red states rule
02-14-2011, 03:48 AM
Let the Beg-A-Thon begin. No matter what the Republicans want to cut, the Dems and liberal meida will parade out the "victims" of those cuts
It does not matter how big the deficit is, the only answer the left wil offer up is higher taxes on the producers and more redistribution of wealth
I do hope some on the right have the guts to address entitlements which must be cut
President Barack Obama's 2012 budget proposal projects this year's deficit will reach $1.6 trillion, the largest on record, as December's tax-cut deal begins to reduce federal revenues, a senior Democrat said Sunday.
The new forecast is larger than the $1.48 trillion deficit projected last month by the Congressional Budget Office, Congress's nonpartisan scorekeeper, and up from last year's $1.3 trillion shortfall. The tax deal extended tax cuts enacted during the Bush administration while adding others, such as a temporary cut to the payroll tax.
The prospect of a record deficit is likely to intensify the debate over federal spending and cost controls, which has gripped Washington in recent weeks. Conservative Republicans, many elected with tea-party support, are demanding deep budget cuts for the current fiscal year, which ends Sept. 30.
For now, Mr. Obama and the Republicans are choosing to clash over a narrow slice of federal spending—the 15% devoted to discretionary programs unrelated to security and defense—while the entitlement programs that are driving projected federal deficits remain unaddressed by either party.
Mr. Obama's budget, to be released Monday, calls for spending cuts and tax hikes that would slice about 14% of the approximately $8 trillion in cumulative federal deficits that would occur over the next 10 years without action being taken. It estimates the deficit will fall to $1.1 trillion next year as the economy picks up and the president's proposed spending freeze begins to have effect.
White House officials described the plan as a "down payment" on future deficit reduction. Both political parties are feeling a push from some lawmakers to address spending on Social Security, Medicare and other entitlement programs, which are becoming the largest drivers of the deficit. But both are fearful of proposing changes to popular programs without assurances that the other party will join in the talks.
http://online.wsj.com/article/SB10001424052748704657104576142122744337858.html
It does not matter how big the deficit is, the only answer the left wil offer up is higher taxes on the producers and more redistribution of wealth
I do hope some on the right have the guts to address entitlements which must be cut
President Barack Obama's 2012 budget proposal projects this year's deficit will reach $1.6 trillion, the largest on record, as December's tax-cut deal begins to reduce federal revenues, a senior Democrat said Sunday.
The new forecast is larger than the $1.48 trillion deficit projected last month by the Congressional Budget Office, Congress's nonpartisan scorekeeper, and up from last year's $1.3 trillion shortfall. The tax deal extended tax cuts enacted during the Bush administration while adding others, such as a temporary cut to the payroll tax.
The prospect of a record deficit is likely to intensify the debate over federal spending and cost controls, which has gripped Washington in recent weeks. Conservative Republicans, many elected with tea-party support, are demanding deep budget cuts for the current fiscal year, which ends Sept. 30.
For now, Mr. Obama and the Republicans are choosing to clash over a narrow slice of federal spending—the 15% devoted to discretionary programs unrelated to security and defense—while the entitlement programs that are driving projected federal deficits remain unaddressed by either party.
Mr. Obama's budget, to be released Monday, calls for spending cuts and tax hikes that would slice about 14% of the approximately $8 trillion in cumulative federal deficits that would occur over the next 10 years without action being taken. It estimates the deficit will fall to $1.1 trillion next year as the economy picks up and the president's proposed spending freeze begins to have effect.
White House officials described the plan as a "down payment" on future deficit reduction. Both political parties are feeling a push from some lawmakers to address spending on Social Security, Medicare and other entitlement programs, which are becoming the largest drivers of the deficit. But both are fearful of proposing changes to popular programs without assurances that the other party will join in the talks.
http://online.wsj.com/article/SB10001424052748704657104576142122744337858.html