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Obama Will Become 1st POTUS To Spend $4T in 1 Year
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Last comment by Funkentelecky 3 years, 1 month ago.

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(CNSNews.com) - In the historical tables it released along with President Barack Obama's fiscal 2014 budget proposal this morning, the White House Office of Management and Budget revealed that in fiscal 2016, under the president's budget proposal, it expects Obama to become the first president in the nation's history to preside over a federal government that spends more than $4 trillion in one year.
The OMB's historical tables also reveal that the White House does not expect this administration to ever run an annual deficit as low as $458.5 billion, which was the deficit the government ran in fiscal 2008, the last fiscal year completed before Obama took office.
According to OMB's tables, the federal government would spend$3.7778 trillion in fiscal 2014 under Obama's budget proposal. It would then spend $3.9801 trillion in fiscal 2015; $4.0898 trillion in fiscal 2016; and $4.2474 trillion in fiscal 2017.
Obama will leave office on Jan. 20, 2017, about four months into fiscal 2017.
In fiscal 2007, according to the OMB's tables, the federal government ran a deficit of $160.7 billion. In fiscal 2008, that climbed to $458.5 billion.
President Obama took office on Jan. 20, 2009, about four months into fiscal 2009. A Congress in which Obama sat had already enacted the $700 billion Troubled Asset Relief Program to bailout the financial industry. But, during the first month of Obama's first term, he signed an $830 billion stimulus bill.
In fiscal 2009, the government ended up running a deficit of $1.4126 trillion. In fiscal 2010, it ran a deficit of $1.2943 trillion; in fiscal 2011, it ran a deficit of $1.2995 trillion; in fiscal 2012, it ran a deficit of $1.0869 trillion; and, in fiscal 2013, OMB projects a $972.9 billion deficit.
The OMB does not project that the budget will ever balance under President Obama's budget proposal.

http://cnsnews.com/news/article/omb-obama-will-become-first-president-spend-4t-one-year

Google: Will Obama be the first President to spend $4T, and check out the facts yourself.



Latest Activity: Apr 11, 2013 at 12:46 PM


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PoliticsNation commented on Thursday, Apr 11, 2013 at 13:16 PM

Other than 750b on the stimulus, nobody can ever cite what Obama is spending money on. They just claim that he's spending it. They think the Iraq and Afghan stuff is free. They forget it was never part of Bush's budget and that Obama has been landed with the costs. They forget that the financial meltdown happened before he came to office and that the debt he inherited includes a high payback.

If you ask them what exactly Obama is spending money on (other than 750bn for ARRA) they refuse to answer you.

HMJC commented on Thursday, Apr 11, 2013 at 14:06 PM

Once again, the "it's not my fault" ship has sailed a long time ago. He does not get to pick and choose what he wants to be remembered for. Leaders provide solutions, not excuses. At the end of the day the biggest achevievement for obama is that he was the first black president. Not much of a legacy if ya ask me...

Funkentelecky commented on Thursday, Apr 11, 2013 at 14:39 PM

Other than 750b on the stimulus, nobody can ever cite what Obama is spending money on. They just claim that he's spending it. They think the Iraq and Afghan stuff is free. They forget it was never part of Bush's budget and that Obama has been landed with the costs. They forget that the financial meltdown happened before he came to office and that the debt he inherited includes a high payback.If you ask them what exactly Obama is spending money on (other than 750bn for ARRA) they refuse to answer you.

PN, thanks for your comments; however I’m sure we can clear out the misconceptions that you have on this subject. First the OMB is the Office of Management and Budgeting, (The Whitehouse), so the President can’t manipulate or change these facts; hallelujah. The Democrats took over Congress in January 2007 and GWB and the Republican Congress ran a 161B deficit. (Fact) After two years of failed Democrat policies by Nancy Pelosi and Harry Reid to include their failure to support GWB to regulate Fannie Mae the Democrat led Congress ran a 459B deficit on GWB’s watch, which was from October 1st 2007 to September 30th 2008. Fiscal year 2009 started under GWB on 1 October 2008 and he signed TARP into law; however according to the OMB of the $700B only $431B was dispersed and $313B has been paid back so that’s a grand total Annual deficit of $577B by GWB. See the report here:

http://www.investopedia.com/articles/...

The Democrats proposed an OMINUS bill of $200B that GWB didn’t sign. So Pelosi enacted the continuing resolutions and took the bill forward for BHO to sign along with the $830B Stimulus and this is how we started the Trillion Dollar annual deficits. All anyone has to do is look it up yourself and stop listening to the real liars (Politicians).

The OMB’s report supports the information that I have discovered to include these factuals:

Funkentelecky commented on Thursday, Apr 11, 2013 at 14:40 PM

REMEMBER JANUARY 3rd, 2007.... THE DAY THE DEMOCRATS TOOK OVER!"
Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democrat Party.

Furthermore, the Democrats controlled the budget process for 2008 & 2009 as well as 2010 &2011.
In that first year, they had to contend with George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.

For 2009 though, Nancy Pelosi & Harry Reid bypassed George Bush entirely, passing continuing resolutions to keep government running until Barack Obama could take office. At that time, they passed a massive omnibus spending bill to complete the 2009 budgets.

And where was Barack Obama during this time? He was a member of that very Congress that passed all of these massive spending bills, and he signed the omnibus bill as President to complete 2009.

If the Democrats inherited any deficit, it was the 2007 deficit, the last of the Republican budgets. That deficit was the lowest in five years, and the fourth straight decline in deficit spending. After that, Democrats in Congress took control of spending, and that includes Barack Obama, who voted for the budgets.

If Obama inherited anything, he inherited it from himself. In a nutshell, what Obama is saying is I inherited a deficit that I voted for and then I voted to expand that deficit four-fold since January 20th.

There is no way this will be widely publicized, unless each of us sends it on!

http://www.sodahead.com/united-states...

PN, Afghanistan was a War the American People was for and IRAQ was indeed an optional war; however Congress approved both Wars with over 75% approval. GWB is a principled leader who made some mistakes too, so do we all.

Funkentelecky commented on Thursday, Apr 11, 2013 at 17:43 PM

Obama’s budget proposal has modifications for CPI to reduce COLA for Social Security; approximately $100B. The Democrats can’t believe it and the Republicans are ok with it but are not willing to raise more tax revenue which they have already agreed upon during the fiscal cliff deal.

Now BHO is breaking another promise, and he sure did miss his teleprompter in this message :D

http://www.youtube.com/watch?v=BS3P_-...

Funkentelecky commented on Thursday, Apr 11, 2013 at 18:41 PM

"Let me be Clear"

Funkentelecky commented on Friday, Apr 12, 2013 at 09:57 AM

More Sneak A Taxes by the President, to the tune of $1.8T. Where is the deficit reduction, Social Security and Medicare reform?

http://news.yahoo.com/president-obama...

wayne44 commented on Monday, Jun 10, 2013 at 10:41 AM

Solyndra and the other "Green" entities that failed after receiving billions of tax dollars should explain where some of the money went.

Funkentelecky commented on Monday, Jun 10, 2013 at 17:28 PM

Correcto!


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