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Obama’s Broken Deficit Promise

 

ap_barack_obama_troops_iraq_ll_111021_wb

 

“This is big,” wrote White House director of new media Macon Phillips in a February 23, 2009 blog post, ”the President today promised that by the end of his first term, he will cut in half the massive federal deficit we’ve inherited. And we’ll do it in a new way: honestly and candidly.”

Indeed, President Obama did make that promise that day, saying, “today I’m pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.”

The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013.

The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit.

The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president’s budget claims it will be $901 billion in 2013.

George Stephanopoulos asked White House Chief of Staff Jack Lew about this yesterday:

STEPHANOPOULOS: Now, tomorrow’s budget’s going to make it clear that that promise will not be kept, not even close, really. The deficit will be well over $1 trillion for the fourth year in a row. Why?

LEW: You know, George, as I think you know, when we took office, the economy was falling so fast that the first thing we had to do was put a bottom in. That cost money in the Recovery Act. It cost money in terms of lost revenue and slower economic growth. We’re on track now. We’ve seen several months of sustained economic growth and job creation, but we’re not out of the woods yet. That’s one of the reasons that we still need even this month for Congress to take action and pass the extension of the payroll tax cut. The president’s budget is a plan for 10 years, and over the 10 years, what it would do is bring the deficit down to below 3 percent of the economy, which means that we won’t be adding to the deficit based on current spending. Secondly, it’ll bring the debt as a percentage of the economy down to a point that all international financial organizations look at and say is what you need to do to have stability.

STEPHANOPOULOS: But not even as quickly as you were projecting several months ago.

 

http://abcnews.go.com/blogs/politics/2012/02/obamas-broken-deficit-promise/

 

 

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Libers hate to talk about this one cause it exposes Obama for what he really is...a LIAR! He never intended one bit to cut anything....He still is spending like a drunken sailor! He lied so he could get the votes from his hope and changey mantra. He is now a known liar.

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Obama’s Broken Deficit Promise

 

ap_barack_obama_troops_iraq_ll_111021_wb

 

“This is big,” wrote White House director of new media Macon Phillips in a February 23, 2009 blog post, ”the President today promised that by the end of his first term, he will cut in half the massive federal deficit we’ve inherited. And we’ll do it in a new way: honestly and candidly.”

Indeed, President Obama did make that promise that day, saying, “today I’m pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.”

The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013.

The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit.

The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president’s budget claims it will be $901 billion in 2013.

George Stephanopoulos asked White House Chief of Staff Jack Lew about this yesterday:

STEPHANOPOULOS: Now, tomorrow’s budget’s going to make it clear that that promise will not be kept, not even close, really. The deficit will be well over $1 trillion for the fourth year in a row. Why?

LEW: You know, George, as I think you know, when we took office, the economy was falling so fast that the first thing we had to do was put a bottom in. That cost money in the Recovery Act. It cost money in terms of lost revenue and slower economic growth. We’re on track now. We’ve seen several months of sustained economic growth and job creation, but we’re not out of the woods yet. That’s one of the reasons that we still need even this month for Congress to take action and pass the extension of the payroll tax cut. The president’s budget is a plan for 10 years, and over the 10 years, what it would do is bring the deficit down to below 3 percent of the economy, which means that we won’t be adding to the deficit based on current spending. Secondly, it’ll bring the debt as a percentage of the economy down to a point that all international financial organizations look at and say is what you need to do to have stability.

STEPHANOPOULOS: But not even as quickly as you were projecting several months ago.

 

http://abcnews.go.com/blogs/politics/2012/02/obamas-broken-deficit-promise/

 

 

 

I know your Repubs think the presidency is king for 4 years . But we have a congress and senate .

Obama tried closing guantanamo but was stopped . He tried to raise taxes on the rich but was stopped .

You really should learn about how our government really works and get over your Nixon type thinking .

sad how you try and make Obam the king

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I know your Repubs think the presidency is king for 4 years . But we have a congress and senate .

Obama tried closing guantanamo but was stopped . He tried to raise taxes on the rich but was stopped .

You really should learn about how our government really works and get over your Nixon type thinking .

sad how you try and make Obam the king

he didnt say he was going to "try"

 

you backpedaling liar

 

 

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I know your Repubs think the presidency is king for 4 years . But we have a congress and senate .

Obama tried closing guantanamo but was stopped . He tried to raise taxes on the rich but was stopped .

