The Conservative Cave
Current Events => Breaking News => Topic started by: NHSparky on February 22, 2009, 09:31:43 AM
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Obama's First Budget Seeks To Trim Deficit
Plan Would Cut War Spending, Increase Taxes on the Wealthy
By Lori Montgomery and Ceci Connolly
Washington Post Staff Writers
Sunday, February 22, 2009; A01
LINK (http://www.washingtonpost.com/wp-dyn/content/article/2009/02/21/AR2009022100911_pf.html)
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 businesses 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 he 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 tomorrow, when he addresses lawmakers and budget experts at a White House summit on restoring "fiscal responsibility" to Washington.
Yesterday in his weekly radio and Internet address, Obama said he is determined to "get exploding deficits under control" and said his budget request is "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."
Dear Zerobama,
You know when the deficits "exploded"? When YOU and your 'Rat puppetmasters decided to shove a TRILLION dollars of pet projects down our throats.
And FWIW, if you cut the FY 2009 deficit in half, it would STILL be more than any deficit under Bush. You remember him--the guy who you labeled an irresponsible spender?
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Obama also seeks to increase tax collections, mainly by making good on his promise to eliminate some of the temporary tax cuts enacted in 2001 and 2003. While the budget would keep the breaks that benefit middle-income families, it would eliminate them for wealthy taxpayers, defined as families earning more than $250,000 a year. Those tax breaks would be permitted to expire on schedule in 2011. That means the top tax rate would rise from 35 percent to 39.6 percent, the tax on capital gains would jump to 20 percent from 15 percent for wealthy filers and the tax on estates worth more than $3.5 million would be maintained at the current rate of 45 percent.
Obama also proposes "a fairly aggressive effort on tax enforcement" that would target corporate loopholes, the official said. And Obama's budget seeks to tax the earnings of hedge fund managers as normal income rather than at the lower 15 percent capital gains rate.
Overall, tax collections under the plan would rise from about 16 percent of the economy this year to 19 percent in 2013, while federal spending would drop from about 26 percent of the economy, another post-World War II high, to 22 percent.
Republicans, who are already painting Obama as a profligate spender, are laying plans to attack him on taxes as well. Even some nonpartisan observers question the wisdom of announcing a plan to raise taxes in the midst of a recession. But senior White House adviser David Axelrod said in an interview that the proposals reflect the ideas that won the election.
"This is consistent with what the president talked about throughout the campaign," and "restores some balance to the tax code in a way that protects the middle class," Axelrod said. "Most Americans will come out very well here."
No, you effin retard--what won you the election is a bullshit promise that only those too lazy or stupid to examine believed, that being that everyone's taxes would be cut. Well, pray tell, David, why is it I've been advised to find as many investments and tax-deferred savings programs as possible to maximize my future deductions, and I make nowhere near $250K?
And when you overtax business and the "rich", guess what happens to the jobs they provide? Yep--they go elsewhere. Nothing like killing the economy in the pursuit of "fairness". Everyone has a right to be stupid, but you're abusing the ****ing privilege.
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I'm telling you - everyday Obama scares me more and more. Do you notice that he's everywhere everyday? He's on the TV and on the internet. He should be hanging out in the background and doing his work - he's still campaigning because that's all he knows what to do. He's an egomaniac who loves the adulation but doesn't want to do the hard work.
I grew up and lived in Elkhart County, Indiana where he visited a couple of weeks ago where most of the RVs are made and they are now nearly all closed down - I haven't lived there in more than ten years. The unemployment rate in Elkhart County is 15 to 17%. His fantasy policies about global warming will never allow those RV factories to open back up and Elkhart County will become a desolate area. The people didn't appear to receive him as warmly as he might have expected and some of the letters to the editor were scathing. Most people were angry that he was wasting taxpayer dollars to come there. I guess it's easy wasting other people's money. The dems are pros at that.
God help us all.
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he's still campaigning because that's all he knows what to do.
He's just following in Billy Jeff's footsteps. Clinton spent 8 years in campaign mode.
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Sending 17,000 new troops to Afghanistan, and he wants to cut funding. :thatsright: So either this man is a ****ing liar, or he wants to get our troops killed.
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It is 1975 all over again and watch for the Dow to drop all week to in the 6000s.....for now.
