Who’s up for another trillion-dollar deficit?

posted at 1:55 pm on January 31, 2012 by Ed Morrissey

I assume the answer to that question is, well, everyone.  After all, no one thought that cutting less than $40 billion in spending would reduce a $1300 billion deficit by more than a third, did they?

The federal budget deficit will top $1 trillion for a fourth straight year, congressional budget analysts said Tuesday, the smallest since the Great Recession hit in 2009. …

The $1.1 trillion deficit is the smallest deficit figure — both in nominal terms and as a percentage of the economy — since the Great Recession.

The CBO says that changing policy would bring deficits down further, but would have other serious consequences:

The CBO said that allowing the George W. Bush tax cuts to expire on schedule in January and making deep cuts to the Pentagon and other agency budgets would shrink future deficits and begin to tame the national debt.

Still, the nation would pay an economic price for such austerity measures, the CBO said. Raising taxes and cutting government spending would slow economic growth and increase unemployment. The CBO projected that the jobless rate would hit 8.9 percent by the end of this year and rise to 9.2 percent by the end of 2013.

You know what else might work?  Actual reductions in spending.  Eliminating vast bureaucracies that interfere with economic activity.  Unlike tax hikes and doc fixes, that would at least have the novelty of not having been tried before.  And that doc fix that Democrats want to pass to keep medical providers from revolting over ObamaCare just got more expensive, too –  increasing $26 billion to $316 billion from a CBO estimate that just came two months ago.

This isn’t the only bad news, either.  In another projection that the Post didn’t include in its report, the CBO now estimates GDP growth will start slowing again (via Jim Geraghty):

In part because of the dampening effect of the higher tax rates and curbs on spending scheduled to occur this year and next, CBO expects that the economy will continue to recover slowly, with real GDP growing by 2.0 percent this year and 1.1 percent next year (as measured by the change from the fourth quarter of the previous calendar year). CBO expects economic activity to quicken after 2013 but to remain below the economy’s potential until 2018.

That’s hardly a resume for re-election for Obama and his economic team.  Vote for us — our policies keep America below its potential until well after we’ll leave!  I guess that’s a restatement of Hope and Change, but with a cold dash of reality dropped into the mix.


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Bush’s fault.

/

Aizen on January 31, 2012 at 1:56 PM

Our children are ecstatic.

hawkdriver on January 31, 2012 at 1:58 PM

This is only happening because we’re not spending enough, according to Krugman.

Flange on January 31, 2012 at 1:59 PM

Don’t blame me
-dear leader

cmsinaz on January 31, 2012 at 2:00 PM

ALL OF US! OUR CHILDREN! THEIR CHILDREN! THEIR CHILDREN’S CHILDREN!

KOOLAID2 on January 31, 2012 at 2:00 PM

What’s another trillion? Might as well make the debt ceiling what it is and just vote to cap it at infinity.

We’re at an exponential stage.

How long before we reach one quadrillion at this rate?

Will there be anything left of the US by then? Will it matter?

Logus on January 31, 2012 at 2:01 PM

4 more years for the Chickenhawk,Wall St. bought,President downgrade!!!!!

Baxter Greene on January 31, 2012 at 2:01 PM

Also, since we’ve already seriously addressed the military budget and made pretty significant current fiscal year budget reductions of moneys already appropriated, I think it’s only fair that we now and instead, look to the military budget for further reductions.

Please, don’t even consider entitlements until our Armed Forces are reduced to third world nation status.

hawkdriver on January 31, 2012 at 2:01 PM

Still, the nation would pay an economic price for such austerity measures

The price to be paid is for previous deficit spending, WaPo.

forest on January 31, 2012 at 2:02 PM

deficit… debt…

trillion here, trillions there…

Logus on January 31, 2012 at 2:02 PM

History has shown us that, before we can have Utopia, there must first be an economic catastrophe. It was economic catastrophe that opened the door for the Utopias of Nazism and Communism.

Utopia awaits!

But first – we must have economic catastrophe.

Be patient, Comrades.

OhEssYouCowboys on January 31, 2012 at 2:02 PM

The federal budget deficit will top $1 trillion for a fourth straight year, congressional budget analysts said Tuesday, the smallest since the Great Recession hit MARXIST/SOCIALIST TOOK OFFICE in 2009. …

ConcealedKerry on January 31, 2012 at 2:03 PM

Does JugEars look, like he just had an enema?

