Deficit Down 8% And Improving

[MoltenRock III]

In Obama's first fiscal year, which we are in the final month of as the federal fiscal year runs from Oct. 1st - Sept. 30th. In Bush's final fiscal year the deficit totaled a bit over $1.4 TRILLION. As of now, the first Obama budget will come in at 8% less than Bush's last one, at $1.3 TRILLION. However, over the past few months the deficits have been consistently smaller than predicted. So once the tallies are totaled my guess is that the deficit will be down 10% total, down to a total of $ 1.25 TRILLION. (Yes, that's still awful, but it's a much better improvement than Bush's final budget.

Additionally, taxes are set to go up under Bush's budget come January 1, 2011. Obama and the Democrats want to recut those taxes back down except on the portion of the income over $250,000 a person makes. Every American would get a tax cut, but only those making more than $250,000 would pay a little bit more on the portion of their incomes that are over the $250,000 mark.

http://www.marketwatch.com/story/us...cit-in-august-2010-09-13?reflink=MW_news_stmp

 

[rareboy]

Gee.

Do I hear crickets out there?

And if the US taxpayers stop flooding Halliburton with cash, even for a year or three, who knows how much the savings would be?

But mark my words, by the time the House and Senate make hay with this, there won't be a decrease.

 

[BostonPirate]

HA....

I predicted this a month ago and the republicans threw a gasket calling me crazy, they all said I was nuts etc... well what do you know... and it isn't even october yet when, BTW, it will improve even more.

But they wont come in this thread and admit that they were wrong.

They will just continue the lies that their party is spreading.

 

[CowboyBob]

I suspect John Boehner & Mitch McConnell will be holding press conferences about this and giving credit to the President. Don't ya think?

 

[BostonPirate]

The turtle and the Orange?

yeah right

when Orange turtles fly

 

[MoltenRock III]

Gee.

Do I hear crickets out there?

Geez, no kidding, and frankly no surprise. It's hard to debate when facts are clear, on the table, and proved someone wrong.

But most importantly, as I've said all along, the deficit cannot be fixed at all until we get American citizens back to work. Period! We need to get job growth going at all costs, so that Joe American Citizen will stop needing to collect unemployment and start paying taxes again for Social Security and income taxes. Having 15+ million unemployed people requiring federal money to stay afloat vs. those 15 million unemployed workers finding jobs and paying taxes is ENORMOUS!

 

[palemale]

As Ronald Reagan once said, "facts are stupid things." That's something the JUB Republicans will have a hard time with. The main thing animating the tea party people is the budget deficit. Of course, they won't know anything about this because they only watch FOX News, which won't report it.

 

[stevexxx]

haha molten and you think that is going to last. you honestly think that obama is any better than bush? ha first of all the economy sucks and its going to take a double dip, which will result in obama spending more to temporarily fix the economy. he wants to create a new infrastructure plan to help rebuild our sewers streets, and highways. that is an estimated 3 trillion he would need to spend. BUT with obama you dont know what you would get out of him. i have seen nothing he has done to fix the economy besides spend. he has not fulfilled any of his promises. he lied to the minorities, especially to the latino community telling them he would get them amnesty for illegal latinos. and promised countless other things. but he never has done what he promised besides the leaving from middle east, but people are still there. i just find it funny how you gay people defend the guy, when he has promised to address gay rights concerns, but he hasnt even mentioned them. im surprised you gay people don't vote independent.

 

[BostonPirate]

As Ronald Reagan once said, "facts are stupid things." That's something the JUB Republicans will have a hard time with. The main thing animating the tea party people is the budget deficit. Of course, they won't know anything about this because they only watch FOX News, which won't report it.

Amen brotha

Those no good fox Muther fuckers!!!!

 

[fasteddy]

In Obama's first fiscal year, which we are in the final month of as the federal fiscal year runs from Oct. 1st - Sept. 30th. In Bush's final fiscal year the deficit totaled a bit over $1.4 TRILLION. As of now, the first Obama budget will come in at 8% less than Bush's last one, at $1.3 TRILLION. However, over the past few months the deficits have been consistently smaller than predicted. So once the tallies are totaled my guess is that the deficit will be down 10% total, down to a total of $ 1.25 TRILLION. (Yes, that's still awful, but it's a much better improvement than Bush's final budget.