You really should learn about how our government really works and get over your Nixon type thinking .

sad how you try and make Obam the king

 

 

I should learn? Taxes just went up on the rich or were you asleep when that made that deal with republicans? Why did he not close gitmo in his first two years? He had both houses...who stopped him then? So you are saying Obama is nothing more than an inept president?

 

At least we're headed in the right direction. I don't know where the hell Chenney was takin' us.

FY 2009 $1,413 billion (Bush)

FY 2010 $1,294 billion (Obama)

FY 2011 $1,300 billion

FY 2013 $974 billion

FY 2014 $744 billion

 

 

Which Obama budget was that??? Don't you have to pass a budget before it actually counts?

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Obama’s Broken Deficit Promise

 

ap_barack_obama_troops_iraq_ll_111021_wb

 

“This is big,” wrote White House director of new media Macon Phillips in a February 23, 2009 blog post, ”the President today promised that by the end of his first term, he will cut in half the massive federal deficit we’ve inherited. And we’ll do it in a new way: honestly and candidly.”

Indeed, President Obama did make that promise that day, saying, “today I’m pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.”

The 2013 budget the president submitted today does not come close to meeting this promise of being reduced to $650 billion for fiscal year 2013.

The president noted in that 2009 speech the Obama administration inherited a $1.3 trillion deficit.

The deficit was similarly $1.3 trillion in 2011, is projected to be $1.15 trillion in 2012, and the president’s budget claims it will be $901 billion in 2013.

George Stephanopoulos asked White House Chief of Staff Jack Lew about this yesterday:

STEPHANOPOULOS: Now, tomorrow’s budget’s going to make it clear that that promise will not be kept, not even close, really. The deficit will be well over $1 trillion for the fourth year in a row. Why?

LEW: You know, George, as I think you know, when we took office, the economy was falling so fast that the first thing we had to do was put a bottom in. That cost money in the Recovery Act. It cost money in terms of lost revenue and slower economic growth. We’re on track now. We’ve seen several months of sustained economic growth and job creation, but we’re not out of the woods yet. That’s one of the reasons that we still need even this month for Congress to take action and pass the extension of the payroll tax cut. The president’s budget is a plan for 10 years, and over the 10 years, what it would do is bring the deficit down to below 3 percent of the economy, which means that we won’t be adding to the deficit based on current spending. Secondly, it’ll bring the debt as a percentage of the economy down to a point that all international financial organizations look at and say is what you need to do to have stability.

STEPHANOPOULOS: But not even as quickly as you were projecting several months ago.

 

http://abcnews.go.com/blogs/politics/2012/02/obamas-broken-deficit-promise/

 

 

 

No, but you just proved yourself to be a liar for this post.

 

http://www.google.com/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&cad=rja&ved=0CDEQFjAA&url=http%3A%2F%2Fnews.investors.com%2Fblogs-capital-hill%2F112012-634082-federal-deficit-falling-fastest-since-world-war-ii.htm&ei=kZLAUa-FCJar4APs34HIDg&usg=AFQjCNHDcNDHw5q1IZNQE4QAtLe4kbmbGA&sig2=QV_xfOOuPWz2JL49qKtRqA

 

I'll wait while you try to explain your ignorance on this subject of which you are obviously so wrong about.

 

Take your time.

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Obama tripled the deficit when he became President, after promising to cut that deficit in half.

Has he done that?

 

No.

 

Game. Set. Match.

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At least we're headed in the right direction. I don't know where the hell Chenney was takin' us.

FY 2009 $1,413 billion (Bush) (pelosis congress - reid)

FY 2010 $1,294 billion (Obama)(pelosis congress - reid)

FY 2011 $1,300 billion (pelosis congress - reid)

FY 2013 $974 billion (boner - reid)

FY 2014 $744 billion (boner - reid)

have you sent a thank you note to the repub congress ?

 

dumbazz...

 

 

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Go f yourself skewie nobody give a shit what you think dip shit..

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I should learn? Taxes just went up on the rich or were you asleep when that made that deal with republicans? Why did he not close gitmo in his first two years? He had both houses...who stopped him then? So you are saying Obama is nothing more than an inept president?

 

 

 

Which Obama budget was that??? Don't you have to pass a budget before it actually counts?

You must have been asleep . He tried to close it and move the prisoners to prisons in the country but no state would have them , he tried to use our justice system to try them but outrage from Repubs was too great . So what is your idea of what to do with the inmates ?

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I know your Repubs think the presidency is king for 4 years . But we have a congress and senate .