KOOLAID2 on January 31, 2012 at 2:03 PM

Tax job creators out of existence. It’s the only way to fix this.

a capella on January 31, 2012 at 2:03 PM

The CBO said that allowing the George W. Bush tax cuts to expire on schedule in January and making deep cuts to the Pentagon and other agency budgets would shrink future deficits and begin to tame the national debt.

That’s the scariest thing about that CBO report when I read it earlier. Unless I’m completely misinterpreting it, they’re assuming the Bush tax cuts will be allowed to expire when they calculate the smaller deficits over the coming years. Well we all know that ain’t happening(at least not for the bottom 98% of income earners), so that means trillion-dollar plus deficits as far as the eye can see if the GOP doesn’t win control of everything come November.

Doughboy on January 31, 2012 at 2:03 PM

That’s hardly a resume for re-election for Obama and his economic team. Vote for us — our policies keep America below its potential until well after we’ll leave our policies will drag the country into national bankruptcy! I guess that’s a restatement of Hope and Change, but with a cold dash of reality dropped into the mix.

Fixed!

Doomberg on January 31, 2012 at 2:03 PM

4 more year! 4 more years!

-OWSer

cyclown on January 31, 2012 at 2:03 PM

“Bush made me do it.”

-Precedent Obama

portlandon on January 31, 2012 at 2:03 PM

The $1.1 trillion deficit is the smallest deficit figure — both in nominal terms and as a percentage of the economy — since the Great Recession 0bama was elected.

jukin3 on January 31, 2012 at 2:04 PM

Racist

Dack Thrombosis on January 31, 2012 at 2:04 PM

You know what else might work? Actual reductions in spending. Eliminating vast bureaucracies that interfere with economic activity.

How about keeping State, Defense, Justice, and Interior, and getting rid of everything else? And if there’s something we MUST have, put it under Dept. of Interior. That was easy. Then, work on paring down the Dept. of the Interior.

Paul-Cincy on January 31, 2012 at 2:04 PM

Gee, wouldn’t it be nice if our candidates were talking about this?

Would that be too much to ask?

JPeterman on January 31, 2012 at 2:05 PM

Trillion. How many times did you use that word before Obama was president?

Scrappy on January 31, 2012 at 2:05 PM

How is your picture related to the news?!? Is he thinking even harder on how to destroy this nation?!?

The Nerve on January 31, 2012 at 2:05 PM

See what I did there? Fixed the in the Tank for the Lyin kING, afraid of the Emperor, spin, from the CBA (Congressional Budget Azzkisser)!

ConcealedKerry on January 31, 2012 at 2:06 PM

The price to be paid is for previous deficit spending, WaPo.

forest on January 31, 2012 at 2:02 PM

“Chickens coming home to roost” is a phrase Obama should be familiar with.

Scrappy on January 31, 2012 at 2:07 PM

Wonder if the press will remember the “Cut the deficit in half” promise.

Zaggs on January 31, 2012 at 2:08 PM

IIRC the new way of computing when a recession starts (only under R presidents though) was 2007. 2007 was 160 billion and 2008 was 460 billion so the story is factually wrong again. it is only since the democrat party got full control of the government did trillion dollar plus deficits start.

jukin3 on January 31, 2012 at 2:08 PM

Alert

Federal taxes to jump by 30% in the next two years.

Schadenfreude on January 31, 2012 at 2:08 PM

Ooh, ooh, me! Gimme some Obama money! From his stash!

The Rogue Tomato on January 31, 2012 at 2:09 PM

so that means trillion-dollar plus deficits as far as the eye can see if the GOP doesn’t win control of everything come November.

Doughboy on January 31, 2012 at 2:03 PM

My fear is, when we stop living on borrowed money, and the austerity hits, the suffering will really begin that should have happened in 2008 instead of borrowing $1T+ every year. I mean, if I could have $10,000 a year extra, I’d be sitting pretty too. So if the Republicans stop the borrowing and bring on the suffering, they/we will be blamed. I don’t see anyway around this. Obama has been putting off the pain for years, so that we can take responsibility for it when we begin to act like adults. The blame game.

Paul-Cincy on January 31, 2012 at 2:09 PM

Gee, wouldn’t it be nice if our candidates were talking about this?

Would that be too much to ask?

