Obama's $3.7 Trillion Budget Includes Staggering Tax Hikes and Increases the Debt
WASHINGTON (By MARTIN CRUTSINGER, AP Economics Writer) – President Barack Obama sent Congress a $3.73 trillion budget Monday that holds out the prospect of eventually bringing deficits under control through spending cuts and tax increases. But the fiscal blueprint largely ignores his own deficit commission's plea to slash huge entitlement programs like Social Security and Medicare.
Obama called his new budget one of "tough choices and sacrifices," but most of those cuts would be held off until after the end of his first term.
Overall, Obama proposed trimming the deficits by $1.1 trillion over a decade although his changes would actually add to the deficits this year and next. Obama is projecting the deficit will hit an all-time high of $1.65 trillion this year and then drop sharply to $1.1 trillion in 2012, with an expected improvement in the economy and as reductions in Social Security withholding and business taxes expire.
Obama called his new budget one of "tough choices and sacrifices," but most of those cuts would be held off until after the end of his first term.
Overall, Obama proposed trimming the deficits by $1.1 trillion over a decade although his changes would actually add to the deficits this year and next. Obama is projecting the deficit will hit an all-time high of $1.65 trillion this year and then drop sharply to $1.1 trillion in 2012, with an expected improvement in the economy and as reductions in Social Security withholding and business taxes expire.
posted by BP News Bureau | 12:18 PM
1 Comments:
While the President is feeding us his line of garbage as to cutting spending, it came to my attention yesterday that the FED is considering a QE3 package as the 1.2 trillion dollars of worthless money they've already printed hasn't done what they though it would. All of the cuts in the world are not going to offset the hyper inflation and the costs that come with printing worthless money. M1 has grown 15.2% in less than 3 months and all of that is unbacked paper!
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