Obama Budget Doubles National Debt to $26.3 Trillion in 10 Years

[I AM NOT THAT GUY 5,715]

(CNSNews.com) – If the federal budget released by President Barack Obama today is implemented, it will double the national debt over the next 10 years. The current national debt is $13.56 trillion (end of FY 2010). By the end of 2021, that debt would rise to $26.3 trillion under the White House budget.

The figures reflect the effects of Obama’s fiscal year 2012 budget priorities, particularly a federal deficit that never falls below $500 billion in any year between 2010 and 2021.

The national debt – both debt held by the public and debt held by “government accounts” (the Social Security trust fund chief among them) – was $13.56 trillion on Sept. 30. 2010, the end of fiscal year 2010. (The national debt today, Deb. 14, 2011, is $14.08 trillion.)

In 2021, the national debt will have risen to $26.3 trillion, increasing by $1 trillion every year until 2021. Obama’s budget does not contain any plans for balancing the federal budget or reducing the national debt.

http://cnsnews.com/news/article/obama-budget-nearly-double-national-debt

[mawilson 2,133]

(CNSNews.com) – If the federal budget released by President Barack Obama today is implemented, it will double the national debt over the next 10 years. The current national debt is $13.56 trillion (end of FY 2010). By the end of 2021, that debt would rise to $26.3 trillion under the White House budget.

Without a doubt.

Current $14 trillion debt

Plus $1.3-1.5 trillion per year for 10 years = $14 trillion

Minus the "tough choices" (LOL) savings of $1 trillion over the next 10 years

-----

= $27 trillion by 2021

[Usui Takumi 1,562]

Do these projections use current tax revenue or do they project revenue based on economic predictions? I know the current shortfall is partially based on revenue loss due to the economy.

[one...two...tree 2,762]

The numbers below do NOT reflect the actual National Debt. Instead, they reflect the amount of the INCREASE in the National Debt during each presidential term.

> Ronald Reagan’s First Term – $656 billion increase

> Ronald Reagan’s Second Term – $1.036 trillion increase

> George H.W. Bush’s Term – $1.587 trillion increase

> Bill Clinton’s First Term – $1.122 trillion increase

> Bill Clinton’s Second Term – $418 billion increase

> George W. Bush’s First Term – $1.885 trillion increase

> George W. Bush’s Second Term – $3.014 trillion increase

> Barack Obama’s First “Year” – $1.573 trillion increase

http://thenationaldebtcrisis.com/the-national-debt-by-president/

[mawilson 2,133]

Do these projections use current tax revenue or do they project revenue based on economic predictions? I know the current shortfall is partially based on revenue loss due to the economy.

Don't count on it. When government receipts go up, so does their spending.

They NEVER cut ANYTHING. The best they can do is freeze spending at the current levels

for a year or two and present it as "painful sacrifice".

> George W. Bush’s First Term – $1.885 trillion increase

> Barack Obama’s First Year – $1.573 trillion increase

Anything wrong with this picture?

[웃 910]

The numbers below do NOT reflect the actual National Debt. Instead, they reflect the amount of the INCREASE in the National Debt during each presidential term.

> Ronald Reagan's First Term – $656 billion increase

> Ronald Reagan's Second Term – $1.036 trillion increase

> George H.W. Bush's Term – $1.587 trillion increase

> Bill Clinton's First Term – $1.122 trillion increase

> Bill Clinton's Second Term – $418 billion increase

> George W. Bush's First Term – $1.885 trillion increase

> George W. Bush's Second Term – $3.014 trillion increase

> 1 QUARTER or 25% of Barack Obama's First Term – $1.573 trillion increase

There ya go. Fixed it for you...

[one...two...tree 2,762]

Yeah, it's called the Great Recession. The only thing that historically comes close was the Great Depression, which thankfully we avoided repeating thanks to the stimulus. Of course Right Wingers will argue to their graves that Keynesian economic policies don't work, but they have to ignore the facts.

[I AM NOT THAT GUY 5,715]

Yeah, it's called the Great Recession. The only thing that historically comes close was the Great Depression, which thankfully we avoided repeating thanks to the stimulus. Of course Right Wingers will argue to their graves that Keynesian economic policies don't work, but they have to ignore the facts.

[mawilson 2,133]

Yeah, it's called the Great Recession. The only thing that historically comes close was the Great Depression, which thankfully we avoided repeating thanks to the stimulus. Of course Right Wingers will argue to their graves that Keynesian economic policies don't work, but they have to ignore the facts.

Ok, let's say I buy that. 2008 was a horrible year, 2009 was even worse and 2010 was slightly better, but still pretty bad.