Additionally, taxes are set to go up under Bush's budget come January 1, 2011. Obama and the Democrats want to recut those taxes back down except on the portion of the income over $250,000 a person makes. Every American would get a tax cut, but only those making more than $250,000 would pay a little bit more on the portion of their incomes that are over the $250,000 mark.

http://www.marketwatch.com/story/us...cit-in-august-2010-09-13?reflink=MW_news_stmp

You have that a little off. Bush didn't have an 2011 budget, a forecast maybe, but no budget. House rules at the time required a sunset provision for tax bills, that's why they are up for review this year. Those of us under $250,000 will see our taxes remain the same, not cut, if the present rate structure remains in place. Those over $250,000 will see substantial increases on all their incomes, not just that over 250k. Those increases for small businesses will amount to an entire employees salary. So look to see no new hiring, or layoffs among small businesses. The tax on those over 250k is just class baiting and will not result in coming close to closing the revenue gap. Only economic expansion will do that, and all the "stimulus" spending in the world won't accomplish that if the money for new employees gets sucked up by tax increases in the sector of the economy that produces the overwhelming number of new jobs, small businesses.

 

[MoltenRock III]

You have that a little off. Those of us under $250,000 will see our taxes remain the same, not cut, if the present rate structure remains in place. Those over $250,000 will see substantial increases on all their incomes, not just that over 250k.

WRONG!

Under Bush and the Republicans they enacted temporary tax cuts, not permanent. For the past 10 years nearly, you've known your taxes were going to rise, so yes it is a cut. If you were banking on or betting on the tax cuts being extended, then that's plain foolish.

Additionally, for those of us making over $250,000 we still get a tax cut equal to someone making $249,000. It's just on the additional monies we pay higher taxes on. Fortunately, the first $ 90,000 of my salary is tax free from the overbearing USA, IRS.

But I don't mind paying my share to fix America. Some day I'd like to return full-time, plus I have all my family there for the most part. I want them to be helped. So what if me and my brother have to pay a few extra bucks so that all of our siblings, parents, and nieces / nephews all can start banking on a better life. I'll take that bet / fee any day of the week.

 

[fasteddy]

haha molten and you think that is going to last. you honestly think that obama is any better than bush? ha first of all the economy sucks and its going to take a double dip, which will result in obama spending more to temporarily fix the economy. he wants to create a new infrastructure plan to help rebuild our sewers streets, and highways. that is an estimated 3 trillion he would need to spend. BUT with obama you dont know what you would get out of him. i have seen nothing he has done to fix the economy besides spend. he has not fulfilled any of his promises. he lied to the minorities, especially to the latino community telling them he would get them amnesty for illegal latinos. and promised countless other things. but he never has done what he promised besides the leaving from middle east, but people are still there. i just find it funny how you gay people defend the guy, when he has promised to address gay rights concerns, but he hasnt even mentioned them. im surprised you gay people don't vote independent.

Welcome Steve I guess. But I have to ask, why are you here? I mean I don't want to sound like a breeder and say stick with your own kind, but I'm just curious about what motivated you to join a gay forum.

 

[fasteddy]

WRONG!

Under Bush and the Republicans they enacted temporary tax cuts, not permanent. For the past 10 years nearly, you've known your taxes were going to rise, so yes it is a cut. If you were banking on or betting on the tax cuts being extended, then that's plain foolish.

Additionally, for those of us making over $250,000 we still get a tax cut equal to someone making $249,000. It's just on the additional monies we pay higher taxes on. Fortunately, the first $ 90,000 of my salary is tax free from the overbearing USA, IRS.

But I don't mind paying my share to fix America. Some day I'd like to return full-time, plus I have all my family there for the most part. I want them to be helped. So what if me and my brother have to pay a few extra bucks so that all of our siblings, parents, and nieces / nephews all can start banking on a better life. I'll take that bet / fee any day of the week.

No way, it's not a cut if it stays the same. Whether it was temporary or not, if the taxes don't return to the levels before the Bush cuts, that is not an additional cut, it is maintaining status quo. Plus, you need to look closely at the provisions of the plan proposed by Reid, you will be surprised just how more than a few extra bucks it will be.

