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View Full Version : Obama's Budget Doubles the National Debt. Bravo!!



Sev
02-14-2011, 02:33 PM
http://www.cnsnews.com/news/article/obama-budget-nearly-double-national-debt
<span style="color: #000000">
Obama Budget Doubles National Debt to $26.3 Trillion in 10 Years
Monday, February 14, 2011
By Matt Cover

President Barack Obama. (AP Photo/Pablo Martinez Monsivais)
(CNSNews.com) – If the federal budget released by President Barack Obama today is implemented, it will double the national debt over the next 10 years. The current national debt is $13.56 trillion (end of FY 2010). By the end of 2021, that debt would rise to $26.3 trillion under the White House budget.
The figures reflect the effects of Obama’s fiscal year 2012 budget priorities, particularly a federal deficit that never falls below $500 billion in any year between 2010 and 2021.
The national debt – both debt held by the public and debt held by “government accounts” (the Social Security trust fund chief among them) – was $13.56 trillion on Sept. 30. 2010, the end of fiscal year 2010. (The national debt today, Deb. 14, 2011, is $14.08 trillion.)
In 2021, the national debt will have risen to $26.3 trillion, increasing by $1 trillion every year until 2021. Obama’s budget does not contain any plans for balancing the federal budget or reducing the national debt.
(The national debt figures used by the Obama administration are on p. 203 of the budget, Table S-14, released to</span>day. )

pooltchr
02-14-2011, 03:27 PM
And that will be perfectly find with the Obama sheep. Our friend in Maryland thinks we have to spend money to get out of the recession....even if it's money we don't have!

Steve

Soflasnapper
02-14-2011, 05:53 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sev</div><div class="ubbcode-body">http://www.cnsnews.com/news/article/obama-budget-nearly-double-national-debt
<span style="color: #000000">
Obama Budget Doubles National Debt to $26.3 Trillion in 10 Years
Monday, February 14, 2011
By Matt Cover

President Barack Obama. (AP Photo/Pablo Martinez Monsivais)
(CNSNews.com) – If the federal budget released by President Barack Obama today is implemented, it will double the national debt over the next 10 years. The current national debt is $13.56 trillion (end of FY 2010). By the end of 2021, that debt would rise to $26.3 trillion under the White House budget.
The figures reflect the effects of Obama’s fiscal year 2012 budget priorities, particularly a federal deficit that never falls below $500 billion in any year between 2010 and 2021.
The national debt – both debt held by the public and debt held by “government accounts” (the Social Security trust fund chief among them) – was $13.56 trillion on Sept. 30. 2010, the end of fiscal year 2010. (The national debt today, Deb. 14, 2011, is $14.08 trillion.)
In 2021, the national debt will have risen to $26.3 trillion, increasing by $1 trillion every year until 2021. Obama’s budget does not contain any plans for balancing the federal budget or reducing the national debt.
(The national debt figures used by the Obama administration are on p. 203 of the budget, Table S-14, released to</span>day. ) </div></div>

Each year's budget stands alone.

Using Obama's budget this coming fiscal year, if his plan and projections are followed, including for another couple years once he's out of office, this may be true. But it may not be true, and a whole lot more would have to happen beyond passing his next year's budget for this projection to come to fruition. (Including, obviously, that he's re-elected, and that also, AFTER HE LEAVES OFFICE, people would blindly follow his blueprint exactly.) At least some of this is highly unlikely.

Next year's numbers are not wholly predictable, and once you're a couple years out, they are quite unpredictable. Plainly, it isn't THIS budget that causes that result, but **9 more budgets** still to come, when he only has less than 6 years left at most.

Yes, it is true that these are Obama's own team's projections. And they are quite bad. But it isn't this proposed budget that causes that end result.

bobroberts
02-14-2011, 06:09 PM
As it stands now it will go up appromx. 1 trillion a year for the next 1o years.m Wonderful job he has done.
Even his own chief advisor thinks this budget wont work.

Sev
02-14-2011, 06:29 PM
He punted.

