Obama Pledges to Cut Deficit in Half by 2013

[Admiral Piett]

Obama aims to cut deficit in half by 2013


WASHINGTON (Reuters) – President Barack Obama wants to slash America's ballooning deficit in half by 2013 by cutting spending on the Iraq war, eliminating wasteful public programs and raising taxes on the wealthy, an administration official said on Saturday.


"The deficit this administration inherited was $1.3 trillion or 9.2 percent of GDP. By 2013, the end of the president's first term, the budget cuts the deficit to $533 billion or 3.0 percent of GDP," the official said on condition of anonymity.


"Most of the savings will come from winding down the war in Iraq, increased (tax) revenue from those making more than $250,000 a year, and savings from making government work more efficiently and eliminating programs that do not work," the official said.


Obama's administration is due to deliver the outline of its first budget on Thursday, for the 2010 fiscal year. It will reflect big increases in spending on public works that were part of the $787 billion economic recovery plan that Obama signed this week.


"Over time, the budget deficit will make it harder for our economy to grow and create jobs. That's why the president's budget for FY (fiscal year) 2010 puts us on the path to cut the deficit he inherited on January 20, 2009, in half by the end of his first term," the administration official told Reuters.


Earlier on Saturday, Obama said he had ordered the U.S. Treasury to implement tax cuts for 95 percent of Americans, fulfilling a campaign pledge he hopes will help jolt the economy out of recession.


The tax cuts are part of the economic recovery plan passed by the Democratic-controlled Congress over Republican opposition. The aim is to put more money in the pockets of Americans and stimulate the economy by increasing consumer spending.


"I'm pleased to announce that this morning the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks, meaning that by April 1st, a typical family will begin taking home at least $65 more every month," Obama said in his weekly radio address.
"Never before in our history has a tax cut taken effect faster or gone to so many hard-working Americans," he said.


With tens of thousands of Americans losing their jobs in the midst of a global economic meltdown, Obama has said fixing the U.S. economy is his top priority. He has acknowledged that his success or failure in that will define his presidency.



http://news.yahoo.com/s/nm/20090221/ts_nm/us_obama



Yeah, even if he did cut it by 50%, it wouldn't even be back to the Bush-era levels with this amount of spending. This seems like a genuine manipulation.

[JP226]

Never understood why we give a about the deficit. The problem is the spending in general, not whether or not you are taxing enough.

[Zephyrus]

Obama aims to cut deficit in half by 2013


WASHINGTON (Reuters) – President Barack Obama wants to slash America's ballooning deficit in half by 2013 by cutting spending on the Iraq war, eliminating wasteful public programs and raising taxes on the wealthy, an administration official said on Saturday.


"The deficit this administration inherited was $1.3 trillion or 9.2 percent of GDP. By 2013, the end of the president's first term, the budget cuts the deficit to $533 billion or 3.0 percent of GDP," the official said on condition of anonymity.


"Most of the savings will come from winding down the war in Iraq, increased (tax) revenue from those making more than $250,000 a year, and savings from making government work more efficiently and eliminating programs that do not work," the official said.


Obama's administration is due to deliver the outline of its first budget on Thursday, for the 2010 fiscal year. It will reflect big increases in spending on public works that were part of the $787 billion economic recovery plan that Obama signed this week.


"Over time, the budget deficit will make it harder for our economy to grow and create jobs. That's why the president's budget for FY (fiscal year) 2010 puts us on the path to cut the deficit he inherited on January 20, 2009, in half by the end of his first term," the administration official told Reuters.


Earlier on Saturday, Obama said he had ordered the U.S. Treasury to implement tax cuts for 95 percent of Americans, fulfilling a campaign pledge he hopes will help jolt the economy out of recession.


The tax cuts are part of the economic recovery plan passed by the Democratic-controlled Congress over Republican opposition. The aim is to put more money in the pockets of Americans and stimulate the economy by increasing consumer spending.


"I'm pleased to announce that this morning the Treasury Department began directing employers to reduce the amount of taxes withheld from paychecks, meaning that by April 1st, a typical family will begin taking home at least $65 more every month," Obama said in his weekly radio address.
"Never before in our history has a tax cut taken effect faster or gone to so many hard-working Americans," he said.


With tens of thousands of Americans losing their jobs in the midst of a global economic meltdown, Obama has said fixing the U.S. economy is his top priority. He has acknowledged that his success or failure in that will define his presidency.



http://news.yahoo.com/s/nm/20090221/ts_nm/us_obama



Yeah, even if he did cut it by 50%, it wouldn't even be back to the Bush-era levels with this amount of spending. This seems like a genuine manipulation.

Consumer spending is not going to be increased. if anything, more people will save more money the government hands out to them, like misers and their gold.

So you're right, its bs. Because I too can claim that I will cut the deficit by 2013, after I've been elected as well.

He's so certain of his re-election victory!

[Pious Agnost]

He's President until January 20th 2013, so yeah, he's basically saying that by the time his [first?] term is over, he will have halved the deficit, not that he's certain of a re-election

[Zephyrus]

He's President until January 20th 2013, so yeah, he's basically saying that by the time his [first?] term is over, he will have halved the deficit, not that he's certain of a re-election

That was 4 years?? I thought it was 2012...

