"We can no longer afford to spend as if deficits don't matter and waste is not our problem," Obama said at the White House.
So we are to believe that suddenly with the next budget cycle, the Pres and Congress are going to put a real cap on themselves? Riiiiight.Obama and Democrats in Congress have put forth budgets that would reduce the deficit to about $500 billion over five years. Those savings rely on a sudden halt to most spending increases after next year, a dramatic phase-down in U.S. military operations in Iraq and higher taxes for couples earning $250,000 or more.
Congress has shown an inclination to spend more, not less. This week, Democrats in the House of Representatives added $9 billion to Obama's supplemental spending request for the wars in Iraq and Afghanistan, bringing the total to $94 billion.
So Congress can't even limit themselves to the requested amounts, but next year they aren't going to spend a penny more. And with real wages down this year and the IRS taking in less money this year, how will this work? The rich can't pay all of the taxes.
As his staff unveiled details of a $3.6 trillion budget today, President Obama preferred to dwell on $17 billion in proposed cuts for this year.
It will be interesting to see if the Dems continue to spend away this year or go with the Pres in order to practice a little for next year when they will not be able to increase spending at all.the number and estimated savings are similar to the Bush administration's annual efforts the past four years. It proposed $12 billion to $18 billion in cuts each year, but the most Congress ever approved was $6.5 billion in 2005, when Republicans were in control. During the next two years, the savings fell to $2 billion or less.
Amazing how anyone can call that cuts when the budget is ballooning. Spin on.Obama's proposed cuts are about one-fiftieth the size of this year's $787 billion economic stimulus package — all of which was added to the deficit.
