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Gopher
Joined: 04 Jun 2005
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 Posted: Sun Feb 22, 2009 7:33 am Post subject: Obama admin and the deficit... |
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WASHINGTON -- President Obama will seek to cut the federal deficit in half by the end of his first term, according to an administration official.
Most of the savings would come from spending less on the war in Iraq, raising taxes on those who make more than $250,000 a year and streamlining government, the official told CNN.
The president's budget proposal for fiscal year 2010 projects that the estimated $1.3 trillion deficit he inherited from the Bush administration will be halved to $533 billion by 2013, or from 9.2 percent of the gross domestic product to 3 percent, the official said.
The official declined to speak on the record because Obama has yet to unveil the proposal, which was expected to happen Thursday.
In his weekly address Saturday, Obama pledged to "release a budget that's sober in its assessments, honest in its accounting, and lays out in detail my strategy for investing in what we need, cutting what we don't, and restoring fiscal discipline..." |
CNN Reports
Obama's stock goes up yet again. If this is true, and if he follows through and actually accomplishes this, then he will be a much better fiscal conservative than W. Bush. |
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ontheway
Joined: 24 Aug 2005
Location: Somewhere under the rainbow...
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| Posted: Sun Feb 22, 2009 7:48 am Post subject: |
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| Calling GWBush a fiscal conservative is like calling Osama Bin Laden a Quaker. |
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Gopher
Joined: 04 Jun 2005
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| Posted: Sun Feb 22, 2009 9:18 am Post subject: |
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Agreed. Never meant to suggest otherwise. Ironic role-reversal re: the two political parties and the leaders they produced. No more no less.
Upon evaluating the B. Clinton and (so far) the B. Obama administrations compared against the W. Bush administration, it seems that if I support fiscal conservatism, I ought to consider Democratic candidates over Republican ones. Feels strange writing that... |
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Hater Depot
Joined: 29 Mar 2005
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| Posted: Sun Feb 22, 2009 12:29 pm Post subject: |
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| This probably presages a major push for entitlement reform, mainly Medicare and Medicaid, since the only two places you can really make a big impact on the budget are defense and entitlement spending -- and he's already mentioned cutting Iraq spending. |
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