President Barack Obama is sending Congress a $3.77 trillion spending blueprint that seeks to achieve an elusive “grand bargain” to tame runaway deficits by raising taxes further on the wealthy and trimming popular benefit programs such as Social Security.
So what if we’re $17 Trillion in Debt, let’s Spend even more!!
It projects that the deficit for the 2014 budget year, which begins Oct. 1, would fall to $744 billion. That would be the lowest gap between spending and revenue since 2008.
Wow! We’d overspend money we don’t have less than we have in the last 5 years! Wow! I’m impressed!! 🙂
Instead of ten hits of crack a day we’ll just do 7!!
WOW! that’s amazing. Whattaguy! 🙂
Oh, and we raise even more taxes so we can overspend!
Just over a week after sequestration took effect, the State Department allotted more than $700,000 for gardening at a U.S. Ambassador’s residence in Brussels, Belgium. 🙂
total deficit savings to $4.3 trillion (over ten years), based on the administration’s calculations.
WOW! He only overspends that much in 3 Months!!! What about the other 9?
Oh, right, TAX INCREASES!
No Tax & Spend Democrats here… 🙂
But instead of moving Congress nearer a grand bargain, Obama’s proposals so far have managed to anger both Republicans, who are upset by higher taxes, and Democrats upset with cuts to Social Security benefits.
Which is why it’s just political, not economic, as usual. Wonder how the Ministry of Truth is going to spin cuts to Social Security? 🙂
The CBO also notes, however – and the White House omits – that a switch to the chained CPI (for Social Security) will also raise more than $124 billion in new tax revenues.
The money will come pouring in because the consumer price index also controls income tax brackets, tax filers’ standard deductions, nontaxable contribution limits for 401(k) retirement plans, and more.
So millions of individual Americans will see themselves moved involuntarily to higher tax brackets, and middle-class taxpayers in particular will lose some of the tax credits and deductions that they count on.
White House Press Secretary Jay Carney conceded as much during an April 5 briefing, when CBS News Chief White House Correspondent Major Garrett asked if it would ‘raise taxes on middle-income Americans.’
‘I’m not disputing that,’ Carney said, adding that ‘it is not the president’s ideal policy.’
The president’s spending and tax plan is two months late.
It must be all that partying, vacations, and golf!
The budget proposes cutting $400 billion from Medicare and other health care programs over a decade. The cuts would come in a variety of ways, including negotiating better prescription drug prices and asking wealthy seniors to pay more.
Sticking it to Grandma? How dare he! 🙂
In the tax area, Obama would raise an additional $580 billion by restricting deductions for the top 2 percent of family incomes. The budget would also implement the “Buffett Rule” requiring that households with incomes of more than $1 million pay at least 30 percent of their income in taxes. Charitable giving would be excluded.
So this leopard still has all his spots! Gee, what a shocker that is…
As part of the administration’s effort to win over Republicans, Obama will have a private dinner at the White House with about a dozen GOP senators Wednesday night (Wine, Dine, & Bribe). The budget is expected to be a primary topic, along with proposed legislation dealing with gun control and immigration.
But White Hours Tours for the little people who will get stuck with the check?
Sorry, Charlie, you’re still a peasant and you still stink.
‘Every new initiative in the plan is fully paid for, so they do not add a single dime to the deficit,’ the White House pledges.
FactCheck.org, a program of the University of Pennsylvania’s Annenberg Policy Center, reported in February that Obama’s total sum included about $600 billion, however, in new taxes – not spending reductions. It also included $500 billion in reductions of the amount the federal government planned to pay in future interest on its debts.
Only about $1.4 trillion consisted of actual spending cuts – or at least what Washington wonks call spending cuts.
After all, reductions in the INCREASE in spending is considered a “cut” these days in Washington! 🙂
So Obama will have them fighting each other then President Fiat can just step in an do whatever he wants “for the good” of all his subjects. 🙂
After all, if this whole thing fails miserably, and the fighting gets very nasty hen will Eloquently and Arrogantly stand above the fray and proclaim it wasn’t HIS fault! 🙂
THE AGENDA IS THE AGENDA.