Obama’s Budget Forecasts $1.3 Trillion Deficit

President Obama vowed to HALVE the deficit in four years. He has fallen far, far short of this promise.

He is an EPIC FAILURE.

How is Obama supposed to get anything done with this congress? This congress is one of the worst in the history of this country. Even Paris Hilton has a higher approval rating. Why are we giving tax cuts to the rich? Rich people dont create jobs, the middle class people do.

Posted by: johnny | February 10, 2012, 8:36 pm 8:36 pm

Bill Gates and Steve Jobs created tens of thousands of jobs directly and many times that indirectly. How many have you created?

Good to see Obamacare has reduced the deficit as promised. Oh wait.

How many jobs has Mitt Romney created? LOL!

POSTED BY: BAINMAN | FEBRUARY 10, 2012, 8:54 PM 8:54 PM more the Pres.Obama

bill gates and steve jobs wouldnt have created anything if it werent for the customers buying their products. Neither of them invented the computer and neither of them invented the operating system. The middle class are the economy drivers of this country. The small mom and pop shops, the 99% of us that didnt inherit riches from our parents like romney. You dont really believe that the 1% keeps this economy going do you? If so then please take an economics class.

“He has lied so much to get into office, only to destroy what America once was.” – DeadBroke

NoBo is too incompetent to destroy America.
The people will throw him to the curb in November.
It doesn’t matter who the Repub candidate is Bama will lose.

Change is a Conservative in the White House in 2013.

The auto bailout alone created more jobs in this country than Mitt Romney and Steve Jobs put together.

Posted by: johnny | February 10, 2012, 9:02 pm 9:02 pm

Take an economics class yourself. The top 10% pay over 70% of all federal income taxes. The top 5% are responsible for over 40% of all consumer spending. The top 10% are responsible for 50% of all consumer spending. Our economy would collapse without the wealthy.

However the very top earners pay a smaller share of their total income in all types of taxes and fees than working class Americans do.

All of the Republican budget proposals so far, Romney’s, the Ryan Budget, and Gingrich’s , will increase deficits even faster, with an enormous accumulation of debt over the next ten years.

They aren’t taking in enough revenue. We had a recession you guys pretend didn’t happen when you whine. They can’t fix it because you guys cry if a billionaire gets a tax hike. Then you cry over a deficit. Can’t win with this mentality.

“Under the administration’s tax and spending proposals, the deficit would fall to $901 billion next year”… hahaha wanna bet?

I’ll bet you $10,000

the wealthy and corporations are not spending, not in this country at least, and are just sitting on between 1 and 2 trillion dollars. When spending by the private sector is low during an economic slowdown, government becomes the spender of last resort.

“You are aware there was a huge economic crash on Bush’s watch in 2008 arent’ you? Do you not have even the vaguest clue what that means to a budget? The stipping out of revenues. The demands on government resources?”

I hear what you’re saying Jack – Then why on earth would Obama promise in 2009 to cut the deficit in half in four years?? And now we’re treated to annual Trillion dollar plus deficits. Not a clue? Definitely. But hopefully we can remedy that in November.

“But hopefully we can remedy that in November”————————How? The Republicans are proposing even bigger deficits.

Posted by: face the music | February 10, 2012, 11:08 pm 11:08 pm

Give it a rest, Skip.

Eliminating the Bush-era tax cuts and adding the “Buffett rule,” millionaire 30% minimum tax the best the President can can do is a deficit of $1.3 trillion for 2013!

Posted by: Common _ Sense | February 10, 2012, 10:59 pm 10:59 pm

You’re not reading very carefully Common_Sense, the deficit for 2013 is estimated to fall to $900 billion approx.

why on earth would Obama promise in 2009 to cut the deficit in half in four years??

Posted by: Logicsgood5 | February 10, 2012, 10:56 pm 10:56 pm

He’ll have done just about that.

Obama’s projected budget deficit for 2013 is $900 billion.

