DCPolitics

US Budget Deficit “Only” $425 Billion

ALL HAIL BARACK OBAMA’S “DEFICIT REDUCTION” LOL || By FITSNEWS || The federal government’s projected budget deficit for the fiscal year ending on September 30 is “only” $425 billion, according to the latest projections from the bean counters at the Congressional Budget Office (CBO). That’s less than the $486 billion the…

ALL HAIL BARACK OBAMA’S “DEFICIT REDUCTION” LOL

|| By FITSNEWS || The federal government’s projected budget deficit for the fiscal year ending on September 30 is “only” $425 billion, according to the latest projections from the bean counters at the Congressional Budget Office (CBO).

That’s less than the $486 billion the bean counters projected back in March.

Hallelujah, right?

Over at MSNBC, columnist Steve Benen celebrated the data by hailing “President (Barack) Obama’s striking record on deficit reduction.”  Benen also chided the “deceptive Republican rhetoric and unfortunate news coverage” which he believes has hoodwinked the American people into believing “that the deficit has soared in the Obama era.”

Really? 

So according to Benen, Obama – who ran $1 trillion deficits his first four years in the White House – deserves credit for averaging “only” half a trillion in new debt over the past three years?

Wow.

Also Benen conveniently neglects to point out Obama’s policies will result in the federal government once again running trillion dollar deficits beginning as early as 2021 (and that’s assuming you take a rosy view of the economy).

We have three thoughts on this news (aside from the GOP being every bit as full of it on spending issues as Obama):

1) PASS BUDGETS BEGINNING ON JANUARY 1

The federal government doesn’t really pass budgets anymore – it passes stopgap spending “resolutions” which fund the government for specific time periods: One month, three months, six months, whatever.  This is no way to run a government – and is part of an effort to keep the true size of the D.C. behemoth from taxpayers.  Here’s how we see it: The federal government imposes taxes on individuals and businesses based on fiscal years which begin on January 1 and end on December 31.  We would humbly submit it hold itself to the same standard beginning next year.  Oh, and if the Congress and President can’t agree on a budget, then citizens ought to have the right to recall them and replace them with leaders who will.

2) SPEND ONLY WHAT COMES IN

With government’s debt soaring toward the $18.5 trillion mark – and entitlement “trust funds” facing imminent collapse – it’s abundantly clear our “leaders” in Washington, D.C. have totally lost control of the situation.  A simple first step in reclaiming control?  Stop spending money that isn’t there.  Seriously: According to the latest projects the federal government has taken in $2.7 trillion from October 2014 through July of this year.  That’s more than enough money to perform the core functions of a national government!

3) INCENTIVIZE GROWTH, NOT DEPENDENCY

The key to balanced budgets moving forward will be the health of our national economy.  Can it create sustained job growth, wage growth and expanded consumerism?  Or will it continue to inch forward in fits and starts – or worse, slip into another recession.  The answer to that question will depend on whether our “leaders” stop spending billions of dollars on corporate cronyism, the incentivizing of dependency, unnecessary bureaucracy (including the IRS), senseless foreign entanglements and other nonsense.  Why do balanced budgets matter?  Well, the last time the CBO assessed annual interest payments on the national debt they were expected to double to $480 billion by 2019 and triple to $722 billion by 2024.  Like the debt itself, that’s simple unsustainable.

So there you have it …

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47 comments

Crooner August 11, 2015 at 5:15 pm

Just raise taxes. Add new brackets- 50% for AGI over $5M; 80% for AGI over $10M; 90% for AGI over $20M. Who here wouldn’t want to be in one of those brackets?
And if you want to fix illegal immigration, levy fines against employers who hire illegals. After all, they come here to work. $100K per illegal hired should be enough incentive. Trump could use that money to build a wall, which we won’t need if there are no jobs.

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YouWontPostThis August 11, 2015 at 6:08 pm

Did you happen to miss the part where those $1T deficits were left to him by the previous administration? Or are you just a complete fucking moron with a democratic (or even a race????!!!) axe to grind? Facts and Truth and Reality and all that other annoying bullshit gets in the way of your platform, no?

