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BY JEANNINE AVERSA AND CHRISTOPHER S. RUGABER
AP ECONOMICS WRITERS
WASHINGTON -- Not since World War II has the federal budget deficit made up such a big chunk of the U.S. economy. And within two or three years, economists fear the result could be sharply higher interest rates that would slow economic growth.
The budget plan President Barack Obama sent Congress on Monday foresees a record deficit of $1.65 trillion this year. That would be just under 11 percent of the $14 trillion economy - th
President Barack Obama is sending Congress a $3.73 trillion spending blueprint that pledges $1.1 trillion in deficit savings over the next decade through spending cuts and tax increases.
Obama's new budget projects that the deficit for the current year will surge to an all-time high of $1.65 trillion. That reflects a sizable tax-cut agreement reached with Republicans in December. For 2012, the administration sees the imbalance declining to $1.1 trillion, giving the country a record four straight years of $1 trillion-plus deficits.
Secret U.S. Military Spending Surpasses Entire Military Budget of Russia
The Obama administration plans to spend more money than ever on secret military projects, commonly referred to as the Defense Department’s “black budget.” Just over $50 billion will be allocated, which representing a 3% increase over last year’s total and the highest amount any administration has budgeted for classified programs. To give it some perspective, the U.S. black budget will consume more money than all defense spending in Russia, the U.K., France or Japan. All in all, about 7.5% of the Pentagon’s total spending is now classified.
Billions of taxpayer dollars are vanishing into a fiscal black hole.
The black budget operates without constitutional authority or broad congressional oversight and is a hive of absurdly speculative and astonishingly expensive hallucinations, including the notion of "winning" a full-tilt, six-month nuclear war synchronized by a satellite network that charts the progress of the apocalypse. It is also the nerve center that allows us to sleep relatively peacefully in an unstable world increasingly plagued by the threats of nuclear and chemical terrorism. The black budget is, indeed, the good, the bad and the ugly of postmodern militarism. And many are now questioning the ethical, financial and constitutional premises that allow such a phenomenon.
Reagan proved deficits don't matter
Originally posted by Schaden
Reagan proved deficits don't matter
Social spending is not the biggest issue. The eroding tax base due to corporate loopholes, and the out of control defense budget are the biggest problems.
If conservatives are so worried about the deficit, why did they explode it with income tax cuts for millionaires/billionaires, while also dropping the estate tax on the wealthiest, those with estates worth in excess of several million dollars ?
Originally posted by budski
I don't understand why nobody is mentioning both the military budget, and the overseas wars costing trillions for fighting a non existent threat, and enriching select companies with ties to those who started the wars.
Is there REALLY a need for a military budget close to 1 trillion dollars?
The answer is a resounding NO - but as ever, the war machine of the military industrial complex needs to be fed while the puppet paymasters sitting in the whitehouse con everyone that it's in their best interests...