White House Proposes $3.8 Trillion Budget

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Editor
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Joined: 04/18/2009 - 3:43pm
White House Proposes $3.8 Trillion Budget
White House Proposes $3.8 Trillion Budget
Editor
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Joined: 04/18/2009 - 3:43pm
wsj.com • FEBRUARY 2,

wsj.com
• FEBRUARY 2, 2010
Wealthy Face Tax Increase
Budget Projects Larger Deficits Despite Spending Cuts; 'Think Bigger,' Says GOP

By JONATHAN WEISMAN

WASHINGTON— ...Obama's $3.8 trillion budget...raises taxes on businesses/upper-income households by $2 trillion.., cuts spending on [certain] programs.., but will...leave...$8.5T in added debt over the next decade.

It will add fuel to the election-year debate over the size/scope of government...Americans want and their willingness to pay for it.

By 2020, the federal debt will have risen from $7.5T—or 53% of [GDP]—last year to $18.6T, 77% of GDP.

http://online.wsj.com/article/SB1000142405274870410720457503873324659521...

Islander
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Joined: 02/13/2009 - 12:16pm
How about the money they

How about the money they expect to bring in from Cap and Tax, a bill that should never pass.

K. Wright
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Joined: 05/11/2007 - 10:56am
From the #3 Democrat in the

From the #3 Democrat in the House, James Clyburn..

The U.S. government must spend its way out of the recession, the Democrats' third-ranking House leader stressed Monday.

Rep. James Clyburn (D-S.C.), the House majority whip, said that trying to find greater savings in the budget, which was released by President Barack Obama this morning, wouldn't help alleviate the recession. "We've got to make some decisions here as to what's in the best interests of our country going forward," Clyburn said during an appearance on Fox News. "And I think the best interest is to invest in education, control these deficits, while at the same time trying to get people back to work." "We're not going to save our way out of this recession," the majority whip added. "We've got to spend our way out of this recession, and I think most economists know that."

Spend Spend Spend

Economike
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Joined: 11/28/2006 - 9:09am
"We've got to spend our way

"We've got to spend our way out of this recession, and I think most economists know that."

Did Clyburn's son answer the phone and decide to play a little joke on his dad?

Or is this item from the Onion?

Islander
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Joined: 02/13/2009 - 12:16pm
It is on "The HIll". I wish

It is on "The HIll". I wish it was on the Onion

Tom Golebiewski
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Joined: 03/16/2008 - 7:28pm
Cutting the war/imperialism

Cutting the war/imperialism budget by 50-75% would be a nice start. Maybe that money could go to roads and schools and hospitals I may actually use one day, or to get really extreme, maybe the guy who signs my paycheck could transfer some of his accounting entries from the tax column into the wages/benefits column.

2,150,000 federal tax-eaters. Heaven only knows how many more make a living stealing from tax-payers through state, county & local governments, as well as scores of other rackets like foreign aid projects and the never-ending trough of subsidies for this, that and the other.

Editor
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wsj.com FEBRUARY 1,

wsj.com
FEBRUARY 1, 2010
Stimulus Report Adds Fuel to Fight on Jobs

By LOUISE RADNOFSKY And COREY BOLES

Recipients of economic-stimulus money said 599,108 workers were being paid by the funds in the last quarter of 2009....

The administration could face difficulty explaining how the reports square with its...calculations...the plan kept between 1.5-2.0 million jobs in the economy...

Those projections...try to include...jobs exist[ing] indirectly as a result of people...hired to work on stimulus projects, or...people receiving food stamps/other aid funded by the stimulus...

http://online.wsj.com/article/SB2000142405274870376250457503704261226928...

Editor
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Joined: 04/18/2009 - 3:43pm
Editor's Note: Aside from

Editor's Note: Aside from redirecting TARP monies to other fed programs, I like what Sen. Snowe has to say here.

Snowe Statement on President Obama’s FY 2011 Budget
February 1, 2010

Washington, D.C. - U.S. Senator Olympia J. Snowe (R-Maine), a senior member of the Senate Finance Committee and Ranking Member of the Committee on Small Business and Entrepreneurship, released the following statement today regarding the President’s FY 2011 budget proposal:

“A projected $1.6 trillion deficit that outpaces this year’s record of $1.4 trillion is wholly unacceptable, and in this uncharted fiscal territory of unparalleled budget deficits, we should do far more to reduce government and reorient our priorities to restore long-term fiscal stability to our nation. No family could run their financial house in such an irresponsible manner and it is time for the federal government – which will be borrowing more than 68 percent of the economy by the end of next year and 77 percent by 2020 – to make the kind of tough choices Americans are confronted with every day.

“Unfortunately, freezing non-security discretionary spending is merely a step in the right direction when we should instead be taking leaps toward fiscal responsibility – and instead of waiting until next year we should institute that freeze immediately, particularly for provisions signed into law last December as part of an omnibus appropriations package that I opposed as it increased funding for nine cabinet departments by an astounding 13 percent over FY 2009 levels.