JPeterman on January 31, 2012 at 2:05 PM

If Romney or Obama try to run on these issues, they’re toast because their governing records are a mess. This is why we’re hearing about Mormonism/divorces/strange mourning practices.

Doomberg on January 31, 2012 at 2:10 PM

None of the GOP candidates with a snowball’s chance of winning is going to do a damn thing about the current levels of spending.

Ousting Obama isn’t going to shrink government, not with the GOP wannabes we’re stuck with.

Bat Chain Puller on January 31, 2012 at 2:10 PM

Someone recently tried to point me to the President’s budget as evidence that the deficit was going to drop dramatically after 2013. Apparently they didn’t pay attention to the fact that the Obama budget calculates GDP growth in excess of 5% EVERY YEAR for the next decade to generate the expected revenues. I would love to know how he expects his post-recession malaise economy to perform better every year than the Clinton-era dot-com boom on its best year.

The Schaef on January 31, 2012 at 2:11 PM

It’s not that hard.

Income taxes at 100%.

Cut the military to a quarter of its current size.

Increase mandatory infrastructure spending to $5 trillion.

Increase the federal workforce by 5 million employees.

= $0 deficit.

Bishop on January 31, 2012 at 2:11 PM

I wish one of our candidates would question why teh Lyin kiNG gets to fly the country on Air Farce Won campaigning on the taxpayer dime?

This “cousin eddie” crew vacations lavishly on the taxpayer, campaigns lavishly on the taxpayer and the Congress Critters and Senate Scum are silent, I’m sure the kING has their FBI files, but hey, why aren’t teh newt or Sanitorum screaming about this, forget the RINo we know his job is to Kill the Tea Party and be nice to the Socialist/Marxist!

ConcealedKerry on January 31, 2012 at 2:12 PM

Gee, wouldn’t it be nice if our candidates were talking about this?

Would that be too much to ask?

JPeterman on January 31, 2012 at 2:05 PM

There was some opinion piece asking this rhetorical question. I honestly forgot what answer they gave! This should be the top issue, because it has the greatest effect on the most people. Everything about it is maddening.

Paul-Cincy on January 31, 2012 at 2:12 PM

D°°M!

WashJeff on January 31, 2012 at 2:13 PM

If the Kennedys really wanted to do something worthwhile to memorialize Dead Ted, they should have nixed the Ted memorial and put the money towards the deficit.
But, that is not the way they do it.

bloggless on January 31, 2012 at 2:14 PM

Has to be Bush’s fault, they wouldn’t mention the failure to expire his tax cuts otherwise, would they?

Ukiah on January 31, 2012 at 2:15 PM

And that doc fix that Democrats want to pass to keep medical providers from revolting over ObamaCare just got more expensive, too – increasing $26 billion to $316 billion from a CBO estimate that just came two months ago.

The gold-standard bipartisan CBO sure seems to have a lot of revisions to the costs of ObamaCare. There’s no telling what their estimates will be by next November 7th.

SlaveDog on January 31, 2012 at 2:15 PM

Income taxes at 100%.
Cut the military to a quarter of its current size.
Increase mandatory infrastructure spending to $5 trillion.
Increase the federal workforce by 5 million employees.
= $0 deficit.

Bishop on January 31, 2012 at 2:11 PM

It’s about time someone on this web-site has accepted my brilliant ideas.

TehKrugman on January 31, 2012 at 2:15 PM

WashJeff on January 31, 2012 at 2:16 PM

The democrats “Pay-Go” policies have been a smashing success…..

….remember when Bush’s 4.5 to 5 % unemployment….deficits of around 400 billion….debt at 8 trillion…..was considered by the democrats as a “destruction of our economy and destroying the futures of our children”…..

….now over 15 trillion in debt…..deficits of well over 1 Trillion…unemployment ranging from 8.5 to 10 %…..is considered by the democrats as “heading in the right direction”…..

It’s “recovery summer” all over again.

Baxter Greene on January 31, 2012 at 2:18 PM

“The pace of the economic recovery has been slow since the recession ended in June 2009, and the Congressional Budget Office (CBO) expects that, under current laws governing taxes and spending, the economy will continue to grow at a sluggish pace over the next two years,” said CBO.

The federal budget deficit will top $1 trillion for a fourth straight year, congressional budget analysts said Tuesday, the smallest since the Great Recession hit in 2009. …

So the CBO says the Great recession hit in 2009, but in June of 2009 the recession ended!

