What Was The [Expletive Deleted] Point?

First they promised to cut $100 billion, then said what they really meant was that they’d hold out indefinitely for $60 billion, then they totally caved in to the Democrats, compromising on $38 billion, and in the end all we got was a lousy $352 million in cuts. What a gyp, shame on the spineless Republicans.

Budget deal: CBO analysis shows initial spending cuts less than expected

A federal budget compromise that was hailed as historic for proposing to cut about $38 billion would reduce federal spending by only $352 million this fiscal year, less than 1 percent of the bill’s advertised amount, according to the Congressional Budget Office.

Although that analysis dampened enthusiasm for the deal among many Republicans on Thursday, the House and the Senate approved the measure with bipartisan support. President Obama is expected to sign the bill Friday, officially ending the prospect of a government shutdown.

The findings from the budget office warned that the deal may never come close to delivering on its promises. The analysis found that $13 billion to $18 billion of the cuts involve money that existed only on paper and was unlikely to ever be tapped.

See also:
U.S. Budget Analysis Shows Smaller Savings
CBO Says Budget Deal Will Cut Spending by Only $352 Million This Year
Forget $38B: Budget only cuts $352 million this year
Deal Approved but Debate Continues Over Actual Extent of Spending Cuts
Budget cuts too small for many conservatives
Spending cuts fall short of $38 billion: CBO
How Washington Turned $38 Billion Into $352 Million
CBO: 2011 Budget Cuts Far Less Than Promised
Editorial: Washington’s $38 Bil In ‘Cuts’ Are Bogus

This is insane, the United States is $14 trillion in debt, the world bond markets could decide to cut up our national credit card at any given moment, the laws of mathematics dictate that the American economy will completely collapse by 2037, and these congressional buffoons spent the entire last month arguing over cutting $352 million?

The 2012 elections can’t come fast enough. We need to start with a new President and Republicans taking control of the Senate and keeping control of the House. It’s apparent that one party rule, with a party that’s serious about restoring fiscal sanity (and that ain’t the Democrats), is going to be required to stop this country from careening off the cliff of financial ruin.

/and, if that doesn’t work, we’ll have to get us some new Republicans starting in 2014

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Bogus Obama Math Busted

It’s bad enough that Obama had the gall to release a farcically irresponsible 2012 budget that kicks the fiscal sanity can down the road and shoves the United States well down the path to third world status, but then he and his clown posse minions have the further, cynical audacity to lie about it to the American public.

CBO: W. House Lowballs Debt

The president’s budget plan would double the debt over 10 years to $20.8 tril, the CBO estimated, $2.3 tril more than the White House had projected. Interest on the debt would top 18% of federal revenue in 2018, a level that Moody’s has said could trigger a downgrade of America’s AAA rating.

Read the Congressional Budget Office report:

Preliminary Analysis of the President’s Budget for 2012

See also:

Report says Obama budget underestimates deficit
CBO Claims Obama Budget Underestimates Future Deficits by $2 Trillion
CBO: Obama budget underestimates deficits by $2.3 trillion over upcoming decade
CBO: Obama understates deficits by $2.3 trillion
Obama Budget Underestimates Deficits by $2 Trillion
CBO: Obama FY12 Budget Would Result In $9.5T In Deficits Over Next Decade
CBO: Obama policies would require deficits of $9.5 trillion through 2021
CBO: Obama budget worse than projected on 10-year deficit
Congressional Budget Office projects higher Obama deficits
CBO Analysis: Obama’s 2012 Budget Increases Deficit
US budget to worsen deficits: CBO
UPDATE 2-Obama budget would worsen deficits – CBO report
Oooops! CBO says Obama’s budget understates deficits
To Bull[expletive deleted] . . . And Beyond!

Paul Ryan and the Republicans will soon unveil their 2012 budget which will address the looming entitlements disaster, make the hard choices, and put America back on the road to fiscal solvency. And, of course, Obama and the Democrats, in control of the Presidency and the Senate, will fight tooth and nail to sabotage and undermine any attempt to walk America back from the edge of the financial abyss which they seem hell bent on flinging us into.

/I can’t emphasize just how important the 2012 elections are, without a new President and Republican control of the Senate, the United States economy will continue to recklessly stagger towards economic collapse under Obama’s crushing, unsustainable debt load

,

To Bull[expletive deleted] . . . And Beyond!

