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InvisibleMistaUNGA
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Bush Unveils $3.1 Trillion Spending Plan
    #7977418 - 02/04/08 11:42 AM (15 years, 11 months ago)

By DAVID STOUT
Published: February 4, 2008

WASHINGTON — President Bush submitted a federal budget of $3.1 trillion on Monday, declaring that the spending plan would keep the United States safe and prosperous and, despite the astronomical numbers, adhere to his principle of letting Americans keep as much of their own money as possible.
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Related
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Text: Budget Proposal
Times Topics: Federal Budget

“Thanks to the hard work of the American people and spending discipline in Washington, we are now on a path to balance the budget by 2012,” the president said in an introductory message. “Our formula for achieving a balanced budget is simple: Create the conditions for economic growth, keep taxes low, and spend taxpayer dollars wisely or not at all.”

The spending package for the fiscal year that begins Oct. 1 contained no big surprises, especially since its key elements had already been reported in detail in recent days. The Pentagon’s proposed budget, for instance, is $515.4 billion, meaning that military spending would be the highest in inflation-adjusted terms since World War II. And the White House’s plans for trimming Medicare and Medicaid have also been previewed.

Whether the president’s vision will become reality is by no means clear, given the Democratic majorities in both Houses of Congress and Mr. Bush’s lame-duck status as the country looks toward the election of the next president in November. Democrats are likely to push for increased spending on social programs, and fewer tax breaks for corporations and wealthy individuals.

Mr. Bush’s proposed budget, the first in the nation’s history to exceed $3 trillion, foresees near-record deficits just ahead — $410 billion in the current fiscal year, on spending of $2.9 trillion, and $407 billion for the fiscal year that begins Oct. 1 — before the budget would come into balance in 2012.

But the total federal debt held by the public — that is, the accumulated total of all federal borrowing — has grown substantially in recent years. It was $3.3 trillion in 2001, when President Bush took office, and is expected to climb to $5.4 trillion this year and $5.9 trillion in 2009, according to budget documents issued by the White House on Monday. As a share of the economy, federal debt held by the public is expected to reach 39 percent of the gross domestic product in 2009, up from 33 percent in 2001.

Democrats reacted so vehemently to the president’s proposals and predictions that it seemed as if they and the president were talking about two different documents. Senator Harry Reid of Nevada, the Senate majority leader, issued a statement saying that the budget was “fiscally irresponsible and highly deceptive, hiding the costs of the war in Iraq while increasing our skyrocketing debt.”

“President Bush’s fiscal policies are the worst in our nation’s history — he has turned record surpluses into record deficits — and this budget is more of the same,” Mr. Reid said.

And Senator Kent Conrad of North Dakota, chairman of the Senate Budget Committee, said the budget calls for “more deficit-financed war spending, more deficit-financed tax cuts tilted to the benefit the wealthiest,” the Associated Press reported.

“Today’s budget bears all the hallmarks of the Bush legacy,” Representative John Spratt, the South Carolina Democrat who heads the House Budget Committee, told the A.P.

At first glance, the outlines of the budget debate appeared to mirror the situation in 2000, when President Clinton was a lame duck, the country was focused on the presidential election and the proposed budget for the next fiscal year was labeled a non-starter before the telephone book-sized budget documents even arrived at the Capitol.

But things were really much different in 2000. There was talk then about what the country would do with all its surplus money, given the booming economy and the demise of the Soviet Union, which was supposed to reduce military spending in the long run.

Then the dot-com bubble burst, heralding a recession. The Sept. 11 attacks touched off new spending for a new kind of war, and the campaigns in Afghanistan and especially Iraq began consuming enormous amounts of money.

One other difference: back in 2000, paper copies of the budget were distributed. On Monday, to save money, the document was simply posted on line (at www.budget.gov).

http://www.nytimes.com/2008/02/04/washington/04cnd-budget.html?hp


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Offlinephi1618
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Registered: 02/14/04
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Re: Bush Unveils $3.1 Trillion Spending Plan [Re: MistaUNGA]
    #7977991 - 02/04/08 03:03 PM (15 years, 11 months ago)

Here's the president's plan:

$407 billion gross deficit
$331 billion social security surplus
=$738 billion total deficit (4.8% of GDP)


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OfflineMadtowntripper
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Re: Bush Unveils $3.1 Trillion Spending Plan [Re: phi1618]
    #7978012 - 02/04/08 03:08 PM (15 years, 11 months ago)

I'd love to hear the Conservatives here tell us how George Bush and their administration let this happen.


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After one comes, through contact with it's administrators, no longer to cherish greatly the law as a remedy in abuses, then the bottle becomes a sovereign means of direct action.  If you cannot throw it at least you can always drink out of it.  - Ernest Hemingway

If it is life that you feel you are missing I can tell you where to find it.  In the law courts, in business, in government.  There is nothing occurring in the streets. Nothing but a dumbshow composed of the helpless and the impotent.    -Cormac MacCarthy

He who learns must suffer. And even in our sleep pain that cannot forget falls drop by drop upon the heart, and in our own despair, against our will, comes wisdom to us by the awful grace of God.  - Aeschylus


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OfflineHighHat
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Registered: 01/24/08
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Re: Bush Unveils $3.1 Trillion Spending Plan [Re: Madtowntripper]
    #7978090 - 02/04/08 03:26 PM (15 years, 11 months ago)

Quote:

I'd love to hear the Conservatives here tell us how George Bush and their administration let this happen.





This is how they tell it: It's Clinton's fault.

This would make sense to me if I were retarded, blind to social issues, and believed that Jesus was going to come out of the sky with a 30 trillion dollar reward for the US electing W for 2 terms and spreading God's gift of democracy to heathen nations on the other side of the world.


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Have you ever felt like you were wearing a hat, but you weren't?

"Those who would give up Essential Liberty to purchase a little Temporary Safety, deserve neither Liberty nor Safety" -Letter from the Pennsylvania Assembly, November 11, 1755

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Invisibleafoaf
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Registered: 11/08/02
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Re: Bush Unveils $3.1 Trillion Spending Plan [Re: Madtowntripper]
    #7978101 - 02/04/08 03:29 PM (15 years, 11 months ago)

nine eleven


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Offlinekidaihuan
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Registered: 07/25/07
Posts: 3,173
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Re: Bush Unveils $3.1 Trillion Spending Plan [Re: afoaf]
    #7979342 - 02/04/08 07:10 PM (15 years, 11 months ago)

Quote:

afoaf said:
nine eleven




:penguindog:


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