I think the CBO is polishing something or is full of something, or both!

ConcealedKerry on January 31, 2012 at 2:18 PM

CBO projects GDP growth of 2.0% in 2012, 1.1% in 2013.

Sounds like another Downgrade to me.

Anyone seeing a pattern here?

Chip on January 31, 2012 at 2:18 PM

Paul-Cincy: I have two competing views on the issue of the political game of Hot Potato that the GOP and Democratic parties are destroying our country with.

On the one hand, I can easily support a GOP initiative to basically throw every election to the Democrats. Basically, let the Democrats run EVERYTHING. Analyze the result. If conservatives are right, the country will fall apart in short order. If the Democrats control everything, the theory goes that they will ‘get the blame’ (as they rightly should), and the people will realize conservatism’s point.

This will fail if the GOP cannot ensure that the messaging stays on point that if the Democrats control everything, they get the blame. I do not believe that they have this discipline.

On the other hand, I can also easily support a GOP initiative to risk the political destruction of their party to completely reverse the spending climate in DC.

This will fail if either the GOP cannot or will not reverse said climate, or if the Democrats can simply reverse course again after they win the election.

My conclusion from this thought experiment is that the America that I know and love, enshrined in the Constitution, is already dead.

Scott H on January 31, 2012 at 2:19 PM

It’s not that hard.

Income taxes at 100%.

Cut the military to a quarter of its current size.

Increase mandatory infrastructure spending to $5 trillion.

Increase the federal workforce by 5 million employees.

= $0 deficit.

Bishop on January 31, 2012 at 2:11 PM

You must have ESP – Extra Socialist Perception.

Chip on January 31, 2012 at 2:21 PM

Bishop on January 31, 2012 at 2:11 PM

David Brooks has an idea to help too


I doubt Murray would agree, but we need a National Service Program. We need a program that would force members of the upper tribe and the lower tribe to live together, if only for a few years. We need a program in which people from both tribes work together to spread out the values, practices and institutions that lead to achievement.

If we could jam the tribes together, we’d have a better elite and a better mass.

http://www.nytimes.com/2012/01/31/opinion/brooks-the-great-divorce.html?_r=1

(but i bet he gets paid more than you do for his ideas)

r keller on January 31, 2012 at 2:21 PM

Who wouldn’t want four more years of this hanging over their heads?

PBHO 2012

Bishop on January 31, 2012 at 2:21 PM

After all, no one thought that cutting less than $40 billion in spending would reduce a $1300 billion deficit by more than a third, did they?

That’s like a 3000% reduction, right?/

proportions.

ted c on January 31, 2012 at 2:21 PM

Should be, who’s up for some whoopin’ big tax increases.

Kissmygrits on January 31, 2012 at 2:24 PM

Chris Mathews has never read the Business Section of the Washington Post.

SlaveDog on January 31, 2012 at 2:25 PM

Wonder if the press will remember the “Cut the deficit in half” promise.

Zaggs on January 31, 2012 at 2:08 PM

…why should they…the MSM ignores or defends all of Obama’s other broken promises.

You would think Obama actually spent 2008 campaigning on launching Wars without Congressional approval…
……being in the tank with lobbyist and Wall St….
………….subverting Congress…
…………………..continuing Bush’s War on Terror policies…
………. bank rolling all of his campaign bundler’s with tax payer money.
…………..and driving up record debt..deficits…and spending.

…Obama has pretty much done just the opposite of what he promised this country and we watch the MSM and his liberal sheep praise him for it.

Pathetic.

Baxter Greene on January 31, 2012 at 2:28 PM

Sheesh. It’s only money. We should just make the 1% pay their fair share and we wouldn’t be in this predicament. Oh ya, and it’s all Bush’s fault. /s

JennM111 on January 31, 2012 at 2:28 PM

My fear is, when we stop living on borrowed money, and the austerity hits, the suffering will really begin that should have happened in 2008 instead of borrowing $1T+ every year. I mean, if I could have $10,000 a year extra, I’d be sitting pretty too. So if the Republicans stop the borrowing and bring on the suffering, they/we will be blamed. I don’t see anyway around this. Obama has been putting off the pain for years, so that we can take responsibility for it when we begin to act like adults. The blame game.