The budget Obama released today is a joke, a farce, a massive, steaming pile of bull[expletive deleted]. It’s hard to believe they wasted even more taxpayer money having it printed. It’s a non-serious document from a non-serious politician. It’s painfully obvious that Obama cares more about getting reelected than he does about the country he’s supposed to be leading.

Obama Budget Doubles National Debt to $26.3 Trillion in 10 Years

If the federal budget released by President Barack Obama today is implemented, it will double the national debt over the next 10 years. The current national debt is $13.56 trillion (end of FY 2010). By the end of 2021, that debt would rise to $26.3 trillion under the White House budget.

The figures reflect the effects of Obama’s fiscal year 2012 budget priorities, particularly a federal deficit that never falls below $500 billion in any year between 2010 and 2021.

Read it and weep for the future of America:

THE BUDGET FOR FISCAL YEAR 2012

See also:
Boehner, GOP pan Obama budget as ‘spending the future’
McConnell: Obama budget ‘unserious’ and ‘irresponsible’
Democratic senators slow to embrace Obama’s budget
Business community blasts Obama’s budget proposal
Obama Budget 2012: Harsh Reactions to the President’s Latest Budget Proposal
Obama budget small down payment on very big debt
Obama’s budget shies away from tough choices
Rejected Tax Increases Make a Return in Obama Administration Budget Plan
Obama Budget Doubles National Debt to $26.3 Trillion in 10 Years
Obama’s budget is more political guide than spending plan
Deficit Would Stay High for Years to Come
Big Role for Tax Increases Fuels Criticism From Business Groups
GOP Denounces Absence of Entitlements Overhaul
Notably Absent from Obama’s Budget: Deficit Commission Recommendations
In his new budget, Obama kicks the can one more time
Despite promise to fix hole in budget, Obama fails to address huge deficits
‘Debt on Arrival’
“Debt On Arrival”: GOP’s Ryan Rips Obama’s Budget, Says “It’d Be Better If We Did Nothing”
Obama’s Pathetic Budget
Editorial: Obama’s Gutless Budget Proposal

Of course, we’ll default on our national debt long before it ever reaches $26 trillion. Welcome to the Third World.

/hello, are their any adults with a spine in Washington?

A Real Man With A Real Plan

Rep. Ryan proposes radical solution to budget problem

I spent the first part of the week thinking about President Obama’s proposal for next year’s budget. It’s a modest document meant to take current policy and nudge it forward and leftward while beginning the hard work of pushing the deficit downward. It makes its changes at the edge of the state, freezing growth here and expanding programs there.

But I spent the latter part of the week thinking about the proposal from Rep. Paul D. Ryan (R-Wis.) for what our budget should look like 60 years from now. Ryan’s budget is a radical document that takes current policy and rolls a live grenade underneath it. Social Security? Ryan’s adds private accounts. Medicaid? Ryan privatizes it. Medicare? Same thing. Health care? Ryan repeals the subsidy for employer-provided insurance, replacing it with a tax credit.

The boyish Ryan is a conservative darling and the ranking Republican on the House Budget Committee, but there’s nothing conservative about this document. It does not respect, much less preserve, the status quo. But then, that’s a point in Ryan’s favor. The status quo does not deserve our respect. It is unsustainable. Left unchecked, it will bankrupt our country. On that, Ryan’s radicalism is welcome, and all too rare. The size of his proposal is shocking, but it is proportionate to the size of our problem: According to the Congressional Budget Office, which examined a simplified version of his proposal, it would wipe out our projected long-term deficits.

GOP Rep. Paul Ryan tackles Obama’s path to deficit disaster

The new era of Democratic bipartisanship, like cut flowers in a vase, wilted in less than a week.

During his question time at the House Republican retreat, President Obama elevated congressman and budget expert Paul Ryan as a “sincere guy” whose budget blueprint — which, according to the Congressional Budget Office (CBO), eventually achieves a balanced budget — has “some ideas in there that I would agree with.” Days later, Democratic legislators held a conference call to lambaste Ryan’s plan as a vicious, voucherizing, privatizing assault on Social Security, Medicare and every non-millionaire American. Progressive advocacy groups and liberal bloggers joined the jeering in practiced harmony.