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YouWontPostThis August 11, 2015 at 6:11 pm

Did you happen to miss the part where those $1T deficits were left to him by the previous administration? Or are you just a complete fucking moron with a democratic (or even a race????!!!) axe to grind? Facts and Truth and Reality and all that other annoying bullshit gets in the way of your platform, no?

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idcydm August 11, 2015 at 6:24 pm

“The problem is, is that the way Bush has done it over the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion for the first 42 presidents — #43 added $4 trillion by his lonesome, so that we now have over $9 trillion of debt that we are going to have to pay back — $30,000 for every man, woman and child. That’s
irresponsible. It’s unpatriotic.” – Barack Obama, July 3, 2008

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Marie Barf August 11, 2015 at 6:32 pm

Perfect. And how those words have been forgotten now that under the Obummer reign of error the debt has run up to a staggering $19 trillion. THAT’S what is irresponsible and unpatriotic.

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Jack August 11, 2015 at 7:10 pm

Spending bills originate in the House. The house is controlled by ????. The President does not control spending or revenue. That is controlled by Congress, but keep on getting that wrong if you want to. Its easier to lie to yourself than admit you are wrong. But if you need moral support turn into Fake News, they will double down own wrong with you.

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Jack August 11, 2015 at 7:12 pm

Big hands small phone. Tune into Fake News they will double down on wrong with you.

"Obama" Phones August 12, 2015 at 10:59 am

You are talking to people who blame Obama for a program Reagan created being expanded under Bush to give poor people cell phones.

Everything is Obama’s fault and it isn’t up for debate with these guys.

Marie Barf August 12, 2015 at 9:31 am

Clueless Jack chiming in again…first two years of Obummer’s reign who controlled Congress? Up until 2014, who controlled the Senate – where BUDGETS are supposed to be approved but have only been one time because senile Harry Reid (on the instructions of Obummer) refused to allow it? Preferring instead to operate with these irresponsible and reckless continous resolutions so as to hide exactly just what Obummer and the Dumocrats wanted to spend on programs to buy votes. If there is no “budget” how does anybody really know what’s being spent, right? There is nothing to blame except a complete lack of leadership from the renegade White House. So you can do as your man Obummer and refuse to take responsbility but $10 trillion in additional debt happened on HIS watch. Not Fox News, not BOOOOSSSSSH….but Obummer. He is responsible and he is to blame.

Sic Semper Tyrannis August 11, 2015 at 6:52 pm

Well

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idcydm August 11, 2015 at 6:56 pm

Bush almost doubled 42 Presidents Obama more than doubled 1.

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Jack August 11, 2015 at 7:03 pm

Again, Bush doubled nothing. Obama doubled nothing. The President does not control spending. Congress controls spending. But keep on getting that wrong, if you want.

idcydm August 11, 2015 at 7:12 pm

They are Obama’s words not mine, I’m just paraphrasing. Are you saying Obama got it wrong?

BTW have you figured out the difference the national debt and deficit?

Jack August 11, 2015 at 7:19 pm

What words are those? I responded to your comment “Bush almost doubled 42 Presidents, Obama more than doubled 1. I was simply pointing out you are or wrong. Or I suppose you could just be lying. Neither of which is uncommon for Republicans.

I know full well the difference between the national debt and annual deficit or surplus;.do you?

idcydm August 11, 2015 at 7:33 pm

That’s right ignore Obama’s words form, July 3, 2008.

I’ll ask again did Obama get it wrong or are you accusing him of lying too?

I’ve known the difference for a long but I don’t think you have. 12 days ago you said I brought up the federal deficit when I was talking about the federal debt. What did you do Google them since then, it wouldn’t surprise that you did since you make up you own definitions for words.

