Obama To Unveil Budget Proposing Hundreds of Billions In Stimulus Spending, Trillions In Tax Hikes And Accounting Gimmicks For Phantom Savings…
Another four years of this and we’re toast. ABO 2012.
(Washington Post) — President Obama will send Congress a 2013 spending plan that would raise taxes on the rich and pump nearly $500 billion into new transportation projects over the next decade, launching an election-year debate over the budget that promises starkly different visions for managing government debt and the sluggish economy.
As they prepare to face voters in November, neither the president nor congressional Republicans are expected to roll out many new or potentially painful prescriptions for slowing the rise of the $15 trillion national debt. After failing repeatedly last year to forge a bipartisan consensus, few in either party see much point in trying again now.
Instead, Obama will on Monday reprise recommendations he unveiled last fall that seek to reduce borrowing by more than $3 trillion over the next decade while spending more in the short term to bring down persistently high unemployment.
The president’s blueprint calls for reductions in spending on federal health programs and the military, a small raise for federal workers and more than $1.5 trillion in new taxes on corporations, hedge-fund managers and the wealthy, in part through the expiration of the George W. Bush-era tax cuts on annual incomes of more than $250,000.
Obama also has called for changes to the tax code that would require households earning more than $1 million a year to pay at least 30 percent of their income in federal taxes, but senior administration officials said Friday that the blueprint will provide no additional details on how such a levy would be structured.
To achieve his debt-reduction goal, Obama would rely on an accounting maneuver that permits him to claim about $850 billion in savings over the next decade by ending the wars in Iraq and Afghanistan, a move Republicans have rejected as a gimmick. Obama would use a portion of those savings to finance new road and rail projects, rather than dedicating the full sum to lower deficits.
Obama’s budget also calls for new investments in education, manufacturing and federal research and development, and it would devote an additional $350 billion to boosting economic growth. That sum includes extending a temporary payroll tax holiday and emergency unemployment benefits through the end of the year. Both are scheduled to expire at the end of this month and are currently the focus of intense debate in Congress.
Posted by ZIP on Sunday, February 12, 2012, at 9:30 am | 
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No real surprise here.
Queue up the usual line of politicians from both sides, with their usual lines of crap.
Infrastructure projects are on the boards for years.
You don’t send a crew out there today.
More Cloward-Pivening.
And to that I say “F*ck You” Obama!
The guy is a lunatic who is just getting started and as long as we have weenies in the GOP – the lunatic will get his way!
All his supporters hears is “tax the rich”. No question asked about closing the tax loopholes and how the earners are going to support 1.75 moochers. Will GE have to a pay Corporate tax?
All of these billions going to unions and Dem cronies just in time for the election so millions can go right back into Chairman Oba’Mao’s campaign coffer.
It all sounds great, yes? Oh, except for one thing: I don’t believe one effing thing that comes out of this administration except for “Mo Money, Mo Money, Mo Money.”
I’m with you Zip – ABO 2012
Too bad it was Whitney who departed the mortal coil
Such a Visionary,
this commie creep is a one trick pony (sorry ponies)
How much is still left over from the first stimulus?
Seems the only thing that gets these assholes reelected is handing out our money. God damn all politicians.
he’s a shakedown artist, that’s all community organizers from Chicago know how to do.
@Teacake
Hopefully Whitney willed her stash of cocaine to Obama.
Didn’t VanJones propose the same in the previous article?
850 billion savings over 10 years……
….somebody put a plastic bag over his head and be done with this
We are doomed!
We can’t collect enough taxes to pay for all the deadbeat dependents!
Paul Ryan tried! Don’t condemn all of them!
Land Deal Reid still hasn’t brought up the pass it now jobs bill for a vote.
Can we ever expect anything less from a liberal deamcRAT thats all their about taxing and spending and bigger more intrisive goverment
http://www.zerohedge.com/news/live-streams-athens-and-greek-parliament
http://www.aganaktismenoi.com/index.php/live-streaming-.html
It worked so well up till now right?
ABO people for Gods Sake and the Country and our future…ABO
Currently The top 1% pay 1/3 of tax revenue .
Only 48.5% of Americans pay taxes.
Obama is solving NOTHING by raising taxes when 48% are supporting 52% of the population.The socialist handouts,grants,refugee/illegal immigrant giveaways and welfare are crushing this country.
The population of freeloaders increases hourly,,does the list of 1%’ers ?
Another giveaway to RR/road construction ,like the green energy fraud,will only increase debt.
Try hiring ACCOUNTANTS.
actually you don’t have to wait 4 years.
http://www.zerohedge.com/news/time-next-us-presidential-campaign-241-trillion-debt-1389-debtgdp
What we need are endless numbers of accountants and economic egg-heads out there tearing this shit apart piece by piece on national TV, even if it’s just FOX/FOX Business and Santelli on CNBC. Business papers/sites need to also hammer it hard.
People need to understand as hard as their household budgets/debt are right now it is nothing compared to what this guy is doing to the economy on whole that WILL (not “trickle down” but…) tsunami over every single person in this country.
Obama will go gangsta’ if he gets a second term.
It doesn’t matter if the Republicans get the Senate because Obama will do what he wants to do. Republicans MUST win the Oval Office.
That so called “Budget” better be DOA when it arrives in Congress. We must defeat O he will become a tyrant in a second term and it is already obvious that is what he aspires to.
Yes I agree ABO 2012!
Right like this idiot Obama’s policy of “stimulus” and QEs worked out SO great before!!!!!!!
As an economist, I can tell you he is purposefully screwing this economy while he’s increasing the DNC’s power base. Nobody, and I mean nobody that is sane and knows even a little bit of economics DOES WHAT HE’S DOING and expect to get positive results. Nobody.
This is just insanity on steroids. I can sit here and write reams on economic examples of how Obama is doing this on purpose but that’s preaching to the choir. This is just so frustrating. Incredible.
ABO 2012 = Brilliant
Psa 83:1-4 .. Keep not silence; O God: hold not your peace or be still, O God. For behold, Your enemies are in tulmult, and those who hate You have raised their heads Acts 4:24-26 They lay crafty schemes against your people and consult together against Your hidden & precious ones. They have said, Come, and let us wipe them out as a nation; let the name of Israel be in rememberance no more. For they have consulted together in one accord & one heart, against You they have made a covenant ..
I’m shocked. The Kenyan failed to claim the trillions in savings from no longer fighting the War of 1812, the Civil War, the Spanish American War and the invasion of Mexico.
We could be in surplus!
I have a photograph of the Furor during his heyday and this picture of Obama is strangely similar…….
We need to get rid of this moron……now.
They were warned that nafta would be an economy killer…did they listen? NOPE! Now theyll do whatever they must to simply continue denying responsibility for that fiasco…..borrowing billions to give away just doesnt make sense anyway!