Paul-Cincy on January 31, 2012 at 2:09 PM

At this point suffering is unavoidable. Both parties have been fecklessly kicking the can down the road for decades. At this point we’re going to have to have incredibly ugly austerity for a couple of years while the banks reorganize completely and the government is shrunk (and we’re talking shrinking the government by like 25%-50% depending on what analysts you read), assuming Congress AND the President are both serious about salvaging our situation.

But I don’t think Romney has the stuff it takes to actually do this, and we know Obama doesn’t, so we’re probably going to have a complete bankruptcy. To imagine what that will be like, look at what has been happening to Argentina for the last few years and you’ll have a good idea of just how bad it will be.

Doomberg on January 31, 2012 at 2:28 PM

Wonder if the press will remember the “Cut the deficit in half” promise.

Zaggs on January 31, 2012 at 2:08 PM

Either Obama is an economic illiterate -totally clueless & in over his head- or he is a fraud and a liar.

Pathetic and disgraceful.

visions on January 31, 2012 at 2:28 PM

Alert

Federal taxes to jump by 30% in the next two years.

Schadenfreude on January 31, 2012 at 2:08 PM

“Obama is a moderate!” -Lib

visions on January 31, 2012 at 2:29 PM

CBO projects GDP growth of 2.0% in 2012, 1.1% in 2013.

Sounds like another Downgrade to me.

Anyone seeing a pattern here?

Chip on January 31, 2012 at 2:18 PM

..yea
………the same “patterns” we see in Greece,Cuba,Venezuela,and parts of Europe.

But don’t you dare call Obama a socialist…..

Baxter Greene on January 31, 2012 at 2:32 PM

President 10-289 theme song for 2012″

“Tax the rich, feed the poor
Till there are no rich no more

I’d love to change the world
but I don’t know what to do
So I’ll leave it up to you”

‘I’d Love To Change The WOrld”
Ten Years After

http://www.youtube.com/watch?v=jzrUqAtUcpU

MichaelGabriel on January 31, 2012 at 2:32 PM

Sheesh. It’s only money. We should just make the 1% pay their fair share and we wouldn’t be in this predicament. Oh ya, and it’s all Bush’s fault. /s

JennM111 on January 31, 2012 at 2:28 PM

The greatest misconception is that the national debt is the rich person’s problem. The truth is the rich will always do fine. Who will suffer — the poor, the weak, the sick, the elderly, children, minorities. So let’s stop borrowing already.

Paul-Cincy on January 31, 2012 at 2:35 PM

BUSH.

Chuck Schick on January 31, 2012 at 2:36 PM

Just wondering…..

How can you know what your budget deficit is going to be when you haven’t even passed a budget?

Or am I missing something here?

UltimateBob on January 31, 2012 at 2:37 PM

Us preppers will be proven right in our hoarding.

Red Dawn fantasists, unite!

Bishop on January 31, 2012 at 2:38 PM

“The moment one gets into the area of $25 million and above, let alone a billion, the listener is completely out of touch, no longer really interested because the figures have gone above his experience and almost are meaningless. Millions of Americans do not know how many million dollars make up a billion.” — P.96 – Saul Alinsky’s Rules for Radicals

I’m sure this is just a coincidence…

/

Seven Percent Solution on January 31, 2012 at 2:38 PM

The Bush deficit and Bush war debts would have been a drag on any presidency. Neither Romney or Obama are going to have much wiggle room until the Bush tax cuts expire.

bifidis on January 31, 2012 at 2:39 PM

Hey everybody…!

… I have a GREAT idea!!

Let’s elect Barack Hussein Obowma as President of the United States…!!!

… Who’s with me?

Seven Percent Solution on January 31, 2012 at 2:42 PM

The Bush deficit and Bush war debts would have been a drag on any presidency. Neither Romney or Obama are going to have much wiggle room until the Bush tax cuts expire.

bifidis on January 31, 2012 at 2:39 PM

Stimulus, Obamacare, Social Security and Medicare are conspicuosly absent from your comment. Shocker. Yep, it’s all Bush’s fault. You’ve learned your dear leaders talking points well.

Scrappy on January 31, 2012 at 2:43 PM

bifidis on January 31, 2012 at 2:39 PM

O_O

Seven Percent Solution on January 31, 2012 at 2:43 PM

I wonder what financial effects of Obamacare they used in their calcs. It seems odd that they project 2014 as the start of the turnaround in GDP when we all know another recession is coming with the onslaught of full-on Obamacare implementation.

