President Obama's budget is not likely to be passed by Congress. But if it did, the U.S. would be about $26.3 trillion in debt.
The numbers come from Obama's budget, and were sent around by the Republican National Committee to highlight the heavy spending in the president's proposed budget:Read more
In his weekly radio address, President Obama explained the budget he'll rollout next week, and said, "the truth is, our deficits are already shrinking."
"My budget will reduce our deficits not with aimless, reckless spending cuts that hurt students and seniors and middle-class families – but through the balanced approach that the American people prefer, and the investments that a growing economy demands," said Obama.Read more
In a statement released at 5 a.m. today, Senator Jeff Sessions, the top Republican on the Senate Budget Committee, blasts the budget the Senate passed very early this morning. Sessions's main concern is that the budget "has zero real deficit reduction" and "never balances."
“The content of the plan the majority has now approved demonstrates why they were unwilling to reveal it for so long: their proposal, once accurately understood, cannot be publicly defended," says Sessions.Read more
This week Paul Ryan’s House Budget Committee is set to release its fiscal year 2014 budget, which promises to balance Uncle Sam’s books in 10 years. Ryan’s offering will elicit lamentations from the usual quarters of the mainstream media: House Republicans have lurched sharply to the right, they have abandoned the pragmatic principles of their forebears, they are now totally unfit to govern.Read more
Senator Patty Murray, the Democratic chair of the Senate Budget Committee, finally released a budget today. Year over year, in this proposed budget, spending jumps dramatically.Read more
President Obama has often talked about the need to reduce the budget deficit. Before his run for the presidency, Senator Obama was rather harsh in his criticism of George Bush's deficits. And in July 2011, during the debt ceiling crisis, the president even addressed Congressional leaders in a talk the White House titled "President Obama on Deficit Reduction: “If Not Now, When?” During the talk, he said:Read more
Jay Carney, speaking today at the press briefing:
"The president has always believed that deficit reduction is not a goal unto itself," said Carney. "The whole purpose of deficit reduction should be part of an overall policy objective of strengthening the economy, having it grow faster, have it create more and better jobs for the middle class. And that's the president's objective."
Carney then indicated the president's budget will not be balanced.Read more
When it comes to deficit reduction, President Obama and the mainstream press seem to have a fascination with the figure of $4 trillion. During last year’s first presidential debate, Obama falsely claimed, “I've put forward a specific $4 trillion deficit reduction plan,” even though he’d done nothing of the sort.Read more
Since President Barack Obama took office in January 2009, more than $6 trillion dollars has been added to the national debt.Read more
The White House has released limited excerpts of President Obama's State of the Union Address:
“It is our generation’s task, then, to reignite the true engine of America’s economic growth – a rising, thriving middle class.Read more
President Barack Obama used his second inaugural address Monday to offer an aggressive, unapologetic defense of activist government and to call for a new spirit of unity even as he seeks to move the country even further left.Read more
At his press conference today, President Obama showed that he either thinks he can pull the wool over Americans’ eyes through the sheer force of his own outrageous rhetoric, or else he really believes his own rhetoric and is living in a fantasyland. The guess here is that it’s a roughly even mix of the two.Read more
White House spokesman Jay Carney said yesterday that "deficit reduction is not a worthy goal unto itself":
"Most importantly because deficit reduction is not a worthy goal unto itself," said Carney, talking about government spending. "This is all about making our economy stronger, making it more productive and allowing it to create even more jobs. That is the most important thing when it comes to economic policy as far as the President is concerned."Read more
The fiscal cliff is a diversion, designed by politicians to conceal their inability to come to grips with the fact that they continue to spend too much, and refuse to reform a tax structure that reduces the competitiveness of American companies in world markets. No matter what deal is cut, whether before or after the new year, it will at best nibble at the edges of the trillion-dollar annual deficits that are being piled up.Read more
"President Obama's 'Plan' Adds $8.6 Trillion to the Debt," the minority side of the Senate Budget Committee contends. Here's a chart put together by the Republicans on the committee to explain how Obama's plan adds to the debt:Read more
Senate minority leader Mitch McConnell blasted President Barack Obama from the Senate floor this morning for not offering any specifics on spending cuts.
"With the Fiscal Cliff fast-approaching, I feel the need to point out something this morning that’s perfectly obvious to most Americans, but which Democrats in Washington still don’t seem to grasp. I’m referring to the fact that any solution to our spending and debt problem has to involve cuts to out-of-control Washington spending," said McConnell.Read more
Seventy-five percent of the new revenue pulled in by President Barack Obama's "fiscal cliff" plan would go toward new spending, not toward deficit reduction, the Republican side of the Senate Budget Committee contends. Here's a chart, detailing how money from the new tax hikes would be distributed:Read more
A chart from the Republican side of the Senate Budget Committee shows that "U.S. Per Person Debt [Is] Now 35 Percent Higher than that of Greece."Read more
From December 1941 to August 1945, the United States of America joined the other Allied powers and fought against the Axis powers in Europe and the Pacific, during the greatest and most destructive war in all of human history.Read more
The latest Washington Post/ABC News poll projects a 5-point turnout advantage for Democrats over Republicans (34 to 29 percent) yet still shows Mitt Romney leading President Obama by 1 percentage point — 49 to 48 percent. This is Romney’s first lead since the summer in Washington Post/ABC News polling. Jon Cohen, director of polling for the Post, writes, “Political independents break for Romney by a 12-percentage-point margin on the subject [of the economy], a high for the campaign.”Read more
In a decade, federal spending to pay for the interest on America's debt will exceed total spending on the defense budget by $125 billion, or 20 percent, according to projections from the Congressional Budget Office and the Office of Budget Management. The projections are based on President Barack Obama's current budget plan.Read more
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