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Boy, that sure sounds like it's gonna fix the economy.
I think Rush is right, these cocksuckers do not want the economy to be fixed.
See my last statement.....
Much easier to confiscate simple minds 401Ks with glorious promises after they have been decimated by a market halving.
My feeling is that they (dems) don`t want business investment as that will be more lucrative then their silky guarantees of a few percent return (paltry in view of their proven inflationary policies) as they redirect our savings into financing more government dependency.
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Sending 17,000 new troops to Afghanistan, and he wants to cut funding. :thatsright: So either this man is a ****ing liar, or he wants to get our troops killed.
No either/or there. He's BOTH.
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It is 1975 all over again and watch for the Dow to drop all week to in the 6000s.....for now.
Get ready for "Carter II".
Double digit inflation, gas lines, energy shortages, "misery" index....
Zero is just like him, an over-educated idiot that thinks he "knows" what is going on, but in reality, is too stupid to pour piss out of a boot, even when the directions are written on the heel....
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Yesterday, my wife and I brought our daughter to my wife's sister's. My wife's sister's husband is an Obot through and through. He kept spouting on how Obama was goign to fix the housing crisis, the bailouts, the terrorists, etc. I shut him off after a while. I also kept thinking, "What comes around, goes around." Election Night of 2010 will be a rude shock to him, and Election Night of 2012 should be Hell for him.
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Yesterday, my wife and I brought our daughter to my wife's sister's. My wife's sister's husband is an Obot through and through. He kept spouting on how Obama was goign to fix the housing crisis, the bailouts, the terrorists, etc. I shut him off after a while. I also kept thinking, "What comes around, goes around." Election Night of 2010 will be a rude shock to him, and Election Night of 2012 should be Hell for him.
God willing, if we MAKE it to 2010....
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Raise taxes on the wealthy? How about getting the crooks in the administration to pay theirs before going after hard working Americans.
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Boy, that sure sounds like it's gonna fix the economy.
I think Rush is right, these cocksuckers do not want the economy to be fixed.
They don't want it fixed BC. They want it in such a state of despair...that the people will believe that the ONLY way we can be saved is to nationalize EVERYTHING.
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This would be entertaining...if it wasn't happening in my own country.
:banghead:
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What's yall's damn problem.....................follow blindly and accept you fate............buch of damn whiners.
Ron Paul for coroner in 2012
Dumbass president................................I'm sorry for all still serving and now scared for my DoD job
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They don't want it fixed BC. They want it in such a state of despair...that the people will believe that the ONLY way we can be saved is to nationalize EVERYTHING.
I am beginning to believe that is the Magic Negro's plan. With the help of socialist Democraps, it seems they are all on the same playbook. For example, Sent Dodd and Rep. Waters slip of the tongue about nationalization. The stock market takes a dive every time these idiots open their mouths. The market will have a triple whammy next week when Geithner and 8 Ball tell the American people how he is going to scr&w us.
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I think Rush is right, these cocksuckers do not want the economy to be fixed.
Of course they do no want the economy fixed. If it was in better shape, they would not have any excuse to ram socialism down our throats.
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"trim deficit" only means slowing down the increasing national debt. It's still spending more than we have.
:banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead:
"reduce spending" only means don't increase spending as fast as someone intended it to increase. There will still be more spent than what we're spending now.
:banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead: :banghead:
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BlueStateSaint, I do not know how you tolerated such a visit. I would not have been able to. My head would have exploded, making a big mess, but only after I had been unforgivably rude to the Obamabot.
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BlueStateSaint, I do not know how you tolerated such a visit. I would not have been able to. My head would have exploded, making a big mess, but only after I had been unforgivably rude to the Obamabot.
He met my SIL in one of the most liberal universities in the SUNY system--New Paltz. Besides, their daughters are cute and savable (my daughter will help with that). And, my FIL and MIL were there, and they're both conservatives.
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Yesterday, my wife and I brought our daughter to my wife's sister's. My wife's sister's husband is an Obot through and through. He kept spouting on how Obama was goign to fix the housing crisis, the bailouts, the terrorists, etc. I shut him off after a while. I also kept thinking, "What comes around, goes around." Election Night of 2010 will be a rude shock to him, and Election Night of 2012 should be Hell for him.
Obvious Bouncy. :whatever:
:-)