“Moreover, there should be no mistake that a jobless recovery is not a true recovery, and given we must focus like a laser on building an environment for businesses to create jobs in our ravished economy, as I’ve heard repeatedly in small business forums throughout Maine, the last thing we should do is raise taxes by nearly $1 trillion beginning in 2011. Neither the administration nor Congress should create or enhance any uncertainty with respect to taxes on our nation’s 30 million small business owners who are the economic engines that have already generated two-thirds of net new jobs in America, and represent our greatest hope for economic recovery.

“Finally, I agree we cannot forsake those Americans who are continuing to suffer from the devastation brought upon our economy by the fraudulent practices and unchecked greed of mega-Wall Street firms. At the same time, instead of simply adding another $169 billion for economic recovery spending over the next three years as the President has done and using TARP funds that banks have returned to help pay for a jobs package is not the answer – that was a loan to be repaid, not to be spent, and only in Washington would that count as sound fiscal policy.

“Rather, I have proposed in a letter to Office of Management and Budget (OMD) Director Peter Orszag that we should reallocate the more than $500 billion in unspent Stimulus act funds toward legitimate job creation. Further, I am introducing legislation that would require the Office of Management and Budget to within 15 days provide Congress with a list of provisions from the stimulus for which funds remain unobligated, and their recommendation for redirections of those funds toward more effective programs to either assist the displaced or spur job creation.

“Once Congress receives the Administration’s proposals, all Members, as well as the appropriate congressional committees, can evaluate their suitability with an eye toward using them as offsets for forthcoming legislation to ensure the growth of our economy as we look to emerge from the worst recession since World War Two – the American people expect and deserve no less.”

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Tom Golebiewski
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Scott, Unless I missed

Scott,
Unless I missed something, the only thing close to a specific proposal in that statement by OJS is the item you singled out for disagreement. More weak criticisms of the bailout and record deficits? All I read was more hollow rhetoric from an empty skirt. If she had a shred of dignity, she would resign and apologize that her entire time in Congress has been a failure.

Editor
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Joined: 04/18/2009 - 3:43pm
Tom - Actions speak louder

Tom - Actions speak louder than words. I agree. On Sen. Snowe's remarks posted above, however, she could have been silent, she could have agreed with Pres. Obama's budget. She did neither. She came out in very strong language against the budget. For that I give her credit. Let's see what happens next. // skf

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www.mpbn.net
Snowe: Uncertainty Hampering Business Investment
02/03/2010 10:55 AM ET

At a Senate Finance Committee hearing...Snowe told...Geithner...more certainty about federal policies is crucial to job creation.

"Would you put your money on the line? That's the issue," she said. "...I heard it over and over again.... [U]ntil we get certainty on taxes, ...regulation, ...health care.., we're not going to experience job creation."

Geithner said...what businesses need most "is more confidence there's going to be growing demand for their products."

http://www.mpbn.net/News/MaineNewsArchive/tabid/181/ctl/ViewItem/mid/348...

Tom Golebiewski
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Joined: 03/16/2008 - 7:28pm
Scott, Yes, actions are

Scott,
Yes, actions are louder than words. I think this essay is appropriate here.

OJS has done enough already. So have the other 544 relevant people "serving" in Washington DC. The blame game is not good enough anymore.

Editor
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Joined: 04/18/2009 - 3:43pm
Press Release Snowe, Thune

Press Release
Snowe, Thune Announce Bill to Reprogram Unobligated Stimulus Funds Towards Job Creation Initiatives

February 3, 2010

Washington, D.C. - U.S. Senators Olympia J. Snowe (R-Maine) and John Thune (R-SD) today announced the Reevaluate and Redirect the Stimulus Act of 2010, legislation to require the Office of Management and Budget (OMB) to create recommendations to redirect unobligated stimulus funds approved in last year’s $787 billion American Recovery and Reinvestment Act within 15 days.

“Given that the federal budget deficit for Fiscal Year 2009 was a staggering $1.4 trillion and that CBO is now projecting a baseline deficit of $6.047 trillion over the next 10 years, we simply cannot afford to be poor fiscal stewards and engage in wasteful spending that will rob future generations of prosperity,” said Senator Snowe. “This legislation will ensure the Administration and Congress both remain accountable to guarantee that each dollar we spend on stimulus either creates jobs at a greater rate or protects displaced individuals at a lower cost than competing policies on the table.”

“I applaud Senator Snowe for introducing this legislation that would provide Congress with a better accounting of the remaining stimulus money,” said Thune. “Last year’s stimulus bill failed to keep unemployment under eight percent, as the Administration promised, and it is now time to redirect some of the unobligated stimulus funds to provide small businesses with much needed tax relief so they can create jobs for America’s unemployed.”

The Reevaluate and Redirect the Stimulus Act of 2010 would require OMB, within 15 days, to provide Congress with a list of provisions from the stimulus for which there remain funds that have not yet been obligated. In addition, OMB would be required to provide Congress with a list of programs included in the stimulus with remaining unobligated funds that it recommends be redirected toward more effective programs to either assist the displaced, or spur job creation.

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