Projected deficits unsustainable: White House

Projected deficits unsustainable: White House

news.yahoo.com

Projected U.S. budget deficits are too high and could force up interest rates and crowd out investment unless the country takes action, the head of the White House budget office said on Tuesday.

The Obama administration reported a record U.S. budget deficit for last fiscal year of $1.4 trillion, or 10 percent of GDP, after it rescued the economy and some of the United States' biggest banks from the worst recession in 70 years.

Next year's fiscal shortfall is expected to be about the same

(visit the link for the full news article)

Okay after reading this story I know what your all thinking so before you ask here's the info

The White House
1600 Pennsylvania Avenue NW
Washington, DC 20500
Please include your e-mail address

Phone Numbers
Comments: 202-456-1111
Switchboard: 202-456-1414
FAX: 202-456-2461

TTY/TDD
Comments: 202-456-6213
Visitors Office: 202-456-2121

www.whitehouse.gov...

Now you can call write or email and them and say

We Told You So !!!!

news.yahoo.com
(visit the link for the full news article)

Well if anyone says this is a surprise.. it isn't..

Also in case you people are wondering what happened 70 yrs ago that would be around the depression.. So in other words.. they indirectly stated we are in for another depression.

So we have one of many acknowledgments from the White House of our out of control debt. Another for them to forget about while they spend our future out of existence. It's not as if the White House has never said anything about our deficits, but they don't do anything about it, they just come up with more ways to spend.

I don't see this as an "I told you so" moment, they already knew.

[edit on 3-11-2009 by projectvxn]

Welcome to the United State's fall from economic superiority. It is official as everyone has been saying for years. However, once again, the MSM is going to cover this with a grain of salt. This is big news, and a validation, of what many of us have been saying all along, that what has transpired to this point, is not the worst of it. However, with the bailouts and wasteful spending the hole is being dug deeper and deeper. This could have irreparable damages to the country. Ron Paul, you were right all along. Batten down the hatches, and hope you have enough food and supplies, because it is going to be a long winter.

[edit on 3-11-2009 by Jakes51]

This from the article-

He blamed the funding gap on the failure of the administration of Republican President George W Bush to finance its tax cuts and subsidies to Medicare prescription drugs, as well as the recession.

Well of course its Bush's fault, how could it be the Congresses fault? They only set the budget.

Blame the previous guy, blame the corporations, blame the American People, blame the Oil Companies, blame the Bankers, blame Wall Street, etc etc etc.

People that cannot take responsibility for their own mistakes! Are huge piles of steaming dog #!

edit for gramma

[edit on 11/3/2009 by endisnighe]

reply to post by endisnighe


At some point, the Obama White House is going to have to man up, suck it up, and start taking responsibility for the policies they backed while Bush was in office. Let us not forget that Obama voted for the bailout, his administration put together the stimulus plan, he signed the Omnibus spending bill, all with no money to fund it, just the printing press.

[edit on 3-11-2009 by projectvxn]

Originally posted by projectvxn
So we have one of many acknowledgments from the White House of our out of control debt. Another for them to forget about while they spend our future out of existence. It's not as if the White House has never said anything about our deficits, but they don't do anything about it, they just come up with more ways to spend.

I don't see this as an "I told you so" moment, they already knew.

[edit on 3-11-2009 by projectvxn]

Hey You got to admit ...

this is transparency...

reply to post by HunkaHunka


I don't normally agree with you Hunka however....you are right...this is transparency. Although a tad late as with some of the other things , especially about legislations being passed.

reply to post by ThichHeaded


I agree completely. This is exactly what was said. Orzag is saying it without saying it because no one is going to step up and say, "We're all DOOOOOMMMEDDDD!"

lets not forget Ben Bernanke standing before a Senate subcommittee declaring There's no time to install safe guards, rules or accountability! those too big to fail business need cash now!!!

lot of good it did CIT. what's that going to cost we tax payers 2.3 billion?
Just yesterday I saw a headline that read not to expect see any repayments out to the Auto companies... didn't have the heart to read that one..

Someday someone will get called up on this mess...but not today... hopefully before its too late to fix.

reply to post by HunkaHunka


Transparency? Telling people what they already know doesn't make them transparent, it makes them condescending.

reply to post by projectvxn


Regardless... we have a situation... and they are being open about that situation.

I chalk this up to transparency.

Originally posted by HunkaHunka
reply to post by projectvxn

 

Regardless... we have a situation... and they are being open about that situation.

I chalk this up to transparency.

Being up front about being in deep doo-doo is not transparency...
transparency means they can account for every penny... Goldman BoA even CIT has come forward and said even they don't know where all the money went... Hell of a way to run a bank if they don't know where every dime is.. what's worse is some of these guys are going back to the well for two even three handouts... Still no transparency still no accountability

reply to post by projectvxn


They can not, because it they do, the economy collapse, including the global economy again, the American government made a commitment to stop the recession in the manner of bailout money that also happen to go globally.

But at a price. . .America is for sell now to anybody that can buy our debt.

Obama stated within the first several months of his presidency exactly what needs to be done: end the tax breaks for shipping jobs outside the U.S., start negotiating pharm drug prices and end the Executive Order that Bush signed making it illegal to negotiate drug prices, get troops out of Iraq, tax breaks for keeping jobs in the U.S., start curtailing offshore tax havens (JKF wanted that too...), among others.

So far all talk. Basically he talks the right stuff but either is constrained by the real powers running the country or couldn't care less - I guess we each have an opinion as to which one is right.

Obviously at this point both political parties are resigned to do nothing about the multiple crises afflicting us as their are no concrete plans, changes, or even ideas as to what should be done. That is, until this all collapses and then the change will occur. That's the scariest thing about all of this.

its not their fault we let them do this. its mine, and yours.

reply to post by TypeSH2001


The real test begins now...
They admit the path we're on will only led to ruin. we can no longer afford to play favorites... the choice now is preserving the American public or propping up the "To Big To Fail" businesses?

If it were my choice to make I would call in the markers on these debt's now... let them go belly up and use the money to support what is bound to be a long climb back from the brink... I see it as the best of two bad choices but better then up holding an elitist classiest system that alienates the common man....

The Obama administration constantly tells us we have to work together to turn things around, yet those needed lifelines are thrown to a select few and their multi million dollar bonuses.... Now is the time to turn it around and really make a difference... this is this president's big test

reply to post by endisnighe


Well, its never Obama's fault and its never the Democratic Congress' fault, either. Never mind that they tacked on $1 trillion in spending in less than a year since Bush left office. Never mind that they've basically quadrupled the yearly deficit. Never mind that the Dems have had control of Congress for the last three years and therefore have had control of spending. No, they've had no role in this at all .

The question, I suppose, is whether or not this merry band of morons actually does anything but talk about reducing the deficit. My guess? Probably not. These are the same geniuses who are getting ready to pass a healthcare bill that even they estimate will cost almost another trillion dollars over the next ten years. Sigh...