Reminiscent of Bill Clinton who only weeks (or was it days?) into his first term told the public he had worked harder than he had ever worked in his life, but he was not going to be able to keep his promise of middle class tax cuts. Washington Post reports:
President Obama is putting the finishing touches on an ambitious first budget that seeks to cut the federal deficit in half over the next four years, primarily by raising taxes on business and the wealthy and by slashing spending on the wars in Iraq and Afghanistan, administration officials said.
In addition to tackling a deficit swollen by the $787 billion stimulus package and other efforts to ease the nation’s economic crisis, the budget blueprint will press aggressively for progress on the domestic agenda Obama outlined during the presidential campaign. This would include key changes to environmental policies and a major expansion of health coverage that Obama hopes to enact later this year.
A summary of Obama’s budget request for the fiscal year that begins in October will be delivered to Congress on Thursday, with the complete, multi-hundred-page document to follow in April. But Obama plans to unveil his goals for scaling back record deficits and rebuilding the nation’s costly and inefficient health care system Monday, when he addresses more than 100 lawmakers and budget experts at a White House summit on restoring “fiscal responsibility” to Washington.
In his weekly radio and Internet address today, Obama expressed determination to “get exploding deficits under control” and described his budget request as “sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don’t, and restoring fiscal discipline.”Restoring fiscal disclipline? What? You have to admit the man has nerve saying he is for restoring fiscal discipline after just signing the Generational Theft Spendulus Bill of 2009. I wonder if the public will buy it now like they did before the election.
We were all warned of this by the revelation of Obama’s slip of the tongue about spreading the wealth around, and anyone who really looked at what Obama was proposing during the election won’t be surprised, but I have a feeling most did not believe John McCain and Joe the Plumber when they warned voters that Obama would raise taxes on businesses. Obama assured us that he wanted to cut taxes for 95 percent of Americans. That was the mantra. I don’t think voters gave much thought to the rest of it. They better pay attention now. I predict tea parties all over the country this summer.
Doug Ross goes through the series of statements from Obama about who qualify as “the rich” and provides some historical perspective of past success of the policy of raising taxes on businesses during tough economic times.
President Obama might want to remember that Bill Clinton ended up admitting to business owners that “I raised your taxes too much” in 1993. It doesn’t appear Obama is looking to learn from history’s lessons.
Update: In case you have not yet received the 11 Most Expensive Catastrophes in History via email, here’s a link.
The tea parties are already beginning — no need to wait for the summer. Michelle Malkin has a listing of some of the events being planned already.