Better move my doomsday clock up a notch!

[misfitsfiend138]

hmm, cut down the size of government is a plus but increasing taxes on successful people is a load of crap. "oh no, you make too much money! we're gonna have to punish you and tax you more." the american dream has limits at 250,000.

[ginge51]

hmm, cut down the size of government is a plus but increasing taxes on successful people is a load of crap. "oh no, you make too much money! we're gonna have to punish you and tax you more." the american dream has limits at 250,000.

Well the rich can afford it a hell of alot more then the well overtaxed "working class man".

[Quadratus]

He won't get a second term, that's a fact.

I doubt he'll cut spending since he likes to spend a couple billion here and a trillion over there.

[ginge51]

He won't get a second term, that's a fact.

I doubt he'll cut spending since he likes to spend a couple billion here and a trillion over there.

Don't forget what bush's administration caused with all this, they started it, yet obama's administration is taking all the blame for the chaos Bush caused.
He's been in office how long?
Judge him after half a year, it is absolutely impossible to fix what bush has done t the USA in the length o time he has been in office.
I can't see how everyone thinks he's worse then bush?
Seriously bush's administration is yet to be questioned on many, many things since they lost power.
Not a single word has been said to them.
Obamaman has to take all the the brunt of everything bushes administration caused on the chin.
Don't forget that.

[Aetius]

Don't forget what bush's administration caused with all this, they started it, yet obama's administration is taking all the blame for the chaos Bush caused.
He's been in office how long?
Judge him after half a year, it is absolutely impossible to fix what bush has done t the USA in the length o time he has been in office.
I can't see how everyone thinks he's worse then bush?
Seriously bush's administration is yet to be questioned on many, many things since they lost power.
Not a single word has been said to them.
Obamaman has to take all the the brunt of everything bushes administration caused on the chin.
Don't forget that.

Bush administration is part of the executive branch, he does not control our treasury. Yes, he did start a war...but congress approved of the spending.

Meanwhile, deruglation from the congress allowed banks to do whatever they wanted. Bush didn't cause the economic recession. No single person does these things.


Regardless, pointing fingers at single parties is stupid. The government itself fails.

[ginge51]

Bush administration is part of the executive branch, he does not control our treasury. Yes, he did start a war...but congress approved of the spending.

Meanwhile, deruglation from the congress allowed banks to do whatever they wanted. Bush didn't cause the economic recession. No single person does these things.


Regardless, pointing fingers at single parties is stupid. The government itself fails.

Yeah so like all the "unconstitutional" laws which he hushed in last minuet like the patriot act.
Things like this go unchallenged, even though not a single member of congress read the whole print?
You will all feel it's consequences in the future.
I say this cause i am from the uk.

Bush didn't cause the economic recession. No single person does these things.

I am not blaming bush on his own, as if he could do this on his own lol.
I'm blaming his "inept" administration for failing to halt it.
What about the increased billions never seen before on the military programme.
That alone has alot to answer for, since the bush administration come to power they increased/dwarfed military spending past numbers never ever seen before.
his administration started the wars which cost billions per year, these wars are a major dent to what is happening in the world today.
Plus, everyone thinks these wars are declining somewhat when they are expanding.

[Ron Burgundy?]

Don't forget what bush's administration caused with all this, they started it, yet obama's administration is taking all the blame for the chaos Bush caused.
He's been in office how long?
Judge him after half a year, it is absolutely impossible to fix what bush has done t the USA in the length o time he has been in office.
I can't see how everyone thinks he's worse then bush?
Seriously bush's administration is yet to be questioned on many, many things since they lost power.
Not a single word has been said to them.
Obamaman has to take all the the brunt of everything bushes administration caused on the chin.
Don't forget that.

Your not serious are you? MSNBC did a number on you.

[Thorn777]

Your not serious are you? MSNBC did a number on you.

FOX on you.

[Ron Burgundy?]

I'm not saying Bush doesn't get any blame. Of course he does but to pin the whole thing on him is just, well, simple minded. Personally, I think Slick Willy has a lot to do with this.

[ginge51]

Your not serious are you? MSNBC did a number on you.

Well it is true, with all the problems bush caused, obamamans administration is the 1s that have to clear it up being the next administration.
True or false?

[Ron Burgundy?]

Well it is true, with all the problems bush caused, obamamans administration is the 1s that have to clear it up being the next administration.
True or false?

Trasle.

[Hunter Makoy]

considering his ability to outspend an entire 6 years of war in a single day, somehow I don't believe he's going to cut the deficit in half, even in 4 years.

[Player989random]

Why does he continue to make promises he can't keep?

I don't blame the economy on him, but this is too far.

[shadyrome]

Why does he continue to make promises he can't keep?

I don't blame the economy on him, but this is too far.

Change! remember the word.

[Quadratus]

Change! remember the word.

Oh I will remember that word for a long time.

I wonder how many obamanoids are still worshiping him.