“An administration official said Obama was proposing to cut the deficit, which private economists project will rise to $1.5 trillion this year, through a mixture of tax increases on wealthier Americans and spending cuts.” Feb 2009

So, he will have cut the deficit by $600 billion instead of $750 billion (half of $1.5 trillion). It’s not as bad as the right wing is trying to pretend.

From Factcheck.org:

“The nation’s total debt stood at $10.6 trillion on the day Obama took office, and it had increased to nearly $15.4 trillion by the end of January 2012 — a rise of more than $4.7 trillion in just over three years.

That’s a huge increase to be sure — 44.5 percent. And the Congressional Budget Office now projects that it will grow to more than $16 trillion by the end of the current fiscal year on Sept. 30. At that point, the debt will have increased by more dollars in Obama’s first four years than it did in George W. Bush’s entire eight-year tenure, when it rose by $4.9 trillion. The rise under Obama would then be the biggest dollar increase for any president in U.S. history.”

These are all uncomfortable truths, but they are also all truths Karl D——————–No, sorry, they’re just opinions. -and economists who have been far more accurate in their predictions disagree with most of them.

Posted by: face the music | February 10, 2012, 11:35 pm 11:35 pm

Obama promised us 3.5 million green jobs three years ago. Where are they?

Posted by: Mary | February 10, 2012, 11:54 pm 11:54 pm

Mary, you’re understating the number. He actually promised 5 MILLION green jobs back in 2008.

From Obama’s November 15, 2008 radio address:

“That starts with the kinds of long-term investments that we’ve neglected for too long. That means putting two million Americans to work rebuilding our crumbling roads, bridges, and schools. It means investing $150 billion to build an American green energy economy that will create five million new jobs, while freeing our nation from the tyranny of foreign oil, and saving our planet for our children. It means making health care affordable for anyone who has it, accessible for anyone who wants it, and reducing costs for small businesses. And it also means giving every child the world-class education they need to compete with any worker, anywhere in the world.”

From Politifact:

“The Council of Economic Advisers — which advises the president on economic matters –claims that 225,000 green jobs have been saved or created through the first nine months of 2010. This was accomplished through an $80 billion injection from the stimulus. The White House further predicts that 825,000 green jobs will be filled by the end of President Obama”s current term in office. Both numbers, however, are estimates.

Even if the 225,000 number is accurate, it’s clear that President Obama has a long way to go in fulfilling his pledge to create 5 million green jobs. June 2011 employment data evinces the difficulty in fulfilling this pledge — with anemic job growth of 18,000 and a rise in the unemployment rate to 9.2 percent. Furthermore, with political debate focused on cutting expenditures, future government investment in such programs appears unlikely.”

DAN | FEBRUARY 10, 2012, 11:52 PM, SAID:

“Over $1.25 TRILLION of the current debt ‘attributed’ to Obama resulted from interest on the debt George W. Bush left.”
===============================
LOL! ……….. Dan, you really don’t expect right-whiners to understand any of this do you?

When the Bush Tax Cuts were introduced at the same time that we were borrowing to pay for 2 wars, borrowing to pay for the Republican introduced MEDICARE Part D, and borrowing to pay for a new federal DEPARTMENT created under a Republican administration with a Republican congress… LOL!… yeah, the same ones that always say that they’re for “smaller government” (“pssst, a little secret here, they only say that when they no longer control the White House”)…

…. anyway, when the Bush Tax Cuts were introduced while all that spending was going on, you really don’t think that any of the Republi-C-R-E-T-_N’s had brains large enough to think about all the future interest that was going to be charged to the American Taxpayer, did you? Man, Dan… LOL!… you’re sure expecting a lot from a bunch of Shallow “R’s”, aren’t you?

Posted by: Dan | February 11, 2012, 2:36 am 2:36 am

At first you called Mary a liar for claiming Obama said he promised to create 3.5 million green jobs. Then you dithered and said he didn’t claim he’d create 3.5 million green jobs in three years. Then you were embarrassed by Bill who revealed Obama himself said he’d create 5 MILLION GREEN JOBS (a figure you weren’t even aware of). It’s irrelevant if Obama said it would take a decade to create them or not. Politifact and BLS projections clearly show he has no chance of hitting that number (the number you didn’t know in the first place).