Obama tried closing guantanamo but was stopped . He tried to raise taxes on the rich but was stopped .

You really should learn about how our government really works and get over your Nixon type thinking .

sad how you try and make Obam the king

 

Actually, the tax increase on the rich was passed.

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Yes. barry has lied about EVERYTHING.

 

False. If he told the PERFECT truth...every time...you'd LIE to say otherwise because...he's a BLACK guy in a WHITE house...and he cares about underdogs.

 

Whatever.

 

The Fact is that the Debt/defeict DID shrink a bit, off the Sequester and that was NOT the best way to do it. It was a COMPROMISE that...sucked. We COULD have reduced Debt ..AND...increased the prosperity of Americas but the Right wing Clowns...were hung up on bad ideas.

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O thank you Skewie for your outdated link from investors.com

 

 

When you get in front of the American people and promise to cut the deficit in HALF during his first four years and we now have a 17 Trillion dollar deficit....tell me where I'm wrong skewie! You POS

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You must have been asleep . He tried to close it and move the prisoners to prisons in the country but no state would have them , he tried to use our justice system to try them but outrage from Repubs was too great . So what is your idea of what to do with the inmates ?

 

 

O gee I wonder why???? I'd have a (military) trial right there and when found gulity shoot them in the head and make sure they all see it.....problem solved commie.

 

 

Obama was stupid when he took the job and still is...Thought he knew everything there was to know...funny how he has parrot Bush's policies..

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Obama turned the deficit around, and we are no longer growing the deficit, it has begun to shrink.

That's a "fact". The corporate-controlled media won't cover it, but real journalists on the net have.

Your arguments suck, wingnutz, because you have no knowledge of what's going on in American beyond what Rush Limbaugh and Brietbart.com tell you.

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You must have been asleep . He tried to close it and move the prisoners to prisons in the country but no state would have them , he tried to use our justice system to try them but outrage from Repubs was too great . So what is your idea of what to do with the inmates ?

Sorry man, but if you look the vote to keep Obama from performing this act of idiocy was bipartisan.

Both sides of Congress bitch slapped him. Twice.

 

As for what do we do with the "inmate", we keep them there.

Gee, that was tough.

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At least we're headed in the right direction. I don't know where the hell Chenney was takin' us.

FY 2009 $1,413 billion (Bush)

FY 2010 $1,294 billion (Obama)

FY 2011 $1,300 billion

FY 2013 $974 billion

FY 2014 $744 billion

 

This is SOOOOO dishonest.

 

Here are the actual deficits in each of the last 4 years:

 

2009: $1.60 trillion

 

2010: $1.40 trillion

 

2011: $1.26 trillion

 

2012: $1.10 trillion.

 

That's an average of $1.34 trillion per year.

 

Here's a chart that shows earlier estimates of those deficiits along with the deficits during Bush's 2 terms and what is now projected by various group for future deficits.

 

Notice that in 7 of 8 years of Bush's administration ...

 

obama-deficits-20121-e1328628047873.jpg

 

the average deficit was $250-350 billion a year … one-fourth to one-fifth of Obama's deficits.

 

And notice that the deficit during Bush's last year is still less than ANY year of Obama's administration. Obama's administration hasn't shrunken anything.

 

And look what's projected for the future by the Obama administration now, looking through their insanely rose colored glasses:

 

Projected-Obama-Deficit-numbers-graph.jp

 

They admit that deficits will never drop below $500 billion a year ... twice what Bush averaged.

 

Their projected average over the next 7 years is more like $600 billion a year.

 

And that's likely a pie in the sky estimate if history is any guide:

 

Indeed, the above figure shows that the CBO's projections are $250-500 billion dollars higher each year into the same future.

 

And the CBO has been more accurate than the Whitehouse the last 4 years.

 

And half the time, the CBO has underestimated the actual deficit.

 

Indeed, in 2012 both the Whitehouse and CBO were predicting a deficit of about $600 billion when the actual deficit ended up being over $1 trillion.

 

And I see no reason to think it will be any different during the rest of Obama's 2nd term.

 

If so, then Obama's yearly deficit's are likely to remain 3 to 4 TIMES what Bush's were during 7 of his 8 years.

 

Yet Obama and you have the chutzpah to claim that deficits are shrinking?

 

What dishonesty.

 

What a scam.

 

This from an administration that promised deficits would be half what they were in the previous administration.

 

How can the liberals who support this socialist be SOOOOOOOO gullible?

 

Or is it just plain stupidity that motivates their support of him now?

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