Economy President Obama

Kill It With Fire

Based on the latest findings from the Congressional Budget Office, the president’s latest budget proposal may signal an end to the “balanced approach” he has advocated for the past several years as it relies primarily on new taxes to reduce borrowing.

President Obama’s most recent budget request would reduce borrowing by $1.1 trillion over the next decade compared with current law — almost entirely through higher taxes on the rich, large estates and smokers, congressional budget analysts said Friday.

In addition to raising nearly $1 trillion in new taxes, the president’s blueprint would also cut spending modestly, according to the analysis by the nonpartisan Congressional Budget Office.

However, those savings include money the government never intended to spend anyway, such as a contingency fund for the wars in Iraq and Afghanistan and nearly $300 billion in unneeded disaster relief. [...]

All told, if the savings from military operations and disaster relief were discounted, Obama’s budget blueprint would actually increase spending over the next decade by roughly $700 billion, according to CBO figures. And while Obama’s budget would still reduce projected borrowing by that measure, the 10-year total would shrink to around $255 billion

The president’s proposal reduces the deficit by $1.1 trillion over the next 10 years while making new investments and raising taxes. For liberals there isn’t a whole lot to dislike, but the Republicans will obviously want to kill this thing with fire as quickly as possible so they can vote on another incarnation of the Ryan budget which would actually increase the deficit.

According to the Washington Post, Mitch McConnell said the president’s proposal “is not a ‘balanced’ budget” even by Democratic standards, and he’s right. And there’s nothing wrong with that.

At this point the deficit is already shrinking precipitously and the “balanced approach” may die with it. And that’s not to say the Republicans will suddenly achieve enlightenment and agree that we should stop cutting, but it will increase the pressure on them to come up with new reasons to keep cutting.

When the budget deficit dissipates the only argument you’re left with is the idea that government is simply too big, and I don’t think voters respond to that as well as they do big scary numbers.

  • It’s not good enough. We have massive deterioration of our infrastructure even without the challenges of climate change. Nothing in this budget addresses that 16 ton weight.

    Sorry, but this budget is a poorly thought out for the future, it bends over backwards to appease supply side trickle down Reaganomics, and prop up the stock market at the expense of the working class.

    A top tax bracket of 40% for the ultras rich and continuation of this corporate welfare is an abomination, when Americans travel on highways and bridges that are unsafe, schools and emergency agencies, regulatory agencies that help ensure purity of water, air, food, drugs and safety of goods, and maintenance of a fair and safe workplace are all grossly underfunded. Add to that America is lagging behind other nations in research and development as well as implementation of many beneficial technologies that could employ people, and we have a proposed budget that offers way too little to the future aspirations of America.

    And speaking of the stock market, obviously the large numbers of criminals in the upper class that still go unpunished for their crimes simply equates to more of the same, as they control Congress.

    Here’s an idea – an across the board 30% surtax on billionaires, 20% on those with $100m, 10% on those with $10M and 5% on millionaires – to START. Take that money, and fund Federal loan programs to get Americans to buy US made alternative energy equipment, rebuild broken roads and bridges with US made parts and labor and fund education, emergency and regulatory services that we need to uphold our quality of life.

  • D_C_Wilson

    Kill it with fire, piss on the ashes, and then salt the earth so nothing will ever grow there again.

    Then accuse the President of not being a leader.

  • muselet

    The Rs will have fits, the Ds will go into a defensive crouch, DC Conventional Wisdom (always more conventional than wise) will declare the proposal a pointless exercise—and, not incidentally, will present the failure of the proposal as proof positive that Barack Obama is a lame duck—and the austerity fanboyz will redouble their efforts to make life intolerable for the young, the poor and the old.



    • D_C_Wilson

      Our beltway sages will put on their very serious faces and declare that the president just needs to “reach across the aisle” a little more. And by “reach across the aisle”, they mean, “roll over and play dead.”