The attack “came out of the Democratic National Committee, and that is the White House,” Ryan told me recently, sounding both disappointed and unsurprised. On the deficit, Obama’s outreach to Republicans has been a ploy, which is to say, a deception. Once again, a president so impressed by his own idealism has become the nation’s main manufacturer of public cynicism.

To Ryan, the motivations of Democratic leaders are transparent. “They had an ugly week of budget news. They are precipitating a debt crisis, with deficits that get up to 85 percent of GDP and never get to a sustainable level. They are flirting with economic disaster.” So they are attempting some “misdirection,” calling attention to Ryan’s recently updated budget road map — first unveiled two years ago — which proposes difficult entitlement reforms. When all else fails, change the subject to Republican heartlessness.

Read the report:

A ROADMAP FOR
AMERICA’S FUTURE
Version 2.0

See also:
The Roadmap Plan
A GOP Road Map for America’s Future
Roadmap to Solvency
Ryan’s fiscal plan draws attention
Paul Ryan’s Long (Deficit) Goodbye
Wisconsin Rep. Paul Ryan Stands Alone on Economic Solution
Rep. Paul Ryan says his budget plan doesn’t represent GOP
Political Punch Podcast: Rep. Paul Ryan, R-Wisc
Paul Ryan and his critics
The Savaging of Paul Ryan
Ryan Gets Serious

Paul Ryan is my favorite Republican, he gets it. He understands, like anyone with even half an ounce of honesty, that the current path of America’s fiscal future is bleak, unsustainable, and will inevitably lead to collapse and default. Sure, Ryan’s plan is radical, full of hard, painful choices, a big solution for a big problem. But, unlike the current “keep kicking the can down the road” policy, RYAN’S PLAN WILL ACTUALLY GET US OUT OF THE GIGANTIC MESS WE’RE IN AND IT’S ALREADY LONG PAST TIME THAT SOMEONE DID SOMETHING!

/although he says he won’t, I wish Ryan would run for President, he’s exactly the kind of leader this country needs right now

Another Day Older And Deeper In Debt

Congress Approves $1.9 Trillion Debt-Limit Increase (Update1)

The U.S. Congress approved increasing the federal debt limit by $1.9 trillion, to $14.3 trillion, enough to prevent lawmakers from having to raise it again before November’s midterm elections.

The House voted 233-187 today to send the increase to President Barack Obama for his signature. The hike is more than twice the size of any of the four previous debt increases lawmakers approved in the past two years.

The Senate voted last month for the legislation, which includes a tightening of Congress’s “pay as you go” budgeting rules that may make it harder for lawmakers to add to the deficit.

“We have no choice, we have to take steps to get our financial house in order,” said Representative John Tanner, a Tennessee Democrat. The tougher budget rules “are a good first step,” he said.

Obama announced a 2011 budget request this week that projected the government will run $8.5 trillion in deficits over the next 10 years. Lawmakers of both parties complained that his budget plan wouldn’t do enough to control the shortfalls, while Moody’s Investors Service said it may cut the government’s bond rating in the next decade if the outlook doesn’t improve.

House Democrats, recognizing the political peril of an increase in the debt limit, decided to use a mechanism today that avoided a direct vote on the boost. Instead, they used a procedural vote that will trigger approval of the increase.

‘Procedural Games’

Representative Pete Sessions, a Texas Republican, accused Democrats of using “deceitful procedural games to hide the fact that they are raising the debt limit.”

Democrats said the pay-as-you-go changes showed they are serious about reducing the deficit. The plan will “usher out an era of irresponsibility and begin putting the country back on a fiscally sustainable path,” Obama said today in a statement.

Representative Paul Ryan of Wisconsin, the top Republican on the Budget Committee, said the plan is filled with loopholes. He called it a “fiscal charade” so that “we can go talk tough in the election about how we did this and that, while we bequeathed the next generation an inferior standard of living.”

The changes adopted today would enact lawmakers’ pay-as- you-go rules into law; the rules currently are frequently ignored by lawmakers. The rules require lawmakers to finance new federal benefit programs and tax cuts with savings elsewhere in the budget to avoid adding to the deficit.

