The non-partisan Congressional Budget Office projects that publicly held debt will reach 56.1 percent of GDP under current law. If President Obama’s budget is implemented, CBO projects debt to reach 82.4 percent of GDP according to http://www.heritage.org/research/features/BudgetChartBook/Obama-Budget-Increase-Debt-26-Percent-GDP.aspx
You can keep track of our spending ways at the National Debt clock http://www.brillig.com/debt_clock/
While George Bush may not be a saint, but Obama is looking more and more like a sinner- spending more than any other President in history. The National Debt was $10.6-trillion on the day Barack Obama took office, if his budget projections come to fruition, he’ll run up nearly as much government debt in four years as President Bush did in eight.
From, A Pfennig for For your thoughts http://www.dailypfennig.com/ , “we’ll see the Budget Deficit, which is expected to be $180 Billion for the month of May… If it tallies there at $180 Billion, the Budget Deficit in the first 5 months of this year will have exceeded $650 Billion… And that’s before the $787 Stimulus gets added… And other items that will come along… And don’t forget that we posted a deficit in April! I still believe the Budget Deficit will be at least $3 Trillion this year! That would push our National Debt to around $14 Trillion…” For a great explanation of “why do the annual federal budget deficits not match increases in the national debt,” visit http://www.independent.org/blog/?p=2355
Twice as nice for a Wednesday, both Trade Deficit and Budget Deficit will be released today. Ten Banks are going to repay their TARP (troubled assets relief program) funds, to the tune of nearly $70 billion, but that will barely put a dent in America’s economic decline, say nothing of the move toward socialized everything.
Senators Joseph Lieberman (I-Conn.) and Lindsey Graham (R-S.C.)”vowed again Tuesday to vote against — and, if possible, filibuster — the troop-funding bill and all other legislation until they get their way,” according to http://www.huffingtonpost.com/2009/06/09/lieberman-graham-threaten_n_213262.html The hissy fit is over a photo amendment that would prevent the release of the Gitmo torture photos forever and ever.
“Transparency in government is an American value, but it is not without limits, no more than any of the values embraced in our Constitution,” Lieberman said. “The transparency in this case is needless and dangerous transparency.”
Their actions have merit. The world does not need to see how low America stooped. Too bad these two didn’t have the balls necessary during the campaign to warn that an Obama administration of transparency, would only come when it was convenient for Obama. If nothing else, this Senate delay saves us a few bucks while the debate goes on.
According to CNN- President Barack Obama on Tuesday proposed making “pay-as-you-go” rules for federal spending into law. The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewhere. By all accounts, added entitlement spending will be offset with spending cursor tax increases. Talk about bait and switch!
ABC points out, “discretionary spending – roughly 40% of the federal budget – is not covered by PAYGO.” The PAYGO rules will apply to new tax cuts and mandatory spending, with four major exemptions – any renewal of the 2001 and 2003 tax cuts, the continued efforts to “patch” the Alternative Minimum Tax, any effort to address physician’s payments in Medicare, and modifying the estate tax.” http://blogs.abcnews.com/politicalpunch/2009/06/president-obama-paygo-and-the-deficit-hole.html
“”This is like quitting drinking, but making an exception for beer and hard liquor,” said Maya MacGuineas, President of the Committee for a Responsible Federal Budget (CRFB). “Exempting these measures from PAYGO would increase the ten-year deficit by over $2.5 trillion dollars. That’s not fiscal responsibility.” I’ll have a nice chardonnay please, and it better not be the frig from France.
60% of the budget is not subject to PAYGO. Why is no one having a hissy fit over that? While President Obama may enjoy a 60% approval rating, PAYGO and his expensive socialistic plans still don’t achieve his goals. Bush might have spent a pretty dime, but at least is was shining in democracy.
props to http://chalktalk-talk.blogspot.com/2009/06/worldwide-national-debt.html on the Percent of GDP. Japan debt is equally dismal especially in light of recent military actions on the part of it’s neighbor North Korea. Obama who continues his spiel of climate change for jobs might want to take a look at Japans which “is doing the smart thing by not meeting it’s ‘Kyoto Protocol’ targets and is only pledging to cut it’s future CO2 emissions by 8%. Via http://motorcitytimes.com/mct/japan-will-protect-its-economy-first/ Right now they need jobs and so do we.
I think I”ll have a Saki instead of that chardonnay after all.
My share of I.O.U.S.A. debt leaves little room for more than a sip out of the White House Fountain.
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