BKeyser on January 31, 2012 at 2:44 PM

Austerity shmausterity, what we need is more high speed trains!

iurockhead on January 31, 2012 at 2:44 PM

If we experience only 2% growth this year with rising unemployment, then Pres Romney plus GOP House and Senate will indeed have to enact a Paul Ryan-like budget to chip away at the deficit. We can hear the screaming and yelling from the Left already; well, too damned bad for them, we’ll get it done thru reconciliation and repeal Obamacare in the same bill.

And we are all in for a tough ride. But I also believe that ridding this nation of Obama will have an immediate positive effect on the economy, starting on or about November 6, 2012.

matthew8787 on January 31, 2012 at 2:45 PM

Looks like we’ll need to raise the tax rate on Warren Buffett’s secretary.

Uncle Larry on January 31, 2012 at 2:50 PM

The Bush deficit and Bush war debts would have been a drag on any presidency. Neither Romney or Obama are going to have much wiggle room until the Bush tax cuts expire.

bifidis on January 31, 2012 at 2:39 PM

Heh. You’re not good with numbers, are you?

SlaveDog on January 31, 2012 at 2:51 PM

The brilliance of this man is shown…no man could accomplish what he has done…another trillion, only Obama could have achieved such heights, and we salute him for another record broken. signed Debbie Downer.

right2bright on January 31, 2012 at 2:52 PM

Just wondering…..

How can you know what your budget deficit is going to be when you haven’t even passed a budget?

Or am I missing something here?

UltimateBob on January 31, 2012 at 2:37 PM

That is because if they did indeed have a budget we would see that it is actually worse than it seems now, scarey huh?

D-fusit on January 31, 2012 at 2:53 PM

And we are all in for a tough ride. But I also believe that ridding this nation of Obama will have an immediate positive effect on the economy, starting on or about November 6, 2012.

matthew8787 on January 31, 2012 at 2:45 PM

I like this. Like if we’d drill more oil domestically, the world price of oil would go down based on more than just what we drill. It’s notice to the world that matters. If Obama and his free-spending ways are gone, that says something.

We sold “war bonds” during WWII to help fund the war. What a quaint idea — paying for something important. The working poor, buying war bonds, to defeat Hitler and the Germans. We’re fighting two wars. Anyone buying war bonds?

Paul-Cincy on January 31, 2012 at 2:54 PM

The Bush deficit and Bush war debts would have been a drag on any presidency. Neither Romney or Obama are going to have much wiggle room until the Bush tax cuts expire.

bifidis on January 31, 2012 at 2:39 PM

Yes, of course, it is all Bush’s fault, how could we all miss something so obvious…even after Obama stated that if the economy did not turn around after his third year…
Well we can now all see that Obama’s fourth year has been hampered by his first three years…

right2bright on January 31, 2012 at 2:54 PM

The Bush deficit and Bush war debts would have been a drag on any presidency. Neither Romney or Obama are going to have much wiggle room until the Bush tax cuts expire.

bifidis on January 31, 2012 at 2:39 PM

Hey genius…
unlike Obama…..
Bush got Congressional Approval for going to war.
In the real world..that means that democrats and Republicans are responsible for the costs of war.

…..”Cutting the Bush Tax Cuts” or in the real world …”raising taxes” does not provide “wriggle room”…it only hurts job growth and economic expansion.

Obama’s failed stimulus alone cost more than the Iraq war:
Little-known fact: Obama’s failed stimulus program cost more than the Iraq war

Read more at the Washington Examiner: http://washingtonexaminer.com/blogs/beltway-confidential/little-known-fact-obama039s-failed-stimulus-program-cost-more-iraq-war#ixzz1l4EPY9My

* Obama’s stimulus, passed in his first month in office, will cost more than the entire Iraq War — more than $100 billion (15%) more.

* Just the first two years of Obama’s stimulus cost more than the entire cost of the Iraq War under President Bush, or six years of that war.

* Iraq War spending accounted for just 3.2% of all federal spending while it lasted.

* Iraq War spending was not even one quarter of what we spent on Medicare in the same time frame.

* Iraq War spending was not even 15% of the total deficit spending in that time frame. The cumulative deficit, 2003-2010, would have been four-point-something trillion dollars with or without the Iraq War.

