WASHINGTON - President Barack Obama is sending Congress a budget Thursday that projects the government's deficit for this year will soar to $1.75 trillion...
A senior administration official told The Associated Press that Obama's $3 trillion-plus spending blueprint also asks Congress to raise taxes on the wealthy in 2011 and cut Medicare costs to provide health care for the uninsured.
The new budget also plans for additional financial bailouts of up to $750 billion, a senior administration official told NBC News. But the White House believes that as the economy improves it will get roughly $500 billion back, so the expected cost to taxpayers is $250 billion.The deficit is expected to remain around $1 trillion for the next two years before starting to decline to $533 billion in 2013, according to budget projections.
Obama also will ask for an additional $75 billion to cover the costs of wars in Iraq and Afghanistan through September, the end of the current budget year. That would be on top of the $40 billion already appropriated by Congress, the administration official said.
The administration will also ask for $130 billion for Iraq and Afghanistan in 2010 and will budget the costs of operations in Iraq and Afghanistan at $50 billion annually over the next several years.
Obama's budget proposal would effectively raise income taxes and curb tax deductions on couples making more than $250,000 a year, beginning in 2011...Obama would allow the marginal rate on household incomes above $250,000 to rise from 35 percent to 39.6 percent.
The $1.75 trillion deficit projected for this year would represent 12.3 percent of the gross domestic product, double the previous post-war record of 6 percent in 1983, when Ronald Reagan was president, and the highest level since the deficit totaled 21.5 percent of GDP in 1945, at the end of World War II."
Wars. Federal bloat. Unaccountable deficit spending. Beltway arrogance. Pompous messianic politicians. Lofty rhetoric.
Yes, indeed. The more things "change", the more they stay the same.
Obama thinks a family making $250K is rich. Oh, is that rich. I dare say even low-income people would say the $1M mark defines what is "rich".
Those making low six-figure income may be well-off and fairly secure. But "rich" or "wealthy"? This is just redistributionist class warfarist propagandizing and the subtle demonization of citizens who do not deserve such totally-arbitrary treatment.
In short, Obama plans to have a family, for example, that makes $ 250,000.01 pay $11,500 more to the government per year, indefinitely, beginning in less than 2 years.
In short, why even break the $250K mark? You'll end up with even less than if you just simply made less.
Also, Obama thinks that "credit" is the "lifeblood" of our economy, so it is no surprise he is using the nation's credit card like an overextended mentally-unbalanced consumer going on a berzerk shopping binge.
Where's all the sacrifice come into this no-holds-barred spending extravaganza?
Or does Obama really mean sacrificing the (real) 'lifeblood' of American generations not yet in existence to accommodate his fierce expediency of now?