"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."
Good info, Funky. For me - the above sentence is the operative one. This should put the "Blame Bush" argument to bed once and for all. The bottom line: YOU CAN'T SPEND YOUR WAY OUT OF YOUR PROBLEMS - OR OUT OF DEBT.
The Big Question is: "Will the NEXT President "Blame Obama" for our fiscal woes?"
I'll bet they do - even if it's HRC or some other Democrat. But if it's a Republican, I hope they keep up the drumbeat for their entire administration - just like the Dems have for the past 4+ years.
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.
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...
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:
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:
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!
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.
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
"Other than 750b on the stimulus, nobody can ever cite what Obama is spending money on."
That's the trick of NOT SUBMITTING OR WORKING OFF A FEDERAL BUDGET FOR 4+ YEARS! And that's what I've been harping about all this time. Without a budget, WE HAVE NO IDEA WHAT THEY ARE SPENDING THE MONEY ON. They have worked off a continuing resolution which lets them maintain spending based on historical outlays and they usually vote in an "inflation" measure. Individual increases are then piled on, and you can be sure they find a way to slip in the pork.
But that's why the budget process is important. When the President OBEYS THE LAW and the budget reconciliation process is followed, WE THE PEOPLE have at least an idea what the spending is supposed to be for - and then you can track actual expenditures.
Notwithstanding the prior four years, they are at least trying to get it right this time. But that doesn't change all of the debt that has been piled up under Obama. The fact is this:
Bush had the wars, too - and since Obama has been in office he has supposedly been winding them down. Bush's annual deficit - when he left office - was $458.5 billion. OBAMA'S DEFICITS MAKE BUSH'S LOOK GOOD! Mr. Obama now owns the wars; he owns the economy; and he owns his record of DEBT.
Can't blame Bush no more.
More Sneak A Taxes by the President, to the tune of $1.8T. Where is the deficit reduction, Social Security and Medicare reform?
Solyndra and the other "Green" entities that failed after receiving billions of tax dollars should explain where some of the money went.