Not even even the democrat leadership is happy about it.

LWW
02-15-2011, 01:12 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: bobroberts</div><div class="ubbcode-body">As it stands now it will go up appromx. 1 trillion a year for the next 1o years.m Wonderful job he has done.
Even his own chief advisor thinks this budget wont work. </div></div>

It wasn't intended to work.

It was intended to be spoon fed to the O-cult as "PROGRESS."

LWW

Qtec
02-15-2011, 05:32 AM
<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Each year's budget stands alone. </div></div>

That's for sure.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">President Clinton: The United States on Track to Pay Off the Debt by End of the Decade

December 28, 2000

Today, President Clinton will announce that The United States is on course to eliminate its public debt within the next decade. The Administration also announced that we are projected to pay down $237 billion in debt in 2001. Due in part to a strong economy and the President’s commitment to fiscal discipline, the federal fiscal condition has improved for an unprecedented nine consecutive years. Based upon today’s new economic and budget projections for the coming 10 years from the Office of Management and Budget (OMB):

* The United States can be debt-free this decade. By dedicating the entire budget surplus to debt reduction, The United States can eliminate its publicly held debt by FY 2009. The next Administration and Congress will need to decide what priorities to address: eliminate the public debt by FY 2010 and still use part of the surplus for responsible tax cuts, prescription drug benefits for Medicare recipients, and investments in key priorities like education and health care </div></div>

How times change when the Republicans gain office.

Q

LWW
02-15-2011, 05:43 AM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Qtec</div><div class="ubbcode-body"> <div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">Each year's budget stands alone. </div></div>

That's for sure.

<div class="ubbcode-block"><div class="ubbcode-header">Quote:</div><div class="ubbcode-body">President Clinton: The United States on Track to Pay Off the Debt by End of the Decade

December 28, 2000

Today, President Clinton will announce that The United States is on course to eliminate its public debt within the next decade. The Administration also announced that we are projected to pay down $237 billion in debt in 2001. Due in part to a strong economy and the President’s commitment to fiscal discipline, the federal fiscal condition has improved for an unprecedented nine consecutive years. Based upon today’s new economic and budget projections for the coming 10 years from the Office of Management and Budget (OMB):

* The United States can be debt-free this decade. By dedicating the entire budget surplus to debt reduction, The United States can eliminate its publicly held debt by FY 2009. The next Administration and Congress will need to decide what priorities to address: eliminate the public debt by FY 2010 and still use part of the surplus for responsible tax cuts, prescription drug benefits for Medicare recipients, and investments in key priorities like education and health care </div></div>

How times change when the <s>Republicans</s> democrooks [b]regained <s>office</s> congress.

Q </div></div>

I fixed that for you.

LWW

Sev
02-15-2011, 06:17 AM
The proposed budget has 1.5 trillion in new taxes.

Both sides are playing chicken to see who goes after the big entitlements first.

What I find interesting is that all the big Emergency spending Obama did was only supposed to be a 1 time thing to save the economy.
Funny how he is now building on that amount on the new budget.

The economy and revenue are flat or shrinking and yet the government continues to grow.

Qtec
02-15-2011, 06:25 AM
<s>Reagan </s> Clinton was a great president.

I fixed that for you, don't thank me.



Do you get my point?

No?

Listen.

<span style='font-size: 14pt'>Having an ADULT discussion involves more than just stating the opposite.</span>.

"yes it is.
No it isn't.
yes it is.
No it isn't.
yes it is.
No it isn't.
yes it is.
No it isn't.
yes it is.
No it isn't.
yes it is.
No it isn't.


..........get it now?

Q

LWW
02-15-2011, 06:49 AM
Shopping at a certain member's pet shop (http://www.youtube.com/watch?v=npjOSLCR2hE).

LWW

Sev
02-15-2011, 06:55 AM
There is a lot of truth in that. /forums/images/%%GRAEMLIN_URL%%/smile.gif

LWW
02-15-2011, 06:59 AM
Thanks.

Although those who need to get it, won't.

LWW