* The Iraq War accounts for less than 8% of the federal debt held by the public at the end of 2010 ($9.031 trillion).

* During Bush’s Iraq years, 2003-2008, the federal government spent more on education that it did on the Iraq War. (State and local governments spent about ten times more.)

and his massive spending since being in office dwarfs anything Bush spent on America’s wars.

But you keep cheering on Obama “the food stamp President” while the massive debt and destruction of our economy by liberal policies continues America’s downgrade.

Baxter Greene on January 31, 2012 at 2:55 PM

That is because if they did indeed have a budget we would see that it is actually worse than it seems now, scarey huh?

D-fusit on January 31, 2012 at 2:53 PM

So he is not meeting a budget that doesn’t exist?
So I guess he is okay, because you can’t be “wrong” when there is no “right”…
Has anyone thought that maybe the budget is actually 2 trillion more than we think, so he is actually doing 1 trillion better? Yeah, that’s it, we don’t know so he may be right…

right2bright on January 31, 2012 at 2:57 PM

But you keep cheering on Obama “the food stamp President”…

Baxter Greene on January 31, 2012 at 2:55 PM

Oh, Juan Williams knows what you are really saying…

right2bright on January 31, 2012 at 2:58 PM

Vote for us — our policies keep America below its potential the waterline until well after we’ll leave jump ship!

The Schettino-bama Administration

ted c on January 31, 2012 at 2:59 PM

If these Rats did pass a budget, they would not be able to spend us into oblivion because the thing would never get by the Repunks or the American Sheeple with these levels of deficits.
The only way this Alinsky scheme works is if no-one knows its going on until its too late or, like Obamacare, one party is in control and the halfway honorable Rats will carry the torch and then resign before they have to face the heat!
Ben Nelson Traitor D NE, add your favored rat-face socialist who can’t eat pizza out here_______

ConcealedKerry on January 31, 2012 at 3:01 PM

right2bright on January 31, 2012 at 2:57 PM

Exactly, the forth bestest evah!

Nov 6th can’t get here fast enough.

D-fusit on January 31, 2012 at 3:01 PM

The Bush deficit and Bush war debts would have been a drag on any presidency. Neither Romney or Obama are going to have much wiggle room until the Bush tax cuts expire.

bifidis on January 31, 2012 at 2:39 PM

Entitlement spending has exploded while the cost of defending this Nation is actually declining:

http://www.heritage.org/budgetchartbook/defense-entitlement-spending

Spending on national defense, a core constitutional function of government, has declined significantly over time, despite wars in Iraq and Afghanistan. Spending on the three major entitlements—Social Security, Medicare, and Medicaid—has more than tripled.

….funny how liberals like bif here are no longer yelling about “war crimes”…”wars of choice” ….”torture President”….and “no blood for oil”
now that their liberal hero is bombing the crap out of other countries.

Baxter Greene on January 31, 2012 at 3:03 PM

Oh, Juan Williams knows what you are really saying…

right2bright on January 31, 2012 at 2:58 PM

..do you have his number..
…….I lost my dog racist whistle.

Baxter Greene on January 31, 2012 at 3:05 PM

You know what else might work? Actual reductions in spending.

And when was the last time the Republicans did that? I will win the PB lottery before that happens.

they lie on January 31, 2012 at 3:10 PM

Bifidis and all Dems

Entitlemants Spending Fiscal Year 2011

Social Security $725 Billion – 23%

Medicare/Medicaid $835 Billion – 20%

————————————–

Discretionary $465 Billion – 13%

Net Interest $227 Billion – 6%

Non Discretionary Constitutional

Other Mandatory $465 Billion – 13%

Defense Department $700 Billion – 19%

Care to look at the actual numbers

D-fusit on January 31, 2012 at 3:15 PM

The CBO couldn’t score last night’s basketball game.

Odie1941 on January 31, 2012 at 3:18 PM

More from Philip Klein.

I spoke too soon, above.

BKeyser on January 31, 2012 at 3:18 PM

But…but…but Nancy SAID that the ‘doc fix’ money was going to be used in her new spiffy Health Care Reform.

GarandFan on January 31, 2012 at 6:35 PM

ed,
You are so good on so many issues including this one.
if we could remove that neocon chip embedded in your brain, we would have a national treasure on our hands Ron Paul is going to have the last word yet.

standupandbecounted on January 31, 2012 at 7:36 PM