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Title: Obama to Create Deficit Panel as U.S. Debt Soars
Source:
Fox News
URL Source: http://www.foxnews.com/politics/201 ... ma-appoint-deficit-commission/
Published: Feb 17, 2010
Author: FNC
Post Date: 2010-02-17 10:22:01 by Badeye
Keywords: None
Views: 1087
Comments: 20
Obama to Create Deficit Panel as U.S. Debt Soars AP The federal deficit spiked to an extraordinary $1.4 trillion last year and could top that figure this year as the struggling economy puts a big dent in tax revenues. print email share recommend (5) WASHINGTON -- Determined to have a deficit commission with or without Congress' backing, President Obama plans to announce on Thursday that he is establishing a panel similar to -- although weaker than-- the one lawmakers rejected. Former White House chief of staff Erskine Bowles and former Republican Senate Whip Alan Simpson would lead the panel, a senior administration official said Tuesday. The official spoke on the condition of anonymity because the president's executive order creating the National Commission on Fiscal Responsibility and Reform had not been announced. The deficit spiked to an extraordinary $1.4 trillion last year and could top that figure this year as the struggling economy puts a big dent in tax revenues. Even worse from the perspective of economists and deficit hawks, the medium-term deficit picture is for deficits to hit around $1 trillion a year for the foreseeable future. Obama and his economic team have said repeatedly that this is not sustainable. He told lawmakers during his State of the Union address that he would go around their vote and appoint a version of a deficit commission. Obama's version of the commission is a weak substitute for what he really wanted: a panel created by Congress that could force lawmakers to consider unpopular remedies to reduce the debt, including curbing politically sensitive entitlements like Social Security and Medicare. As rejected, the bipartisan 18-member panel would have worked for much of the year and, if 14 members agree, report a deficit reduction blueprint after the November elections that would be voted on before the new Congress convenes next year. The 14 would have to include at least half of the panel's Republicans. That idea crashed in the Senate, defeated by equal numbers of Democrats and Republicans -- some of whom initially supported the idea. Although Obama's commission will lack any requirement for Congress to act on its advice, it will provide some political cover and big-name backing. Bowles, the president of the University of North Carolina, served as Democratic President Bill Clinton's chief of staff from 1996 to 1998. Simpson, a senator from Wyoming from 1979 to 1997, was the No. 2 Republican and the top GOP member of the Social Security subcommittee. Obama planned to announce the plan on Thursday before he heads west for political events in Colorado and Nevada.
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#1. To: All (#0)
The deficit in 2008 was 700 billion. Today its 1.4 TRILLION. There is no spinning it. Under this Democrat congress since 2006, and this Democrat Administration since January of 07, we've been spending money we simply don't have. It was horrific to watch under the GOP, Conservatives like myself have been pointing THAT out publicly in these forums for four to six years now. Today, there is no defense of this level of spending. We see whats happening in Greece as I type this. We KNOW this is unsustainable, and that when the crash comes it will be devastating to every single American...forget political point of view, cause 'math doesn't care' about that nonsense. Whats depressing is Owe-Bama needs a 'panel' to figure out what any of us can see at a GLANCE.
my anti groupie can't get through life without me.
The deficit in 2008 was $450bln. The projected deficit for 2009 the day Boy Blunder left office was $1.4trillion.
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace And your solution is what? Elect republicans to cut taxes not reduce spending and triple the debt as the last three have or were on their way too?
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace These are the true deficits: Bush $800B, Obama $1.4T President Barack Obama is being disingenuous when he says that the budget deficit he faced “when I walked in the door” of the White House was $1.3 trillion. He went on to say that he only increased it to $1.4 trillion in 2009 and was raising it to $1.6 trillion in 2010. Rep. Joe Wilson (R-S.C.) might have said, “You lie,” but we’ll settle for “You distort.” (As Mark Twain once said, there are three kinds of lies: “lies, damn lies and statistics.”) Here are the facts: In 2008, George W. Bush ran a deficit of $485 billion. By the time the fiscal year started, on Oct. 1, 2008, it had gone up by another $100 billion due to increased recession-related spending and depressed revenues. So it was about $600 billion at the start of the fiscal crisis. That was the real Bush deficit. But when the fiscal crisis hit, Bush had to pass the Troubled Asset Relief Program (TARP) in the final months of his presidency, which cost $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit — officially — up to $1.3 trillion. But not really. The $700 billion was a short-term loan. $500 billion of it has already been repaid. So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won’t be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited. Then … he added $300 billion in his stimulus package, bringing the deficit to $1.1 trillion. This $300 billion was, of course, totally qualitatively different from the TARP money in that it was spending, not lending. It would never be paid back. Once it was out the door, it was gone. Other spending and falling revenues due to the recession pushed the final numbers for Obama’s 2009 deficit up to $1.4 trillion. So, effectively, Obama came close to doubling the deficit.
