President Obama’s national debt busting first budget projects a $1.75 trillion deficit so Obama can spend nearly $4 trillion in fiscal year 2010 and “creates space” for another $750 billion bank bailout.
The White House will formally release Obama’s budget boondoggle overview at 11:00 a.m., but at FoxNews, Major Garrett provides a preview:
Senior administration officials would not disclose a precise figure for the entire budget, but said it would likely fall between $3.8 trillion and $4 billion for the fiscal year beginning Oct. 1.
As we reported yesterday, the Obama budget will also set aside a $634 billion health care “reserve fund” as a down payment of the estimated $1trillion cost of Obama’s so-called “health care reform.”
OTHER BUDGET HIGHLIGHTS:
- Bush tax cuts allowed to expire at the end of 2010.
- Phase out of direct payments to farms with sales revenue of more than $500,000 per year – projected to save $9.8 billion over 10 years.
- Abolish payments for the storage of cotton – projected to save $570 million over 10 years.
- Eliminate the President Bush’s Federal Mentoring Program – projected to save $500 million
- Eliminate the “Advance” Earned Income Tax Credit – projected to save $880 million over 10 years.
- Increase investment managers tax rate 135%, from 15% to 35 percent.
- Hire additional IRS agents to collect more taxes.
- Significant undisclosed savings from Pentagon procurement – Obama code for defense cuts.
So Obama is going to spend $4 trillion, run a $1.75 trillion deficit and offer the banks another $750 billion bailout, but can only find a measly $1.164 billion in annual savings in the entire Federal budget, not counting his “significant undisclosed” defense cuts.
Like Obama said, he won. It’s becoming clear that means we lose.
Steve Maley
Moe Lane
Dan McLaughlin
Neil Stevens
It's Christmas in Obamaland
NickDeringer (Diary) Thursday, February 26th at 7:56AM EST (link)“Deficits roasting on an open fire…”
“Deck the halls with funny money…”
“Grand ma got run over by Obama Healthy Care…”
Nancy “I think my face is jammed” Pelosi and Harry “I AM smiling” Reid are under the tree sitting on a pile of presents that Obama Claus has brought them.
NickDeringer
Good thing he held that fiscal responsibility summit, right?
Next93 (Diary) Thursday, February 26th at 8:21AM EST (link)We are all SO screwed.
Thanks again, 52
Obama was The One in 2008.
He’ll be a BIGGER one in 2012.
28.5% of GDP
Francis Cianfrocca (Diary) Thursday, February 26th at 8:44AM EST (link)That’s an enormous share of Federal spending. Not even Jimmy Carter got the Federal share above 22%.
This is a revolution. Next stop is 45%, which is about where France is.
I yearn for the good old days of $1 Trill
johnt Thursday, February 26th at 11:09AM EST (link)deficits, oops, that was only last week. How time flies when you’re on a downward spiral.
Do any liberals, the reality based etc, remember the shivers of fear at the thought of Bush $400 Bill deficits? Do loons have memories? Or are they waiting to be told what to think & say? I wonder if there’s any second guessing out there in LoonLand, where the buffalo roam and liberals foam.
“a man’s admiration for absolute government is proportinate to the contempt he feels for those around him”. Tocqueville
Good for 2010
Thomas_Hauber Thursday, February 26th at 12:39PM EST (link)This cloud does have a silver lining. Does anyone think that Republicans are not going to get a major boost in both houses of congress in 2010? Especially when you consider that the tax increases Obama is proposing are going to hit small businesses the hardest? Just imagine where the electorate will be when we hit 10% unemployment by the end of the 1st quarter 2010 or close to 12% by election time.