red states rule
02-26-2009, 07:35 AM
Is this the change the voters thought they were getting when they voted for the Chosen One?
Will liberals scream about the debt our grandchildren and great grandchildren will have to pay off as they did during the 8 years of Pres Bush?
Somehow I think all we will get is spin and how it is all Bush's fault
Official: Budget projects $1.75 trillion deficit
Martin Crutsinger ASSOCIATED PRESS
Thursday, February 26, 2009
WASHINGTON (AP) -- President Barack Obama is sending Congress a budget Thursday that projects the government's deficit for this year will soar to $1.75 trillion, reflecting efforts to pull the nation out of a deep recession and a severe financial crisis.
A senior administration official told the Associated Press that Obama's $3 trillion-plus spending blueprint also asks Congress to raise taxes on the wealthy in 2011 and cut Medicare costs to provide health care for the uninsured.
The president's first budget also holds out the possibility of spending $250 billion more for additional financial industry rescue efforts on top of the $700 billion that Congress has already authorized, according to this official, who spoke on condition of anonymity before the formal release of the budget.
The official said the administration felt it would be prudent to ask for additional resources to deal with the financial crisis, the most severe to hit the country in seven decades. He called the request a "placeholder" in advance of a determination by the Treasury Department of what extra resources will actually be needed.
The spending blueprint Obama is sending Congress is a 140-page outline, with the complete details scheduled to come in mid- to late April, when the new administration sends up the massive budget books that will flesh out the plan.
However, the submission of the bare budget outline was certain to set off fierce debate in Congress over Obama's spending and tax priorities. The budget document includes additional requests for the current year and Obama's proposals the 2010 budget year, which begins Oct. 1.
http://www.washingtontimes.com/news/2009/feb/26/official-budget-projects-175-trillion-deficit/
Will liberals scream about the debt our grandchildren and great grandchildren will have to pay off as they did during the 8 years of Pres Bush?
Somehow I think all we will get is spin and how it is all Bush's fault
Official: Budget projects $1.75 trillion deficit
Martin Crutsinger ASSOCIATED PRESS
Thursday, February 26, 2009
WASHINGTON (AP) -- President Barack Obama is sending Congress a budget Thursday that projects the government's deficit for this year will soar to $1.75 trillion, reflecting efforts to pull the nation out of a deep recession and a severe financial crisis.
A senior administration official told the Associated Press that Obama's $3 trillion-plus spending blueprint also asks Congress to raise taxes on the wealthy in 2011 and cut Medicare costs to provide health care for the uninsured.
The president's first budget also holds out the possibility of spending $250 billion more for additional financial industry rescue efforts on top of the $700 billion that Congress has already authorized, according to this official, who spoke on condition of anonymity before the formal release of the budget.
The official said the administration felt it would be prudent to ask for additional resources to deal with the financial crisis, the most severe to hit the country in seven decades. He called the request a "placeholder" in advance of a determination by the Treasury Department of what extra resources will actually be needed.
The spending blueprint Obama is sending Congress is a 140-page outline, with the complete details scheduled to come in mid- to late April, when the new administration sends up the massive budget books that will flesh out the plan.
However, the submission of the bare budget outline was certain to set off fierce debate in Congress over Obama's spending and tax priorities. The budget document includes additional requests for the current year and Obama's proposals the 2010 budget year, which begins Oct. 1.
http://www.washingtontimes.com/news/2009/feb/26/official-budget-projects-175-trillion-deficit/