I posted the CBO estimate, padlock. Your opinion pieces mean shit.
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace I posted facts. You posted left wing spin you can't back up.
No you didn't, padlock. CBO estimate for 2009 budget deficit was 1.2trillion before obama walked in the door.
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace The difference is posters like you and I were bitching about Bush's 'insane' spending...along with the likes of my anti groupie. As you can see (I can't due to the filter) he's quite insane, defending this administration's doubling of the deficit in less than a year to an unsustainable level.
my anti groupie can't get through life without me.
So what was the real deficit Obama inherited? The $600 billion deficit Bush was running plus the $200 billion of TARP money that probably won’t be repaid (mainly AIG and Fannie Mae and Freddie Mac). That totals $800 billion. That was the real deficit Obama inherited. What about that part of the post did you not understand?
The part where you believe that such bullshit would have any impact.
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace You can't point to one part of that post and refute it. It's true, the "official" budget deficit because of the 700 billion dollars in TARP went to 1.3 billion dollars, but that doesn't tell the whole story. Look at it the other way. Obama got a 1.3 billion dollar deficit, got $500 billion back from Bush's brilliant bail out loan program to bring the deficit down to 800 billion, and then the dumbass darkie fuck still managed to run the deficit to 1.4 billion.
Take it up wtih CBO. I can't help you any longer.
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace 1.4 billion Obviuously should be trillion, not billion
There's an edit function...
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace The CBO numbers were addressed in the initial post -- as officially 1.3 trillion.. And it was explained why those numbers are not the whole story.
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace I don't need your help. You need to help because you can't see that over half of that 1.3 trillion dollar at the START of FY 2009 was the TARP. Since the start of FY 2009, 500 billion of that has been repaidd which is rightfully credited to Bush since the entire TARP was said to be Bush's budget when it was loaned.
You do but in this case I don't want to waste my time. January of 2009 budget deficit projection was 1.2trillion. You can't spin out of it no matter how far up Boy Blunder's ass you get your tongue...
The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace How much TARP money was forecast to have been repaid in that estimate?
Take it up wtih CBO. I can't help you any longer. The fact I was an RM2 escapes you obviously, and what that implies. Badeye posted on 2007-01-30 16:42:29 ET Reply Trace
#2. To: Badeye (#1)
The deficit in 2008 was 700 billion.
#3. To: Badeye (#1)
#4. To: war (#2)
#5. To: dont eat that (#4)
#6. To: war (#5)
#7. To: dont eat that (#6)
(Edited)
#8. To: dont eat that (#6)
#9. To: war (#7)
But when the fiscal crisis hit, Bush had to pass the Troubled Asset Relief Program (TARP) in the final months of his presidency, which cost $700 billion. Under the federal budget rules, a loan and a grant are treated the same. So the $700 billion pushed the deficit — officially — up to $1.3 trillion. But not really. The $700 billion was a short-term loan. $500 billion of it has already been repaid.
#10. To: dont eat that (#9)
What about that part of the post did you not understand?
#11. To: war (#10)
#12. To: dont eat that (#11)
#13. To: All (#11)
1.3 billion
#14. To: dont eat that (#13)
#15. To: war (#12)
#16. To: dont eat that (#15)
Take it up wtih CBO. I can't help you any longer.
#17. To: war (#16)
#18. To: dont eat that (#17)
I don't need your help.
#19. To: war (#18)
January of 2009 budget deficit projection was 1.2trillion.
#20. To: dont eat that (#19)
January of 2009 budget deficit projection was 1.2trillion.
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