebate of some kind it makes it DAMN hard to get them back off the government teat.
11. Posted by Marc | February 1, 2010 2:39 AM |
Score: 2 (4 votes cast)
Posted on February 1, 2010 02:39
12. Posted by McGehee | February 1, 2010 8:01 AM | Score: 0 (0 votes cast)
My wife works for the federal government and news of Obama's proposed spending freeze worried her, until I reminded her it was Obama who proposed it.
12. Posted by McGehee | February 1, 2010 8:01 AM |
Score: 0 (0 votes cast)
Posted on February 1, 2010 08:01
13. Posted by Brian Richard Allen | February 1, 2010 8:30 AM | Score: 1 (3 votes cast)
In his post #12, McGehee says his wife "works" for the federal government.
HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa! HaHaHaHaHaHaHaHaHaHaHaHaHa!
Good one, McGehee!
13. Posted by Brian Richard Allen | February 1, 2010 8:30 AM |
Score: 1 (3 votes cast)
Posted on February 1, 2010 08:30
14. Posted by McGehee | February 1, 2010 9:00 AM | Score: 0 (0 votes cast)
Actually, she does. One of the few.
14. Posted by McGehee | February 1, 2010 9:00 AM |
Score: 0 (0 votes cast)
Posted on February 1, 2010 09:00
15. Posted by McGehee | February 1, 2010 9:01 AM | Score: 0 (0 votes cast)
Just like the old joke, except "about half" is way too generous. ;-)
15. Posted by McGehee | February 1, 2010 9:01 AM |
Score: 0 (0 votes cast)
Posted on February 1, 2010 09:01
16. Posted by JLawson | February 1, 2010 9:31 AM | Score: 1 (1 votes cast)
More and more I'm convinced that the folks inside the Beltway can't tell the difference between millions, billions, and trillions.
And what's worse is they believe WE can't either.
16. Posted by JLawson | February 1, 2010 9:31 AM |
Score: 1 (1 votes cast)
Posted on February 1, 2010 09:31
17. Posted by 914 | February 1, 2010 11:12 AM | Score: 0 (0 votes cast)
"Boy marxism is fun!!"
17. Posted by 914 | February 1, 2010 11:12 AM |
Score: 0 (0 votes cast)
Posted on February 1, 2010 11:12