Breaking America's Budget. The National Deficit estimate soars to $482. Billion added to 9 trillion. How much longer will we allow the republicans to ruin our country! Do you believe taxes will not be raised to cover the debt of our country ?
Chocolat-In the universe I trust.
2008/07/28 20:37:51
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The Bush administration Claims the $482 Billion is a result of the stimulus package need to spark our economy. This does not included the cost for the war.
From CNN Political Producer Kristi Keck
(CNN) — Sens. Barack Obama and John McCain used news that the United States’ budget deficit will hit a record high as an opportunity to criticize each other’s fiscal plans.
The White House on Monday projected a $482 billion deficit for the 2009 budget year. President Bush inherited a budget surplus when he took office in 2001 but has since posted a budget deficit every year.
The Obama campaign said the White House announcement is “an urgent reminder that our fiscal policies must change.”
“These have been years of unprecedented fiscal irresponsibility. That's an important issue in this election because Senator McCain is proposing to continue the same Bush economic policies that put our economy on this dangerous path and that will drive America even deeper into debt,” Jason Furman, Obama’s economic policy director, said in a statement.
Furman said Obama will “restore balance and fairness to our economy by cutting wasteful spending, shutting corporate loopholes and tax havens, and rolling back the Bush tax cuts for the wealthiest Americans, while making health care affordable and putting a middle class tax cut in the pocket of 95% of workers and their families.”
McCain called the Bush administration’s announcement “another reminder of the dire fiscal condition of the federal government.”
“There is no more striking reminder of the need to reverse the profligate spending that has characterized this administration's fiscal policy,” he said in a statement.
From CNN Political Producer Kristi Keck
(CNN) — Sens. Barack Obama and John McCain used news that the United States’ budget deficit will hit a record high as an opportunity to criticize each other’s fiscal plans.
The White House on Monday projected a $482 billion deficit for the 2009 budget year. President Bush inherited a budget surplus when he took office in 2001 but has since posted a budget deficit every year.
The Obama campaign said the White House announcement is “an urgent reminder that our fiscal policies must change.”
“These have been years of unprecedented fiscal irresponsibility. That's an important issue in this election because Senator McCain is proposing to continue the same Bush economic policies that put our economy on this dangerous path and that will drive America even deeper into debt,” Jason Furman, Obama’s economic policy director, said in a statement.
Furman said Obama will “restore balance and fairness to our economy by cutting wasteful spending, shutting corporate loopholes and tax havens, and rolling back the Bush tax cuts for the wealthiest Americans, while making health care affordable and putting a middle class tax cut in the pocket of 95% of workers and their families.”
McCain called the Bush administration’s announcement “another reminder of the dire fiscal condition of the federal government.”
“There is no more striking reminder of the need to reverse the profligate spending that has characterized this administration's fiscal policy,” he said in a statement.
Top Opinion
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StarrGazerr 2008/07/28 20:42:41The republicans have ruined our economy---they must go!
+6I don't know why everyone's worried about the cost of the Iraq war. Dick Cheney said the war would pay for itself, so we have nothing to worry about!!
The republican notion that people don't want the government in their lives has gone too far. All the social programs that began with the New Deal and that are now being de-funded are programs that generally worked for the people. Funneling the money away from them and into the military-industrial complex is just wrong, and it hasn't made us more secure. I feel less secure because the government is working for corporations, not for me.
I do have a question, how can we have discretionary funds if we are indebted to China and at a huge deficient? Blaming the democrats for the past two years of spending does not omit the reckless spending of the Bush administrative the 6 years prior. You can not expect a democratic congress to not spend on a war we are already engaged in and leave the solider without funding.
I don't need quotes because I understand there were some democrats along with republican that feel for the fear tactic and supported the war. However, you can not lay the burden of the spending on democrats when they supported a Republican president who waged the war.
The middle class will continue to pay taxes and I am sure he is not including those in the tax cut who do not pay taxes. I find it hypocritical conservatives and republicans are concerned with spending after they continue to create a deficient. I believe the fair statement would be you are against programs to benefit the poor and the middle class so they can rise above and gain wealth just like the the 2% who are wealthy.
Taxing corporations isn't the answer either. Our tax system is the reason for a great many loss of jobs. If you tax a corporation it is only embedded in their product or service and we are double taxed. This has not been successful in the past or we would not be addressing this issue again. The rich enjoy keeping the poor in a helpless state so they can take advantage of them while building their wealth. They should pay more taxes because they earn more and they make their wealth off the employees they stiff by not wanting to supply sufficient healthcare, income and childcare. You can not continue to drain the well and expect water to remain at the same level.
What makes Obama a socialist, in your perspective? Give the social programs.
February 27, 2008 – Michael Tanner with the libertarian CATO Institute, has recently analyzed the costs and of Sen. Barack Obama’s social programs if he is elected President in November.
According to Tanner, “Sen. Obama represents less hope and change than a wish list for every conceivable liberal special interest group.”
Obama has proposed at least $287 billion per year in new government spending if elected. This was before he unveiled his $150 billion “green energy plan” earlier in February. In addition, he has recently proposed at least $858 billion to fight “global poverty” over the next five years.
His new spending programs would cost at the minimum, $800 billion a year.
On taxes, he has proposed a $1.3 trillion tax hike over the next five years. He would increase taxes on business, investment and job creation. His proposals would nearly double taxes on capital gains.
On health care: “A President Obama would take America down the road to a government-run health care system. … The government would determine what types of benefits you would be required to purchase and how much insurers could charge.” He would mandate that all employers provide health insurance for their employees.
