Obama’s $2 Trillion Friday Night Dump

Gee, is it any wonder that Obama decided to unload this little gem late on a Friday, just as he slips out of town on vacation, not to be disturbed?

White House Adds $2 Trillion to Deficit Forecasts

The nation would be forced to borrow more than $9 trillion over the next decade under President Obama’s policies, the White House acknowledged late Friday, bringing their long-term budget forecast in line with independent estimates.

The new projections add approximately $2 trillion to budget deficits through 2019. Earlier this year, the administration had predicted that Obama’s policies would require the government to spend $7.108 trillion more than it collects in tax revenue over the next decade.

An administration official, speaking on the condition of anonymity because the report will not be formally released until Tuesday, said the change is due primarily to updated projections of economic growth that are far less rosy than data used when the White House released its first long-term budget outlook in February. At that time, the White House predicted the economy would shrink by 1.2 percent this year; in fact, the economy shrank at an annualized rate of 6.4 percent in the first quarter, the sharpest drop since 1980.

Critics called the administration overly optimistic, charging that Obama’s figures masked the depth of the nation’s fiscal crisis and falsely suggested that his policies would stabilize the nation’s growing debt to China and other foreign creditors.

The nonpartisan Congressional Budget Office has predicted that Obama’s policies would force the nation to borrow $9.1 trillion between 2010 and 2019. Like the White House, the CBO is scheduled to release an updated forecast on Tuesday.

US deficit poses potential systemic risk: Taylor

The U.S. budget deficit poses more of a potential risk to the financial system than the collapse in commercial real estate prices, an influential economist said on Friday.

“We have a huge deficit. … The stimulus package is generating a lot more debt, and there are systemic issues there,” Stanford University economics professor John Taylor told Reuters Television on the sidelines of the Federal Reserve’s annual Jackson Hole conference.

The Obama administration expects the deficit to hit a record $1.58 trillion this year, and sees a cumulative $9 trillion of additional red ink in 2010-1019.

“If that gets out of control, if interest rates start to rise because people are reluctant to buy all that debt then that can slow the economy down. So, that’s the more systemic concern I have,” Taylor said.

See also:
White House to Boost 10-Year Deficit Forecast to $9 Trillion
New 10-year Federal Deficit: $9 Trillion, Up from $7 Trillion
W.H. hikes deficit estimate by $2 trillion
Obama raises 10-year deficit to $9 trillion
$9 Trillion in Deficits for 2010–2019
Obama to raise 10-year deficit to $9 trillion
US to hike 10-year deficit forecast to nine trillion dollars
Warren Buffett warns budget deficit may harm dollar
New deficit projections pose risks to Obama’s agenda
9 Trillion Reasons Health Care May Be Dead

$9 TRILLION DOLLARS? Add another $2.5+ trillion for health care “reform” and cap & trade and Obama’s on track to double our national debt in the next decade! Can’t they see how reckless their policies are, are they on drugs? Unless we turn this borrow and spend trend around quickly, it’s only a matter of time before the U.S. loses its AAA credit rating, defaults on its debt, and spirals into economic collapse.

/STOP SPENDING, CUT SPENDING, DO IT YESTERDAY!

Good On Bubba!

Clinton, 2 journalists depart NKorea for US

Former President Bill Clinton brought two freed U.S. journalists out of North Korea early Wednesday following rare talks with reclusive leader Kim Jong Il, who pardoned the women sentenced to hard labor for entering the country illegally.

Euna Lee and Laura Ling were heading back to the U.S. with Clinton, his spokesman Matt McKenna said, less than 24 hours after the former U.S. leader landed in the North Korean capital on a private, humanitarian trip to secure their release.

The women, dressed in short-sleeved shirts and jeans, appeared healthy as they climbed the steps to the plane and shook hands with Clinton before getting into the jet, APTN footage in Pyongyang showed. Clinton waved, put his hand over his heart and then saluted.

North Korean officials waved as the plane took off. McKenna said the flight was bound for Los Angeles, where the journalists will be reunited with their families. The White House had no comment.

Their departure was a jubilant conclusion to a more than four-month ordeal for the women arrested near the North Korean-Chinese border in March while on a reporting trip for Current TV, the media venture founded by former Vice President Al Gore. They were sentenced in June to 12 years of hard labor for illegal entry and engaging in “hostile acts.”

U.S. Secretary of State Hillary Rodham Clinton had urged North Korea last month to grant them amnesty, saying they were remorseful and their families anguished.

North Korean media characterized the women’s release as proof of “humanitarian and peace-loving policy.”

Their families said they were “overjoyed” by the pardon. Lee, 36, a South Korean-born U.S. citizen, is the mother of a 4-year-old. Ling, a 32-year-old California native, is the younger sister of Lisa Ling, a correspondent for CNN as well as “The Oprah Winfrey Show” and “National Geographic Explorer.”

Clinton’s landmark trip to Pyongyang also resulted in rare talks with reclusive Kim Jong Il that state-run media described as “wide-ranging” and “exhaustive.” The meeting was Kim’s first with a prominent Western figure since reportedly suffering a stroke nearly a year ago.

While the White House emphasized the private nature of Clinton’s trip, his landmark visit to Pyongyang to free the Americans was a coup that came at a time of heightened tensions over North Korea’s nuclear program.

State media said Clinton apologized on behalf of the women and relayed President Barack Obama’s gratitude. The report said the visit would “contribute to deepening the understanding” between North Korea and the United States.

The meeting also appeared aimed at dispelling persistent questions about the health of the authoritarian North Korean leader, who was said to be suffering from chronic diabetes and heart disease before the reported stroke.

Kim smiled broadly for a photo standing next to a towering Clinton. He was markedly thinner than a year ago, with his graying hair cropped short. The once-pudgy 67-year-old, who for decades had a noticeable pot belly, wore a khaki jumpsuit and appeared frail and diminutive in a group shot seated next to a robust Clinton.

The journalists’ release followed weeks of quiet negotiations between the State Department and the North Korean mission to the United Nations, said Daniel Sneider, associate director of research at Stanford University’s Shorenstein Asia-Pacific Research Center.

Clinton “didn’t go to negotiate this, he went to reap the fruits of the negotiation,” Sneider said.

See also:
North Korea: 2 US journalists pardoned
Clinton Leaves North Korea With Two Journalists, Spokesman Says
N Korea frees US reporters after Clinton visit
Will nukes creep into Bill Clinton’s North Korea agenda?
Analysis: Obama lets NKorea’s Kim save face
Bill Clinton’s ‘rock star status’ delivers in North Korea
Clinton’s Unwise Trip to North Korea

Thank God the two journalists are free, safe, and on the way home to their families. Oh, and thanks to Bill Clinton too.

/still, you have to wonder exactly what we gave North Korea in return for thei release