See also:
House raises debt limit to $14.3 trillion
House sends debt limit increase, pay/go to White House
House sends $1.9 trillion debt-limit increase to Obama
House Votes to Hike Debt Limit
Debt ceiling raised: Again
The Vicious Cycle Between the Debt and the Ceiling
$1.9T US Debt Ceiling Hike Likely To Last Into 2011 -Source
Treasury Expects to Hit Debt Limit in February
US debt to hit proposed ceiling by end-February: Treasury
US National Debt Clock

To their credit, not a single Republican voted for this debt saddle.

/which is why we need to elect more Republicans this fall so we can cut up Obama’s credit card

Obama Pounds 3.8 Trillion More Borrowed Nails In America’s Economic Coffin

We’re quickly nearing the tipping point where the interest payments alone on our debt will swamp our ability to pay them, yet Obama’s stomping the spending accelerator down to the floorboards with a record setting budget proposal, for the second year in a row.

Just wait until interest rates rise and watch how much more the interest on our debt is going to cost as we borrow even more, that is if anyone will still be willing to lend to us.

/Michael Ramirez

Obama to veil $3.8T budget with massive deficits

President Barack Obama is sending Congress a $3.8 trillion budget on Monday that will increase spending in the fight against high unemployment, boost taxes on the wealthy and freeze spending for a number of government programs.

The deficit for this year would surge to a record-breaking $1.6 trillion, according to a congressional official who had access to a White House summary document. That deficit would easily top last year’s then unprecedented $1.41 trillion gap.

The congressional source, who spoke on condition of anonymity before the budget’s official release, said the deficit would remain above $1 trillion in 2011 and would average 4.5 percent of the economy over the next decade, a level that economists consider a threat to long-term economic prosperity.

Budget of the United States Government, Fiscal Year 2011

See also:
Deficit climbs to record under Obama’s budget
Obama budget: Record spending, record deficit
Obama’s 2011 budget underlines depth of US woes
Shadowed by deficits, Obama pitches economic plan
Budget reflects dire realities, Obama says
Obama’s budget illustrates dire fiscal straits
Breaking Down Obama’s Budget
Hard choices to come with fiscal year 2011 budget
Tax Proposals in the 2011 Budget: What’s In It for You?
Obama’s budget: Impact on your taxes
Obama Budget, Jobs Plan Get Early Tests on Hill
Obama’s budget proposal draws rapid fire from legislators

So, in the face of an obviously unsustainable deficit and debt trajectory, why does Obama insist on submitting a budget with record spending and record deficits? Why does he propose a fig leaf of a spending “freeze”, when drastic spending cuts are clearly called for? I think James Clyburn sums up this insane Democrat mindset best.

“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.”

Most economists believe that, really? The reality, as proven by history, is that only the private sector can create a sustainable recovery. Massive government deficit spending only creates a temporary boost, while crowding out private investment and adding to the national debt, which, in turn, sparks long term economic pessimism and turmoil. Eventually, this downward spiral will completely collapse in a national default.

/the time to stop the dangerous and reckless economic train wreck that’s looming is now, so vote like your standard of living depends on it, because it does

Read It And Weep For America’s Future

Obama gets bad numbers from Congressional Budget Office

Jobs and the deficits are going to be big themes of President Obama’s big speech tomorrow — and he got some bad numbers on both topics today from the Congressional Budget Office.

Oval colleague Richard Wolf breaks it down for us:

Here’s more bad news on the budget front for President Obama: A new report by the Congressional Budget Office says the nation’s $1.4 trillion deficit is likely to stay in that range for the next two years.

The 2010 deficit should be about $1.35 trillion, and if Obama keeps President Bush’s tax cuts in place and extends other expiring tax breaks, the 2011 deficit would be about the same, the report says. Over the next decade, the nation would rack up another $12 trillion in deficits, thereby doubling the size of the $12 trillion national debt.

“Daunting” and “bleak” were just some of the adjectives used by CBO Director Douglas Elmendorf on Tuesday to describe the 10-year budget picture. Spending is projected to outpace revenue, and the debt would soon be two-thirds the size of the overall economy. By 2020, interest payments on that debt would be more than $700 billion, about four times the size of the current amount.

The report shows the unemployment rate rising slightly above 10% before declining slowly. Not until 2014 would the rate drop back to 5%.

