Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!



Recent Entries
Absent Friends
Bandersnatch 2024
GnuBreed 2024
Captain Hate 2023
moon_over_vermont 2023
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info:
maildrop62 at proton dot me
Cutting The Cord And Email Security
Moron Meet-Ups





















« Hmmm: Assistant Port Director of Port of San Diego Says WMD's Have Been Found By "Partner Agencies" At Other Locations | Main | Over $700B in "unobligated" funds sitting idle in Federal agency coffers »
February 14, 2011

Obama Budget Proposal: Lost Of Spending, Lots Of Taxes, Lots Of Deficit And Debt

Madness, simply madness.

$3.73 trillion — total spending this year (25 percent of GDP).

$46 trillion — total spending over the next decade.

$8.7 trillion — total new spending over the same period.

$77.4 billion — Funding allocated for the Department of Education, a 22 percent increase from 2010 levels, and a 35 percent increase from 2008 levels.

More from the horror story at the link.

How are we going to pay for this? Well, we're not really but he will raise taxes a lot.

However, Obama also would rely heavily on new taxes, to a degree unacknowledged by administration officials in recent days. His budget request calls for well over $1.6 trillion in fresh revenue over the next decade, much of it through higher taxes on the wealthy and businesses.

Households with income of more than $250,000 a year would immediately see new limits on the value of their itemized deductions. And starting in 2013, they would lose the lower tax rates and other breaks that were enacted during the George W. Bush administration and recently extended.

The president proposes to hit businesses with an array of proposals he has offered in the past, including an end to subsidies for oil and gas companies, new taxes on hedge fund managers and a $30 billion fee on financial institutions aimed at repaying taxpayers for the federal TARP bailout.

The cuts target defense, heating assistance and community development grants and include a scale-down of the Pell grant program for college and vocational students.

Republicans are not amused.

“Failing to heed the warnings of economists and the demands of the American people, the President’s budget accelerates our country down the path to bankruptcy. Far from ‘living within its means,’ the President’s budget puts the government on track to nearly double in size since the day he took office — a direct result of his party’s reckless spending spree,” House Budget Committee Chairman Paul Ryan (R-Wis.) said. “His budget destroys jobs by imposing a $1.6 trillion tax hike, adding $13 trillion to the national debt and fueling uncertainty in the private sector,” he added.

Senate Budget Committee ranking member Jeff Sessions (R-Ala.) said, “President Obama has failed to lead in the face of this growing crisis. Today he submitted a budget to Congress that accelerates our dangerous trajectory. His budget increases spending every single year, eventually doubling the size of the entire government from what it was the day he took office.”

“The president’s budget also doubles the national debt by the end of his term, and then triples it by the end of the decade,” he noted.

Obama is basically taking a pass on seriously dealing with the nation's financial mess. Shocking, I know. He's going to make Republicans go first and propose real cuts and a way to deal with entitlements. He's hoping that the public will turn against the GOP and he can pretend to be the reasonable one heading into 2012. I'm not sure if that's Change You Can Believe In or not.


digg this
posted by DrewM. at 02:05 PM

| Access Comments




Recent Comments
IRONGRAMPA: "Good morning, good people, from the resplendent Ad ..."

Martini Farmer: "Yonder Horde ..."

Warai-otoko : "Because everyone knows that I'm so much better at ..."

NR Pax: "Happy North American Gentrification Day! ..."

SturmToddler: "Brace yourselves, the Italicans are attacking a ..."

rhennigantx: " JJ ..."

rhennigantx: "Happy Monday ..."

Hillary Clinton: " *hic* ..."

All Hail Eris, Cat Slave: "Happy birthday Sefton! ..."

Sorry Folks, My Last Nic Upset Everyone, the Moose Out Front Should've Told You: "Just to be clear, I am not saying that said Verge ..."

Sorry Folks, My Last Nic Upset Everyone, the Moose Out Front Should've Told You: "15 Musk's rocket catching apparatus doesn't look r ..."

sock_rat_eez - [/i]they have been lying to us for decades[/i][/s][/b][/u]: "eh, olddog, that's me and popular culture in a nut ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64