Jack August 11, 2015 at 8:01 pm

First of all, I don’t care what Obama said. It had zero to do with my response. Second I never said anything to you 12 days ago about the difference between the Federal Debt and the annual deficit. You obviously have me confused, or someone was using my name.

idcydm August 11, 2015 at 8:35 pm

But you did Jack and you know it and I don’t have you confused with anyone.

Here it is and it came after I was talking about the $18 Trillion National Debt to Bill.

Jack idcydm •12 days ago

What does FICA have to do with anything. SS does not add to the federal deficit and FICA does not reduce the federal deficit. *You are the one who brought up the federal deficit.* Did you know that if we had just returned tax rates to where they were under Bill Clinton, we would have been running annual surpluses for several years now.

Jack August 12, 2015 at 11:09 am

I rally don’t even understand your comments. How is that a discussion of the difference between the Federal Debt and the deficit or surplus?. Total Federal Debt is just the accumulation of annual Federal Deficits and Surpluses.

idcydm August 12, 2015 at 2:03 pm

It’s not surprising you don’t understand Jack but keep spinning, that’s all you’ve got.

Rocky Verdad August 12, 2015 at 7:26 am

I do, I do. Deficit is what George Bush turned the surplus into. National debt is what Bush decided not to pay down, by getting rid of his surplus that was given to him by President William Jefferson Clinton.

idcydm August 12, 2015 at 2:12 pm

If Clinton really had a surplus how come the national debt continued to rise while he was President?

Surpluses are all smoke and mirrors.

Figures don’t lie but liars figure.

Elfego August 11, 2015 at 7:40 pm

Bush doubled 42 President Obama doubled all of them!

idcydm August 11, 2015 at 7:50 pm

Bush had $4 Trillion Obama has $9 Trillion and counting. Yes you are correct Obama has doubled them all but I was just pointing out president to president.

Rocky Verdad August 12, 2015 at 7:25 am

Actually, Bush had $9 trillion. See, he had the $4 trillion he added, plus the $5 trillion he could have paid off had he not enacted his stupid, unnecessary tax cuts. Hey, but let’s keep playing fantasy math.

What Is National Debt? August 12, 2015 at 10:58 am

We owe China around $1.4 trillion. We owed them around $1 trillion before Obama even took office.

You should do more research on who owns the national debt.

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Elfego August 11, 2015 at 6:28 pm

He doubled the rest of the previous administration and if it is not good enough he created a spill that is much more dangerous that BP! All Americans are stupid and Democrats are the worse off of the bunch. America will go down without ever defending itself because of Government and inept voters.

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Jack August 11, 2015 at 7:02 pm

Actually, no he did not. Congress did. The President does not control spending. Spending bills originate in the house, which is controlled by ???????

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Elfego August 11, 2015 at 7:39 pm

The first two years in office Obama had control of both bodies and what he set in motion crippled us for 12 to 15 years and probably longer.

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Jack August 11, 2015 at 8:15 pm

First , Obama never controlled anything. Just because the President’s party is in the majority does not mean they will agree with him. Congress controls spending, not the President. Second, at no time during the Obama administration did the Democrats ever hold more than 60 Senate seats. The Republicans have been able to use the filibuster at unprecedented levels to block virtually everything Obama has tried to do.. Your argument is total crap and anyone who understands how congress works knows it.

Rocky Verdad August 11, 2015 at 8:29 pm

True. They probably should have re-instated the Clinton era tax levels, and then we’d have had a surplus again. So if you had a $1,500 mortgage and came home and told your wife you took a new job that paid $500 a month, what would she do to you?

Only Two Years August 12, 2015 at 10:51 am

Correct, the first two years the Democrats had control of the House. The last 5 have been all GOP.

YouWontPostThis August 11, 2015 at 8:12 pm

You’re a clueless moron.

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Jack August 11, 2015 at 6:48 pm

Actually the truth is that Presidents cannot control the deficit. All they can do is veto legislation. The Wing Nuts like to blame Obama, but the deficit situation we are in today can be traced almost exclusively to Bush Administration policies, pushed through by Republicans.