“In sum, the outlook for the federal budget is bleak,” Elmendorf said. “U.S. fiscal policy is on an unsustainable path to an extent that cannot be solved by minor tinkering.”

But don’t worry, it’s Obama to the rescue.

Obama’s federal spending freeze

The White House has been cranking out initiatives daily in an effort to regain the public’s confidence, and on Tuesday, its target was the enormous federal deficit. Aides to President Obama disclosed that his forthcoming budget will call for a three-year freeze on “non-security discretionary funding.” That’s bureaucratese for capping everything but defense, homeland security, veterans, international affairs and entitlements (for example, Medicare and welfare), with no adjustments for inflation. That would result in $250 billion less being spent over the coming decade than currently projected, said Rob Nabors, deputy director of the Office of Management and Budget. Although it’s merely a gesture, it’s a good one that sends the right signals to Congress and the public.

Skeptics were quick to note how little of the budget actually would be affected — about 17% — and how small the savings seem in comparison to the $6 trillion in total deficits expected over the coming decade. And presidential budgets are just proposals; Congress controls the purse strings. It’s hard to say how well received Obama’s latest offering will be, given how few details have been released. The official line is simply that the administration’s budget for fiscal 2010 (which runs from October 2010 through September 2011) will call for cutting some programs and increasing others.

So, in case you’re still confused, the National Debt is projected to double to over $20 trillion in the next ten years and Obama’s answer is to save $250 billion over the next decade. It’s like trying to put out a five alarm fire with a squirt gun, it’s a joke.

Oh, and remember that useless “stimulus” that we borrowed almost a trillion dollars for, the Democrat porkfest that had to be passed immediately to keep the unemployment rate below 8%? Well, four million jobs lost and a 10% unemployment rate later, guess what?

Officials Say Stimulus Bill to Cost $75B More

Last year’s $787 billion economic stimulus bill is going to be even more expensive — $75 billion more.

The new Congressional Budget Office estimate, released Tuesday, provides more ammunition for Republicans who say the stimulus has been long on spending and short on creating promised jobs. The additional cost also eats into the savings forecast from the budget freeze President Barack Obama is expected to propose Wednesday night during his State of the Union address.

Almost half of the additional cost, $34 billion, is because the food stamp program won’t be able to take advantage of lower-than-expected inflation rates and will instead have benefits set by the stimulus bill.

Higher unemployment insurance costs added $21 billion to the bill, and stimulus-subsidized bonds to pay for infrastructure projects have proven more popular than expected with state and local governments.

The $75 billion increase would erase one-third of the $250 billion in 10-year savings that would come from the partial domestic spending freeze being proposed by Obama. The boost in unemployment payments alone would more than erase the $10 billion to $15 billion in first-year savings from such a freeze.

And don’t forget that we borrowed the “stimulus” money so the debt service over time is going to make it cost more.

Read the whole depressing, frightening, and sobering CBO report:

The Budget and Economic Outlook:
Fiscal Years 2010 to 2020

See also:
Bleak Economic Projections as Obama Prepares for State of the Union Address
The CBO’s Economic Outlook Is Bleak
US Congressional Budget Office Chief Sees ‘Bleak’ Outlook
CBO Chief: “The Outlook For The Federal Budget Is Bleak”
Budget Office: The government’s finances on ‘unsustainable path’
CBO: Federal Deficit Projected at $1.35T
The Obama Fisc
Budget sanity
A ‘Bleak’ Budget but Slightly Better
Obama Seeks Partial Three-Year Spending Freeze
Broad range of programs targeted by proposed spending freeze
How much would Obama’s spending freeze trim US deficits? Not a lot.
The “spending freeze” in context
Tepid Reception for Obama Spending Freeze
Obama faces backlash on spending freeze
The Obama Spending Freeze is Simply Not Credible
Spending Freeze Won’t Melt Partisan Divide
Stimulus is now $75 billion more expensive
Stimulus Bill to Cost $75 Billion More Than Expected, CBO Says
Congressional Budget Office says stimulus bill to cost $75 billion more
CBO: Stimulus $75 Bln More Expensive Than Estimated
Stimulus price tag soars as jobless rate rises

/no matter what Obama sys tomorrow night, the State of the Union, is not strong