“it was actually equally split 50-50″ – Shallow Laughing D-boy

Actually it was 49R 51D.
Remember that Arlen Spector was really a Democrat.
Who on earth would get that little factiod wrong?

“Probably someone who spends his entire day on ABC News blogs “whining”, and doesn’t have the brains to look up anything because he’s too busy “complaining”” – Shallow Laughing D-boy

“If you right wing donuts knew how to read you be a lot further ahead.”

Posted by: Dan | February 11, 2012, 2:36 am 2:36 am

I wish left wingers were capable of something other than juvenile insults and name calling as a form of political discussion. They apparently aren’t capable of anything more adult. It’s an embarrassment – juvenile.

It’s time to admit that Obama has utterly failed at the budget and telling the truth about “math”. We are going bankrupt, very quickly.

Increase deficits does not mean increase spending. Less revenues drive up the deficit. Also, those interest rates are piling up while we get less revenues.

Yep. Still nothing has changed: Obama still sucks. Pretty darn obvious to most. Actually, now more obvious than ever.

Posted by: emerald_sparks | February 11, 2012, 9:36 am 9:36 am

if you’re such a genius at finance and economics, why aren’t you rich?

The democratically-controlled Senate hasn’t even passed a budget in several YEARS. And they rejected Obama’s last adolescent attempt at a “budget” out of hand. Let’s see, now: more massive spending for little or no benefit, except as political payoffs and ideological (insolvency) consistency.

I guess Obama’s dumb and dogmatic decisions are going to catch up with him, and lose him the election. I thought he was brighter than this.

I will tattoo, using modern font, Mr. Obama’s these words as Senator onto his forget, wrapping around his midsection and twirl them around his legs to his angles and feet.

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”

Shallow “R”s: year 2000 our total revenue receipt was 2,025, 198, our total receipts for 2009 by which president Obama’s administration’s government first year funded by GWB’s last budget was 2,104, 995 trillion, I can’t believe that people can’t see that 2000 dollars are not the same as 2009 dollars as far as purchasing power especially with 2 wars, added homeland security of 200,000 employees, and medicare part D.

I doubt that Obama can successfully deny his big spending for little gain — he will try, as are others on here, but it is not convincing to most. I read the same blog on the NY Times, EMERALD_SPARKS, but unfortunately, that article you are so heavily borrowing from is both partisan and incomplete in the “facts” it presents.

Captain Obvious: LOL, President Obama’s first budget his expenditures were 61 billion dollars less than president’s Bush’s last budget for 2009. But the deficit increased, do you have an idea why? Give you a hint less revenues.

CAPTAIN OBVIOUS: Last budget for president Bush 2009, president Obama’s first year working with the budget of the previous president, 2010 expenditures were 61 billion less than GWB’s last budget but the deficit increased. Less revenues, jobs were lost. Still funding 2 wars, the added 200,000 employees to homeland security under GWB(largest increase in government size) and medicare part D.

Here’s the facts regarding how we got so far in debt for anyone that cares : ” The Pew Center reported in April 2011 the cause of a $12.7 trillion shift in the debt situation, from a 2001 CBO forecast of a cumulative $2.3 trillion surplus by 2011 versus the estimated $10.4 trillion public debt we actually face in 2011. The major drivers were:

Revenue declines due to the recession, separate from the Bush tax cuts of 2001 and 2003: 28%
Defense spending increases: 15%
Bush tax cuts of 2001 and 2003: 13%
Increases in net interest: 11%
Other non-defense spending: 10%
Other tax cuts: 8%
Obama Stimulus: 6%
Medicare Part D: 2%
Other reasons: 7%[33] ”
———————- I figured a healthy dose of reality was in order as some people are obvious way high on something , kool aid perhaps ? Anyway please note the part about a projected “surplus ” before Bush2 spent the Treasury dry by letting his private Defense contractor buds (aka Cheney and friends ) get their greedy little hands into the taxpayers’ pockets /wallets with no-bid sweetheart contracts . Here’s the thing though ; the USA didn’t EVER have a trillion dollars in reserve to spend on any wars or anything else , so we borrowed it as needed ( with interest ) and at the same time cut into the revenue stream ( Bush tax cuts for the rich ) . Stupid in the most conniving and greedy 1%er loving way possible. Yeah , let the “little people” pay for it all , while the elitist and pampered rich kids like don’t even have to worry about having to go fight anyway( no draft to dodge anymore , sweet !) . Be All That You Can Be ! Go get your lower-middle class peon grunt arm / head blown off so that some smug 1%er can have their platinum parachute tax cuts ! Yay ! Go Bush ! Mission Accomplished ! ( i.e. ream America )

“As I said increase deficits does not necessarily mean increase spending.”
POSTED BY: EMERALD_SPARKS
You can say it as much as want, but spending has increased like a boatload of drunken sailors on leave under Obama. Get real. If you were so obviously right that there has been little or no increase in spending under Obama, then Obama and his more official minions would be firmly making that case. Instead they defend their wild spending as either “good” or even “necessary”, but even they (dishonest as they are) rarely just flat-out deny that Obama is spending a huge amount of bucks.

Sorry, EMERALD_SPARKS, but it clear to me that you are just aping some of the main points in that pretty partisan NY Times article. And that might not be so bad — if it weren’t so partisan. If you wish to argue that Obama’s spending is beneficial, then have it. Oh wait, that argument isn’t flying too well anymore, so now the shift is to try to hoodwink and bamboozle people into believing Obama really isn’t spending much at all of his own volition, other than what was already being spent. It’s very silly and very lame.

“It’s time to admit that Obama has utterly failed at the budget and telling the truth about “math”. We are going bankrupt, very quickly.”
POSTED BY: LEXINGTON LADY
Unfortunately, this appears to be the truth.

POSTED BY: DAVEM | FEBRUARY 11, 2012, 2:10 PM 2:10 PM

Finally, a post that makes sense to us intellectuals.

Don’t worry folks. I already know Shallow R (X-Republican) only picks and choses and posts the “facts” that fit into his Liberal mind set that hates 95% of the people who post on this blog. I’m guessing he was picked on as a child. And the insults in his posts come with the territory. This time he decided to shout down the messenger. I didn’t make the numbers up. Interpret the reasons why they are as they are as you see fit.

I am so sick of hearing him say something about letting the Bush tax cuts expire. For goodness sakes, he has had 3 years to do it and he does nothing. He should have just done it the first year and we will have seen the results by now. What year is this budget really for? I thought they haven’t had one in over 1000 days.

May I expand a bit my previous post that contained all that is within our current and recently past purview regarding these roundabout and raucously riling issues? Thanks. Let me expand on that a bit: the concentric metrics of Obama spasms in maledictory attempts at reconciling with wacky weirdsters from the left has resulted in the degenerate deconstruction of the maladies of misty mists afflicting his naughty attempts at radical reelection. He made a mistake, it can be ceremoniously cretinized and rectified by November, with luck and more jock-strap like support from sycophants everywhere. Surely and sanctimoniously, craven charts and gluttoneous graphs surreptitious stats can aid in the visual and experiential experiences of pontificatory propaganda on and surrounding our egregious attempts at marauding and marranging the moronical masses who no not knowingly know which dire direction to praise, plead or stumblingly stumble, or even truculently trot. Heed my advice and info contained solidly and slippery within, or just be a clear dummy or a prancing poltroon.

Remember the old line “..if you got it, spend it.” It seems Obama and his Merry Men (who removed themselves to Chicago) want to correct it for us poor uneducated slobs….it is now “if you don’t have it, spend it anyway….we’ll just add it to the deficit for you.” Think about it, folks…..it’s our future, not theirs who will suffer for their ineptitude.