The Facts About The Deficits: Straight Out Of The CBO's Mouth. (unemployment, Congress)

[kovert]

These are the FACTS about the CBO reports on the deficits, particularly from 2011-2020.

"The cumulative deficit over the 2011–2020 period would equal $9.8 trillion (5.2 percent of GDP), $3.8 trillion more than the cumulative deficit projected in the baseline."

And do you know where the bulk of that 3.8 trillion comes from?

"Obama's tax-cutting agenda is by far the biggest contributor to those budget gaps, the CBO said. As part of his campaign pledge to protect families making less than $250,000 a year from new taxes, the president is proposing to prevent the alternative minimum tax from expanding to ensnare millions of additional taxpayers.

Obama is convening a special commission to bring deficits down to 3 percent of the economy, but the CBO report shows that Obama could accomplish that goal simply by letting the Bush tax cuts expire and paying for changes to the alternative minimum tax."

Once again, the bulk of the deficits is due to the ludicrous fiscal blunders of the Formerly Known As Conservatives and when proposals for taxes to go back to the levels they were from the decade that some seem to feel was a century ago, it is cried this:

Originally Posted by kovert

It would help to alleviate the deficit if revenue is gained from taxing the top income earners that are NOT EXPERIENCING A RECESSION, but the whiners would once again scream socialism and class warfare.

[kovert]

Here is more updated info.

"Changes to projections of the cumulative deficit for the 2011–2020 period are similarly modest but result in a net decrease; assuming the continuation of current laws and policies, CBO estimates a 10-year deficit totaling $5.98 trillion, down $63 billion from the $6.05 trillion projected in January. As a share of GDP, CBO’s estimate of the baseline deficit over the 2011–2020 period is unchanged, at 3.2 percent."

[sanrene]

When the democrats took control of congress, the deficit was around $5.8 Trillion. Now it is over $12 trillion and the CBO said that obama's budget would add $1 Trillion dollars every year to the debt for the next ten years, for a total of another $10 Trillion.

He owns it.

[roysoldboy]

Originally Posted by sanrene

When the democrats took control of congress, the deficit was around $5.8 Trillion. Now it is over $12 trillion and the CBO said that obama's budget would add $1 Trillion dollars every year to the debt for the next ten years, for a total of another $10 Trillion.

He owns it.

He owns it but will never admit to that when it becomes apparent that it is as bad or worse than CBO says. He will go on blaming it on Bush although we know just how much Bush was overspending.

[kovert]

Originally Posted by sanrene

When the democrats took control of congress, the deficit was around $5.8 Trillion. Now it is over $12 trillion and the CBO said that obama's budget would add $1 Trillion dollars every year to the debt for the next ten years, for a total of another $10 Trillion.

He owns it.

Never said it is not his problem.

As for the dems in the Congress.

Originally Posted by kovert

1st of all, the Dems only were the majority in Congress since 2007 and only had a large majority since 2009. Since 1994 -2006 the GOP ran the Congress.

And why don't you explain what was it that they spent money on?

Was it to increase funds for wars based on misleading if not falsified information?

Was it for bailing out corporations, like Junior's Secretary Paulson's buddies at Goldman Sachs?

Or was it for extending health benefits especially for children or maybe unemployment, food stamps for the many hard hit by this recession?

Lets see how well a politician would do campaigning on slashing health care for children or doing away with unemployment and other benefits during a Great Recession.

Originally Posted by kovert

Interesting you mention his 1st year because most of the problems he was blamed for in his freshman term, he did not actually create in the 1st place.

"Considering all the claims about an “Obama spending spree” it is important to begin by looking at exactly how much money the government spent in FY09. It’s true that spending in 2009 was much higher than it was the previous fiscal year, by about $602 billion, excluding payments on the national debt (which actually declined in 2009 because of low interest rates). But it turns out that a huge chunk of that increase actually happened before President Obama took office. In fact, fully 41 percent, or $245 billion, came in the form of the Troubled Asset Relief Program and the rescues of Fannie Mae and Freddie Mac, actions taken in the fall of 2008 under President George W. Bush."

[lifelongMOgal]

Congress (both parties) has been spending as though their line of credit via OPM (other people's money) was endless. Theve been burning through cash like Clinton burned through cigars with Monica under the desk in the oval office; as though their hands would never be caught in the cookie jar. The debt cannot continue to be increasingly monitized without serious reprecussions.

The SPENDING has got to stop and the American people need to cut the credit card of the federal government like Dave Ramsey at a debter's 12 step meeting!

[Renaldo5000]

Both the Repubs and Dems spend more money than they should. Neither party can claim the mantle of fiscal conervatism with a straight face. So what?....and this is news?

[sanrene]

And why don't you explain what was it that they spent money on?

You'd have to go back to the budgets enacted to get the details.

Btw, if you're going to just copy and paste your answers from previous threads on the same subject, why start another thread?

[saganista]

Originally Posted by sanrene

When the democrats took control of congress, the deficit was around $5.8 Trillion.

WRONG again. When the Democrats took control of Congress, the public debt was exactly $8,672,809,821,417.74.

Originally Posted by sanrene

Now it is over $12 trillion and the CBO said that obama's budget would add $1 Trillion dollars every year to the debt for the next ten years, for a total of another $10 Trillion. He owns it.

WRONG again. Actual CBO projected data...

FY2009 -1,413 (actual)
FY2010 -1,500 (estimated)
FY2011 -1,341
FY2012....-915
FY2013....-747
FY2014....-724
FY2015....-793
FY2016....-894
FY2017....-940
FY2018 -1,001
FY2019 -1,152
FY2020 -1,253

[hawkeye2009]

Originally Posted by kovert

These are the FACTS about the CBO reports on the deficits, particularly from 2011-2020.

"The cumulative deficit over the 2011–2020 period would equal $9.8 trillion (5.2 percent of GDP), $3.8 trillion more than the cumulative deficit projected in the baseline."

And do you know where the bulk of that 3.8 trillion comes from?

"Obama's tax-cutting agenda is by far the biggest contributor to those budget gaps, the CBO said. As part of his campaign pledge to protect families making less than $250,000 a year from new taxes, the president is proposing to prevent the alternative minimum tax from expanding to ensnare millions of additional taxpayers.

Obama is convening a special commission to bring deficits down to 3 percent of the economy, but the CBO report shows that Obama could accomplish that goal simply by letting the Bush tax cuts expire and paying for changes to the alternative minimum tax."

Once again, the bulk of the deficits is due to the ludicrous fiscal blunders of the Formerly Known As Conservatives and when proposals for taxes to go back to the levels they were from the decade that some seem to feel was a century ago, it is cried this:

Kovert, old boy.

I posted another thread which showed that if you tax the "rich" 100% of their income, it still does not solve the debt problem.

I fear that you and the rest of us will have to give up nearly all the government freebies if we want to get back on track. There is no magic "pot of gold" which can be taxed or confiscated. Spending has to be markedly cut.