 

[MoltenRock III]

No way, it's not a cut if it stays the same. Whether it was temporary or not, if the taxes don't return to the levels before the Bush cuts, that is not an additional cut, it is maintaining status quo. Plus, you need to look closely at the provisions of the plan proposed by Reid, you will be surprised just how more than a few extra bucks it will be.

Please be SPECIFIC with what EXACTLY is included in the bill currently, as well as a cite, if you would please. Thank you in advance.

 

[BostonPirate]

Bush rammed the Bill through using reconcilliation process to avoid a democratic filibuster. That means that the bill is only good for ten years. It is not a big surprise. Everyone in washington KNEW this day was coming.

The taxes broke the back of the american economy. You can't lower taxes and raise spending. Bush outspent any other president in history and devastated the economy.

Now we are paying for his idiocy.

The economy is recovering because there are new taxes associated with a few bills that the dems have already passed, that are focused on big business and wealthy americans.

Obama is fixing Bush's mess. The numbers don't lie.

 

[MoltenRock III]

Bush rammed the Bill through using reconcilliation process to avoid a democratic filibuster. That means that the bill is only good for ten years. It is not a big surprise. Everyone in washington KNEW this day was coming.

Yup. But the Foxpublicans™ out there are shitting their pants over this and calling them the "Obama tax increases". When you corner them on it they cower like scared cattle. When you point out that if Obama doesn't do anything, nothing at all, doesn't lift a finger, regarding these taxes guess what? The temporary tax cuts expire, just as the Republicans wrote into law and Bush signed with giddy glee. The expiration of the tax rates are completely, 100%, a Republican idea, law, and policy. Go figure, typical Foxpublican™ wants to blame someone else for their own screw up. *shrug*

 

[CowboyBob]

President Obama wants to give 98% of all Americans a tax cut when the Bush tax cuts expire. However, the Republicans are blocking the Obama tax cut now for 98% of Americans. Republicans want to put America's fiscal future in jeopardy and give the richest 2 percent of Americans a non-funded tax cut.

Mitch McConnell said he will filibuster the Obama tax cuts.

Republicans are blocking a tax cut and drive up the deficit! Where's their fiscal responsibility? Why are they against a tax cut for 98% of America?

These are the OBAMA tax cuts. You people were whining about "it's been two years now and you can't blame Bush for anything...... it's all OBAMA now"....... okay, it's the OBAMA tax cuts. He's repealing the Republican tax increases for 98% of Americans.

 

[BostonPirate]

economically there is NO difference between an expense increase and a revenue decrease.

they BOTH produce the exact same effect on the bottom line. The republican lie is that lowering taxes increases revenue.

NO

it just doesn't

You can cook the books to make it look that way, but if the IRS ever had to audit the US budget, people would be going to jail for shady accounting practices.

 

[opinterph]

You have that a little off. Bush didn't have an 2011 budget, a forecast maybe, but no budget. House rules at the time required a sunset provision for tax bills, that's why they are up for review this year.

The original Bush Tax Cuts were limited to 10 years in order to sidestep the Byrd Rule, which would have allowed senators to block the bill in the reconciliation process – had the resulting increase in the federal deficit extended over more than 10 years.

 

[JB3]

Bush rammed the Bill through using reconcilliation process to avoid a democratic filibuster. That means that the bill is only good for ten years. It is not a big surprise. Everyone in washington KNEW this day was coming.

The taxes broke the back of the american economy. You can't lower taxes and raise spending. Bush outspent any other president in history and devastated the economy.

Good God you CAN'T be serious with this tripe, can you? Bush devastated the economy? Really? Then why does every major economist credit a confluence of factors built up over a number of decades with the crisis? If you really think that Bush single handedly devastated the economy, I've got some ocean front property in Arizona to sell you.

Now we are paying for his idiocy.

The economy is recovering because there are new taxes associated with a few bills that the dems have already passed, that are focused on big business and wealthy americans.

Obama is fixing Bush's mess. The numbers don't lie.

Uh, no. The economy is recovering because that's what happens in a recovery. It would have happened with Obama in office, it would have happened with McCain in office. These mythical (read: nonexistent) taxes that you've somehow conjured out of your posterior and are crediting with creating the recovery have done no such thing.