When Bush took office we were running an annual surplus. He pushed through massive tax cuts for the wealthy and despite the promises of Laffer, revenues declined dramatically. Then we got into two disastrous wars that cost us trillions. Bush kept those out of the regular budget as long as he could, but which sooner or later we had to pay the cost. So now we have decreased revenue and increased spending. Then we hit the Bush recession and revenues go through the floor, but Congress did not stop spending; because we had wars to pay for, we had pay to save the economy from collapse and we had to pay the bills we already had outstanding.

Finally as the revenues are beginning to recover after the great recession, the deficits are starting to fall. While the right will give him no credit. Obama negotiated sequestration with congress. That has been the biggest factor in the falling annual deficit.

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Elfego August 11, 2015 at 7:38 pm

What have you been smoking?

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Elfego August 11, 2015 at 6:26 pm

Real Deficit reduction like cleaning up in Colorado and the states the stupid self righteous EPA created.It doesn’t matter what it cost BP the taxpayers will pay for their stupid actions. Government causes many more problems than American companies and a government employee never loses a job or pays a fine. Americans are stupid!!!!!!!!

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grandtangosuglydog August 11, 2015 at 6:32 pm

“Americans are stupid” Hey fuckstick..you can always leave. Try it.

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CNSYD August 11, 2015 at 8:32 pm

“a government employee never loses a job”
Never is a tough word. The air traffic controllers say Hi.

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Sic Semper Tyrannis August 11, 2015 at 6:50 pm

It is controllable. But parties think not. O well, a problem is not to be avoided.

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Rocky Verdad August 11, 2015 at 8:31 pm

And you know what keeps that deficit down to $450 billion. The $450 billion Fannie Mae and Freddie Mac pay to the US Treasury every year. Oh yeah – the GOP wanted to kill ’em, now they’re the Congress money spender’s best friend.

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Rocky Verdad August 11, 2015 at 8:32 pm

Oh wait. Snap!!! Last surplus was under Bill Clinton. Isn’t there a Clinton running for President now? Oh yeah, there is.

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Manray9 August 11, 2015 at 9:59 pm

Of course, this is Obama’s fault. I recall the Constitution requires all revenue bills to originate in the House and states, specifically, no money shall be drawn from the Treasury, but in consequence of appropriations made by law — meaning passed by Congress. The GOP has controlled the House since 2011 and the Senate since January of this year. How did Obama do it? He truly has magical powers!

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idcydm August 11, 2015 at 10:10 pm

You obviously forgot about all those continuing resolutions that had to be passed. Granted the President doesn’t spend the money but he does push his agenda be he Republican or Democrat.

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Manray9 August 11, 2015 at 10:25 pm

I didn’t forget it. Continuing resolutions are passed by Congress. The president can’t spend one dime more than Congress approves.

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idcydm August 11, 2015 at 10:35 pm

That’s true but the constitution also addresses a budget to be submitted by the president. Presidents have a rather large hand in how much and where money is spent, as in Obama’s veto threat.

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Manray9 August 11, 2015 at 10:43 pm

Obama has submitted budgets each year upon which the Republicans have not acted and refused to conduct serious negotiations — thus government by continuing resolution. If Republicans are so strongly committed to fiscal conservatism why don’t they draw a line in the sand and stand pat? You know the answer — no guts! I suspect the reality lies in Dick Cheney’s old saw: “Reagan proved that deficits don’t matter.” Republicans like to posture and pose on deficit issues, but they really don’t care.

idcydm August 11, 2015 at 10:54 pm

So this whole $18 Trillion dollars is the fault of Republicans. Sorry but it took both Republicans and Democrats to get where we are, there is plenty of blame to go around and that includes the legislative and executive branches.

BTW continuing resolutions work great for a President that wants the rate of spending to continue at the current levels.

Manray9 August 12, 2015 at 12:07 am

I didn’t say it was all on the Republicans. There’s plenty of blame to go around, but it is Republicans to pose and posture on the deficits and then do nothing. Bush fought two wars off budget — a practice Obama stopped.

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