Obama Blames Bush For Record Defict - Not His Record Spending

[red states rule]

How typical of Pres Obama. He does not take the blame for his reckless and excessive spending that has led to the record debt of America

He tries to pass the buck to Pres Bush



Administration Pegs Long-Term Deficits at $9 Trillion

The mid-year review from the Office of Management and Budget, released Tuesday, estimates that the 2009 deficit will be $1.58 trillion, which is $262 billion less than officials predicted earlier in the year. But the 10-year projection has increased by $2 trillion.


The Obama administration on Tuesday increased its 10-year budget deficit projection to more than $9 trillion, an increase of about $2 trillion that is blamed on the bleak fiscal picture and the practices of the previous administration.

The mid-year review from the Office of Management and Budget was packed with grim economic forecasts.

The report showed the public debt doubling by 2019 and reaching three-quarters the size of the entire national economy. And Obama economic adviser Christina Romer predicted unemployment could reach 10 percent this year and begin a slow decline next year.

In a glimmer of better-than-expected news, the report projected the 2009 deficit will be $1.58 trillion, which is $262 billion less than officials predicted earlier in the year.

The administration said the figure was reduced in large part because it is providing less aid than expected to Wall Street.

But this year's projected deficit is still three times more than last year's deficit.

Though the Obama administration was at the forefront of a $787 billion economic stimulus package and is pushing passage of a costly health care reform package, the administration said in a summary that the "failure" of past administrations to follow pay-as-you-go rules is causing much of the fiscal mess.

The summary claimed $5 trillion of the long-term deficit is attributable to the Bush administration's "failure" to follow that standard.

The rest of the deficits is due in large part to the recession, the administration said, since revenue is going down while spending on programs like unemployment and food stamps goes up.

The administration said that it was "very concerned" about the long-term deficits facing the country, especially since the federal government is paying more and more on interest payments for the national debt. The national debt is $11.7 trillion.

The OMB report projects the recession will end in the second half of 2009, though the gross domestic product for 2009 will be -2.8 percent.

http://www.foxnews.com/politics/2009/08/25/administration-pegs-long-term-deficits-trillion/

[Jeff]

If Obama makes it 4 years he will still be blaming GW for his F*** ups

[red states rule]

If Obama makes it 4 years he will still be blaming GW for his F*** ups

I do not recall Ronald Reagan passing the busk to Carter for the economy he had

The difference is, Reagan wanted to end the recession - Obama wants to make it worse

[stephanie]

the little Marxist is a friggen tool..you have to wonder who is actually running this administration..

[red states rule]

the little Marxist is a friggen tool..you have to wonder who is actually running this administration..

Looks like everything's going according to plan.

[Monkeybone]

The difference is, Reagan wanted to end the recession - Obama wants to make it worse that is exactly how the tinfoil hat side of me sees it. How could you possibly think that you are making everything better with the way he is doing it. You are either just that color blind or want something to happen. And when it does collapse what is going to rise up from it? You wanna know? Just look to the Czars.


the little Marxist is a friggen tool..you have to wonder who is actually running this administration.. exaclty. who is writing the bills as well?

[red states rule]

that is exactly how the tinfoil hat side of me sees it. How could you possibly think that you are making everything better with the way he is doing it. You are either just that color blind or want something to happen. And when it does collapse what is going to rise up from it? You wanna know? Just look to the Czars.

exaclty. who is writing the bills as well?


Maybe Obama needs to hold a weekend telethon/fundraiser to raise money to pay down the debt

Liberals like Gabby, Joe, Virgil, and others may send their cashier checks (NO PERSONAL CHECKS PLEASE) to:

The almighty messiah
1600 Pennsylvania Ave
PO Box ripoff
Washington DC

[red states rule]

Wow, an error of around 30%, and these people want to take over healthcare?

I guess the administration will offer as an excuse they "misread" the debt numbers

To that I reply, America misvoted - but will start to correct the error in Nov 2010 and Nov 2012

[Insein]

Even Bush did not blame Clinton for the economic downturn we saw from 1999 to 2002. Sure us conservatives rang the bell on Clinton many times but I never heard Bush or his administration state that the previous administration was to blame for the economy. They just worked on fixing it.

Obama is like a little kid blaming everyone else for his own problems.

[Monkeybone]

Even Bush did not blame Clinton for the economic downturn we saw from 1999 to 2002. Sure us conservatives rang the bell on Clinton many times but I never heard Bush or his administration state that the previous administration was to blame for the economy. They just worked on fixing it.

Obama is like a little kid blaming everyone else for his own problems.

What else do you want form a guy without that much experience and even the partial term he did serve was mostly campaigning...

I apologize if i just had horrible spelling there....

[red states rule]

Even Bush did not blame Clinton for the economic downturn we saw from 1999 to 2002. Sure us conservatives rang the bell on Clinton many times but I never heard Bush or his administration state that the previous administration was to blame for the economy. They just worked on fixing it.

Obama is like a little kid blaming everyone else for his own problems.

Remember all the liberals screaming about Bush "mortgaging our children's future"? You'd think they'd be completely freaking out since Obama has moved on to our great great grandchildren's future.

What just amazes me is that this guy keeps being proved wrong again and again, and yet his liberal defenders just put their heads deeper into the sand, and refuse to look.

[Monkeybone]

Well you know RSR, you have to spend money to make money to spend our way out of debt. How can you not get that?

