Obama warns about years of trillion-dollar deficits
WASHINGTON: President-elect Barack Obama on Tuesday braced Americans for the unparalleled prospect of "trillion-dollar deficits for years to come," a stark assessment of the budgetary outlook that he said would force his administration to impose tighter fiscal discipline on the government.
Obama sought to distinguish between the need to run what is likely to be record-setting deficits for several years and the necessity to begin bringing them down markedly in subsequent years. Even as he prepares a stimulus plan that is expected to total nearly $800 billion in new spending and tax cuts over the next two years, he said he would make sure the money was wisely spent, and he pledged to work with Congress to enact spending controls and efficiency measures throughout the federal budget.
Ireimon willfully confuses "conservatives" with "Republicans".And Ireimon, exactly which conservatives are you saying were mum? Certainly not those in Congress. Not those at National Review and The Weekly Standard. Not those pundits who are published at Town Hall. Not Rush, Hannity, or Coulter.
Who the hell are you referring to?
Your point?Listen to Rush Limbaugh much?
Your point?
Rush had called me, and I gave him the idea.None really. I just found it amusing. Mere minutes after hearing it on Rush, it gets posted here.
Obama warns about years of trillion-dollar deficits - International Herald Tribune
I see the lowering of expectations continues...
Of course, what you don't hear is that, with the Dems in complete control of the process, there's no reason whatsoever the FY2010-2015 budgets cannot have $0 in deficits.
But then, the Dems will come up with plenty of ways to excuse it, so...
Don't ask ME, ask The Obama.So what happens when our interest payments consume the entire budget? Do we pay for an imaginary government?
I saw it this morning, didn't hear Rush talk about it specifically.
Rush had called me, and I gave him the idea.
Here's one:
"You know, Paul, Reagan proved deficits don't matter" The Vice President.
So what happens when our interest payments consume the entire budget? Do we pay for an imaginary government?
Give him a break.Huh?
How is that at all a relevant response to the OP?
Answer: it has no relevance.
So what happens when our interest payments consume the entire budget? Do we pay for an imaginary government?
Huh?
How is that at all a relevant response to the OP?
Answer: it has no relevance.
Carry on.
It's extremely relevant. Shiznit has a very good point. There is word for it, bankruptcy. When China, India and other foreign countries own our debt, it's scary to think that we could at some point not be able to make a payment.
Your "concern" ain't relevant to the OP's comments.
That your concern might be accurate doesn't make it relevant.
BTW - bankruptcy does not apply to nations. WTF is China or Japan going to do if the US defaults on repayment? Demand that the US go Chapter 7 or something?
Grow up.
Take off your blinders, it relates quite well with the OP. The only thing lacking was extreme partisanship, which you and Goobieman more than made up for.
Its only relevant if The Obama and the Dem-controlled congress choose to run the deficits projected here.It's extremely relevant.
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