What's his excuse this year? The projected deficit for 2011 is $1.480 trillion.

What's his excuse for 2012? The projected deficit for 2012 is $1.100 trillion.

What's his excuse for 2013? The projected deficit for 2013 is $704 billion.

What's his excuse for 2014? The projected deficit for 2014 is $533 billion.

What's his excuse for 2015? The projected deficit for 2015 is $551 billion.

What's his excuse for 2016? The projected deficit for 2016 is $659 billion.

What's his excuse for 2017? The projected deficit for 2017 is $617 billion.

What's his excuse for 2018? The projected deficit for 2018 is $610 billion.

What's his excuse for 2019? The projected deficit for 2019 is $696 billion.

What's his excuse for 2020? The projected deficit for 2020 is $739 billion.

What's his excuse for 2021? The projected deficit for 2021 is $763 billion.

These are all CBO projections which - as far as projections go - are quite optimistic.

[one...two...tree 2,762]

Ok, let's say I buy that. 2008 was a horrible year, 2009 was even worse and 2010 was slightly better, but still pretty bad.

What's his excuse this year? The projected deficit for 2011 is $1.480 trillion.

What's his excuse for 2012? The projected deficit for 2012 is $1.100 trillion.

What's his excuse for 2013? The projected deficit for 2013 is $704 billion.

What's his excuse for 2014? The projected deficit for 2014 is $533 billion.

What's his excuse for 2015? The projected deficit for 2015 is $551 billion.

What's his excuse for 2016? The projected deficit for 2016 is $659 billion.

What's his excuse for 2017? The projected deficit for 2017 is $617 billion.

What's his excuse for 2018? The projected deficit for 2018 is $610 billion.

What's his excuse for 2019? The projected deficit for 2019 is $696 billion.

What's his excuse for 2020? The projected deficit for 2020 is $739 billion.

What's his excuse for 2021? The projected deficit for 2021 is $763 billion.

These are all CBO projections which - as far as projections go - are quite optimistic.

You'd have to look in detail, where the expenditures to revenue are, but....he inherited two wars, Bush's tax cuts, and Medicare expansion in addition to TARP and later the Stimulus bill. We're still not out of the woods yet economically.

The quickest, and easiest remedy is to get rid of the Bush's tax cuts for the wealthy. The second is to get out of Afghanistan.

[I AM NOT THAT GUY 5,715]

You'd have to look in detail, where the expenditures to revenue are, but....he inherited two wars, Bush's tax cuts, and Medicare expansion in addition to TARP and later the Stimulus bill. We're still not out of the woods yet economically.

The quickest, and easiest remedy is to get rid of the Bush's tax cuts for the wealthy. The second is to get out of Afghanistan.

I have a better idea. No more federal raises, cost of living adjustments, or new hires, until the deficit is eliminated. Cap federal pensions at say, 50K/year. Set all federal employee benefits inline with private companies. That includes the military. Prohibit federal employees from joining unions and void all union contracts with the federal government. Allow the states to do the same. End all federal subsidies of all kinds, from oil exploration to tuition assistance.

[one...two...tree 2,762]

I have a better idea. No more federal raises, cost of living adjustments, or new hires, until the deficit is eliminated. Cap federal pensions at say, 50K/year. Set all federal employee benefits inline with private companies. That includes the military. Prohibit federal employees from joining unions and void all union contracts with the federal government. Allow the states to do the same. End all federal subsidies of all kinds, from oil exploration to tuition assistance.

I don't know if you remember that federal budget worksheet that AJ posted awhile back, but it was pretty cool because you could formulate your own budget and it will tell you when you zeroed it out.

[Ban Hammer 13,352]

I have a better idea. No more federal raises, cost of living adjustments, or new hires, until the deficit is eliminated. Cap federal pensions at say, 50K/year. Set all federal employee benefits inline with private companies. That includes the military. Prohibit federal employees from joining unions and void all union contracts with the federal government. Allow the states to do the same. End all federal subsidies of all kinds, from oil exploration to tuition assistance.

i don't know of too many private companies that hire people with the potential to be shot at, nuked, chem'd or bio'ed.

[I AM NOT THAT GUY 5,715]

i don't know of too many private companies that hire people with the potential to be shot at, nuked, chem'd or bio'ed.

I was taught in OCS that there haven't been any front lines since Vietnam. The military isn't special anymore, just better equipped.

[I AM NOT THAT GUY 5,715]

BTW, when was the last time our troops killed, or captured anybody in uniform, other than fratricide? The fall of Baghdad?

Edited February 16, 2011 by Some Old Guy