[Jeff]

Maybe Obama needs to hold a weekend telethon/fundraiser to raise money to pay down the debt

Liberals like Gabby, Joe, Virgil, and others may send their cashier checks (NO PERSONAL CHECKS PLEASE) to:

The almighty messiah
1600 Pennsylvania Ave
PO Box ripoff
Washington DC

:laugh2::laugh2::laugh2:

You must spread some Reputation around before giving it to red states rule again

[red states rule]

Well you know RSR, you have to spend money to make money to spend our way out of debt. How can you not get that?

Tell that to the credit card companies. Maybe they will raise the credit limit on everyones accounts to a $1,000,000

If that economic theory worked then the US would be out recession by Friday

So what when the bill comes in the mail, it wil not get paid? What's a few trillion among friends?

[Monkeybone]

Tell that to the credit card companies. Maybe they will raise the credit limit on everyones accounts to a $1,000,000

If that economic theory worked then the US would be out recession by Friday

So what when the bill comes in the mail, it wil not get paid? What's a few trillion among friends?

haha exactly. We're spending like the college kid that has no job but a brand new credit card.

[red states rule]

haha exactly. We're spending like the college kid that has no job but a brand new credit card.

More like a bunch of drunken libs at an open bar

Funny how the deficits, and the cost of war, no longer matter to the libs

[namvet]

and Osama's popularity crash ????? he'll get back to us when things improve :laugh2:

[red states rule]

and Osama's popularity crash ????? he'll get back to us when things improve :laugh2:

A great political cartoon:

With Hillary leaning against a fence, an Clinton '12 campaign banner in her hands, saying: "Brings back memories for me...."

(i.e. as a result of Hillarycare)

[namvet]

A great political cartoon:

With Hillary leaning against a fence, an Clinton '12 campaign banner in her hands, saying: "Brings back memories for me...."

(i.e. as a result of Hillarycare)

Hillary who???? oh that's right !!! she was apointed sec of ah........ah.....crap.........you know............arg !!!

and didn't Osama have a VP ???? you know what's his name. shit. i knew it when i got here.........is he still behind door nr 1,2 or 3 ???? :laugh2:

[stephanie]

Hillary who???? oh that's right !!! she was apointed sec of ah........ah.....crap.........you know............arg !!!

and didn't Osama have a VP ???? you know what's his name. shit. i knew it when i got here.........is he still behind door nr 1,2 or 3 ???? :laugh2:

they should put their faces on a milk carton...
have you seen these missing children???

[red states rule]

the $9 trillion deficit based on the idea that interest rates will remain near 0%

How are interest rates supposed to stay low when the government is floating $12 trillion in debt?

[red states rule]

With Chris Matthews, all is fine, and is upset Obama is not getting the credit for great economic news

Chris, he is getting credit - that is why his approval numbers are tanking


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[Gaffer]

With Chris Matthews, all is fine, and is upset Obama is not getting the credit for great economic news

Chris, he is getting credit - that is why his approval numbers are tanking


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Now we know what became of baghdad bob.

[red states rule]

The $9 Trillion deficit is based on very rosey economic conditions


The Pelosi-Obama Deficits
Even $9 trillion might be too optimistic on current spending trends

Earlier this year when President Obama was selling his first budget blueprint, he promised to end years of "borrow and spend" budgeting. Yesterday, reality struck.

Mr. Obama's White House and the Congressional Budget Office told us that current U.S. fiscal policy is "borrow and spend" on a hyperlink. The good news is the deficit for 2009 will be "only" $1.58 trillion, about $250 billion lower than expected thanks to less need for TARP funds. But the Obama fiscal plan envisions $9 trillion in new borrowing over the next decade, which is $2 trillion more debt than the White House predicted earlier this year. The 2010 deficit also rises by about as much as the 2009 deficit falls from January, so even the TARP windfall gets spent.

We've never fretted over budget deficits, at least if they finance tax cuts to promote growth or spending to win a war. But these deficit estimates are driven entirely by more domestic spending and already assume huge new tax increases. CBO predicts that debt held by the public as a share of GDP, which was 40.8% in 2008, will rise to 67.8% in 2019—and then keep climbing after that. CBO says this is "unsustainable," but even this forecast may be optimistic.

Here's why. Many of the current budget assumptions are laughably implausible. Both the White House and CBO predict that Congress will hold federal spending at the rate of inflation over the next decade. This is the same Democratic Congress that awarded a 47% increase in domestic discretionary spending in 2009 when counting stimulus funds. And the appropriations bills now speeding through Congress for 2010 serve up an 8% increase in domestic spending after inflation.

Another doozy is that Nancy Pelosi and friends are going to allow a one-third or more reduction in liberal priorities like Head Start, food stamps and child nutrition after 2011 when the stimulus expires. CBO actually has overall spending falling between 2009 and 2012, which is less likely than an asteroid hitting the Earth.

Federal revenues, which will hit a 40-year low of 14.9% of GDP this year, are expected to rise to 19.6% of GDP by 2014 and then 20.2% by 2019—which the CBO concedes is "high by historical standards." This implies some enormous tax increases.

http://s.wsj.net/public/resources/images/ED-AK069_2defic_NS_20090825184822.gif

http://online.wsj.com/article/SB10001424052970203946904574301043095303118.html?m od=rss_opinion_main