On a “living wage,” Obama would force business...
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February 27, 2008 – Michael Tanner with the libertarian CATO Institute, has recently analyzed the costs and of Sen. Barack Obama’s social programs if he is elected President in November.
According to Tanner, “Sen. Obama represents less hope and change than a wish list for every conceivable liberal special interest group.”
Obama has proposed at least $287 billion per year in new government spending if elected. This was before he unveiled his $150 billion “green energy plan” earlier in February. In addition, he has recently proposed at least $858 billion to fight “global poverty” over the next five years.
His new spending programs would cost at the minimum, $800 billion a year.
On taxes, he has proposed a $1.3 trillion tax hike over the next five years. He would increase taxes on business, investment and job creation. His proposals would nearly double taxes on capital gains.
On health care: “A President Obama would take America down the road to a government-run health care system. … The government would determine what types of benefits you would be required to purchase and how much insurers could charge.” He would mandate that all employers provide health insurance for their employees.
On a “living wage,” Obama would force business to pay employees an undefined “living wage,” which would include paid family and medical leave.
According to Tanner, “A President Obama would mean a much bigger, more intrusive, and costlier government.
That my dear, is socialist. You have to look especially hard at the raise in capital gains. If you raise it you will be hurting everyone because it affects 401K's, retirement plans, and the economy in general. The rich won't invest. The Obama's and Biden's just had to release their 2004 income tax records and the Obama's had zero (thats 0) in interest income. Don't you find it odd that someone making the kind of money they do had no interest income at all? Their charitable donations were $2,500, about 1%. Biden's weren't much better. They are the one's who are hypocritical.
Obama's plan is not government owned. His plan is available to anyone who wants coverage. It is mandated only for children. The Obama plan would reimburse employer health plans for a portion of the catastrophic costs they incur above a threshold if they guarantee such savings are used to reduce the cost of workers' premiums. Barack Obama will prevent companies from abusing their monopoly power through unjustified price increases. His plan will force insurers to pay out a reasonable share of their premiums for patient care instead of keeping exorbitant amounts for profits and administration. His new National Health Exchange will help increase competition by insurers. The Obama plan will guarantee coverage for every American through partnerships among employers, private health plans, the federal government, and the states. The plan both builds on and improves our current insurance system, which most Americans continue to rely upon, and leaves Medicare intact for ol...
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Obama's plan is not government owned. His plan is available to anyone who wants coverage. It is mandated only for children. The Obama plan would reimburse employer health plans for a portion of the catastrophic costs they incur above a threshold if they guarantee such savings are used to reduce the cost of workers' premiums. Barack Obama will prevent companies from abusing their monopoly power through unjustified price increases. His plan will force insurers to pay out a reasonable share of their premiums for patient care instead of keeping exorbitant amounts for profits and administration. His new National Health Exchange will help increase competition by insurers. The Obama plan will guarantee coverage for every American through partnerships among employers, private health plans, the federal government, and the states. The plan both builds on and improves our current insurance system, which most Americans continue to rely upon, and leaves Medicare intact for older and disabled Americans. The plan is the same as the plan offered to congress with a variety of health plans participating. You can choose your doctors and your plan.
On taxes, he has proposed a $1.3 trillion tax hike over the next five years. He would increase taxes on business, investment and job creation. His proposals would nearly double taxes on capital gains.
End Tax Breaks for Companies that Send Jobs Overseas: Barack Obama believes that companies should not get billions of dollars in tax deductions for moving their operations overseas. Obama will also fight to ensure that public contracts are awarded to companies that are committed to American workers. Reward Companies that Support American Workers: Barack Obama introduced the Patriot Employer Act of 2007 with Senators Richard Durbin (D-IL) and Sherrod Brown (D-OH) to reward companies that create good jobs with good benefits for American workers. The legislation would provide a tax credit to companies that maintain or increase the number of full-time workers in America relative to those outside the US; maintain their corporate headquarters in America if it has ever been in America; pay decent wages; prepare workers for retirement; provide health insurance; and support employees who serve in the military.
Provide Tax Relief for Small Businesses and Start Up Companies: Barack Obama will eliminate all capital gains taxes on start-up and small businesses to encourage innovation and job creation. Obama will also support small business owners by providing a $500 “Making Work Pay” tax credit to almost every worker in America. Self-employed small business owners pay both the employee and the employer side of the payroll tax, and this measure will reduce the burdens of this double taxation.
Create a National Network of Public-Private Business Incubators: Barack Obama will support entrepreneurship and spur job growth by creating a national network of public-private business incubators. Business incubators facilitate the critical work of entrepreneurs in creating start-up companies.
Raise the Minimum Wage: Barack Obama will raise the minimum wage, index it to inflation and increase the Earned Income Tax Credit to make sure that full-time workers earn a living wage that allows them to raise their families and pay for basic needs.
he has recently proposed at least $858 billion to fight “global poverty” over the next five years. This plan is for 10 years.
His new spending programs would cost at the minimum, $800 billion a year. You should check this out before attributing it to Senator Obama. The global poverty plan has been in effect for years. Obama just wants the plan amended so the president takes more responsibility.
Therefore, what Tanner has proposed in his evaluation of Obama's plan is not total spot on, a little fudge here and there.
The Obama tax plan relieves the tax burden of the middle class and puts more back on the top 1% who have had such an easy ride while Bush has been in office. Sounds like a step in the right direction.