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  1. #1
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    Default Deficit Shrinks To Lowest Level Of Obama Presidency

    The U.S. budget deficit for the current fiscal year is estimated to fall to its lowest level during President Barack Obama's presidency.

    In a new budget and economic outlook released Monday, the Congressional Budget Office projected that the deficit for fiscal year 2015 would come in at $468 billion, down from $483 billion in fiscal year 2014.

    The deficit was a whopping $1.4 trillion in fiscal year 2009, when Obama took office.

    "The federal budget deficit, which has fallen sharply during the past few years, is projected to hold steady relative to the size of the economy through 2018," CBO concluded. "Beyond that point, however, the gap between spending and revenues is projected to grow, further increasing federal debt relative to the size of the economy—which is already historically high."

    The primary long-term fiscal challenges are spending under Social Security, Medicare, Medicaid, Obamacare and net interest costs, CBO said.

    Under estimates based on current tax and spending laws, the budget office projects that the economy "will expand at a solid pace in 2015 and for the next few years."

    The CBO projected that Obamacare spending on coverage provisions will be 7 percent — or $101 billion — less over a decade than last April's forecast. The federal government is projected to spend $76 billion in 2015 and $1.35 trillion from 2015 to 2024 under the health care law to broaden insurance coverage.

    http://talkingpointsmemo.com/livewir...ama-presidency

  2. #2
    Forum Frontman It's Mike's Avatar
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    if he's president for 10 more years he might balance a budget.

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    Quote Originally Posted by It's Mike View Post
    if he's president for 10 more years he might balance a budget.
    10 Years? That's pretty good.

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    Atomic Punk fast98dodge's Avatar
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    More like the 17th of Never... The United States has become a bloated mess like Elvis in his final days...
    Jet City Super Stealth
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    Yawn...

    He still sucks.

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    Atomic Punk lovemachine97(Version 2)'s Avatar
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    The $1.4 trillion is a bit of a misnomer. It wasn't $1.4 trillion "when Obama took office." The fiscal year 2009 ended September 30th, after which Obama had helped pass an $800 billion stimulus. It also includes Bush's car bailout.

    Bush's deficit before that was $458 billion in fiscal year 2008. In 2007, it was $161 billion.

    Since Obama's been in office, the deficits have been

    2009 $1.4 trillion
    2010 $1.3 trillion
    2011 $1.3 trillion
    2012 $1.1 billion

    Both Republicans and Democrats, Bush and Obama, are addicted to spending.

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    12.13.17 @ 07:16 AM
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    The funny thing about this is that the only reason the deficits are shrinking are because

    A) Congress has more or less refused to pass anything that increases spending for the last 6 years (specifically the House), and

    B) The economy has grown as unemployment benefits have expired

    Both were something Obama was/is against, yet he's still going to try and take credit for it. Hell, his biggest piece of legislation, Obamacare, is going to add to the deficit more than a trillion dollars over the next decade, so anyone acting like he's a responsible spender is delusional.

    Even still, a half trillion dollar deficit is embarrassing, and considering it's projected to shoot up again after he leaves office, getting excited over this is pointless. Long term spending in the US must be curbed. There's no other way around it.
    CNN may think my opinion matters, but you shouldn't.

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    Oh why don't we include 2013 numbers too? Politifact seems to think it's true our deficit has gone down: http://www.politifact.com/wisconsin/...-deficit-half/
    The facts are that increased revenues from taxes and slowed growth in government spending has cut our deficit, all of which are part of Obama's policies. Funny that concern about deficits has virtually disappeared around here.

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    Quote Originally Posted by gabby gabbster View Post
    Oh why don't we include 2013 numbers too? Politifact seems to think it's true our deficit has gone down: http://www.politifact.com/wisconsin/...-deficit-half/
    The facts are that increased revenues from taxes and slowed growth in government spending has cut our deficit, all of which are part of Obama's policies. Funny that concern about deficits has virtually disappeared around here.
    you talk about the deficit as if you're talking about the debt. He's 6 years in and you want to celebrate the fact that you're gonna overspend 468 billion next year? Is that how low the bar has been set? This is the family equivalent of owing $100,000 when you get married and doubling that number over 5 years so you're now sitting at $200,000. But then expecting to be cheered when the number "only" goes up from 200,000 to 215,000 in year 6.

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    Quote Originally Posted by It's Mike View Post
    you talk about the deficit as if you're talking about the debt. He's 6 years in and you want to celebrate the fact that you're gonna overspend 468 billion next year? Is that how low the bar has been set? This is the family equivalent of owing $100,000 when you get married and doubling that number over 5 years so you're now sitting at $200,000. But then expecting to be cheered when the number "only" goes up from 200,000 to 215,000 in year 6.
    The government is ALWAYS going to overspend - no matter who is running things. There is no scenario where there will be 0 dollars in overspending.

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    Quote Originally Posted by Hot Sauce View Post
    The government is ALWAYS going to overspend - no matter who is running things. There is no scenario where there will be 0 dollars in overspending.
    what?????

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    Quote Originally Posted by It's Mike View Post
    what?????
    Would you like me to draw you a map using crayons?

  18. #13
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    Quote Originally Posted by Hot Sauce View Post
    Would you like me to draw you a map using crayons?
    you're saying no govt can ever run an annual surplus?

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    Quote Originally Posted by It's Mike View Post
    you're saying no govt can ever run an annual surplus?
    Mississauga? Sure. America? No.

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    Quote Originally Posted by Hot Sauce View Post
    Mississauga? Sure. America? No.
    what a ridiculous premise that is.

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