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Bush (taxcut) Plan Would Raise Deficit by $1.2Trillion, Budget Office Says

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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 03:55 PM
Original message
Bush (taxcut) Plan Would Raise Deficit by $1.2Trillion, Budget Office Says
http://www.nytimes.com/2006/03/04/politics/04budget.htm...

WASHINGTON, March 3 — President Bush's budget would increase the federal deficit by $35 billion this year and by more than $1.2 trillion over the next decade, the Congressional Budget Office reported on Friday.

The nonpartisan budget office said that Mr. Bush's tax-cutting proposals would cost about $1.7 trillion over the next 10 years and that his proposals to partly privatize Social Security would cost about $312 billion during that period.

The office also said Mr. Bush's proposals to save money on Medicare, Medicaid and most nonmilitary programs would offset about one-third of the cost of his other proposals.

The report comes as Republican leaders in Congress prepare to settle on their own budget for next year, which could differ substantially from Mr. Bush's. They are already running into political and economic obstacles as they try to extend Mr. Bush's tax cuts, pay for the war in Iraq and squeeze spending on antipoverty programs, education and most other areas of nonmilitary spending.

Senate Republicans, nervous about their prospects in this fall's midterm elections, are balking at Mr. Bush's proposal to trim $36 billion over five years from Medicare, the government health program for the elderly.

...more...


The estimated population of the United States is 298,686,220
so each citizen's share of this debt is $27,689.19.

The National Debt has continued to increase an average of
$2.17 billion per day since September 30, 2005
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Skink Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 04:16 PM
Response to Original message
1. Add that to the war and you get Argentina@99
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NashVegas Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 04:18 PM
Response to Original message
2. Perhaps We Will Soon Find Out
Just how frightened Republicans truly are.
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pfitz59 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 04:24 PM
Response to Original message
3. Liars and thieves......
There is NO party of "fiscal responsibilty"! I'm sick of the Repukes and their Dem enbablers!
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leQ Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 04:27 PM
Response to Original message
4. imagine what a trillion dollars spent on education could do.
if our economy is doing so well, what's their excuse this time?
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SoulDrift Donating Member (35 posts) Send PM | Profile | Ignore Sat Mar-04-06 04:31 PM
Response to Original message
5. But just wait!...
Until the tax cuts spur investment, revenues will increase.. they've been promising that since the Reagan years, it's got to happen sooner or later... haha.
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davekriss Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 08:06 PM
Response to Reply #5
11. Notice...
Edited on Sat Mar-04-06 08:08 PM by davekriss
...that revenues did increase faster then spending. But only after Clinton raised taxes on the upper class. When Clinton gave the appearance of righting the fiscal wrecklessness of the Reagan>GHWB years, only then did the economy come roaring back and tax revenues overflow coffers until we were showing record surpluses. This, only to be wrecked again by the son of GHWB.

We've been sold down the river, bought lock stock and barrel. Today most of us either buy something made overseas and many of us work for a foreign owned firm. Meanwhile the robber barrons take their cut, steel their financial fortresses, and covort with members from their same caste in exclusive luxury locales the world over. Sucks for most of us, though.

(I say, eat the rich!!!)
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DiverDave Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 04:32 PM
Response to Original message
6. Yeah, what a legacy for our kids
"Here ya go, son, you will have to pay all this money back, have a good life."
Sickening, absolutely mind boggling.
But they want us to believe that the cuts will help the economy, yeah, the SWISS economy.
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phantom power Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 04:34 PM
Response to Original message
7. Is there anybody out there...
in America who still remembers that enormous deficits are a bad thing?

(besides here at DU?)
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jus_the_facts Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 04:47 PM
Response to Original message
8. each citizen's share of this debt is $27,689.19.....
....I'd have to work NON STOP for over 3 years to pay *my* share...eventhough *i* never voted to allow any tax cuts for the top 1%...FUCKERS! :evilfrown:
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RedSock Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 05:49 PM
Response to Reply #8
9. remember the democrats are the big govt party
remember the democrats are the big govt party.

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Yupster Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-05-06 01:01 AM
Response to Reply #8
17. Lucky for you
If you make $ 9,000 per year, you probably pay no, or virtually no federal tax so someone else will pick up your share for you.
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jus_the_facts Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-05-06 01:34 AM
Response to Reply #17
18. Only if I take the Earned Income Credit....
Edited on Sun Mar-05-06 01:35 AM by jus_the_facts
...if not then they take $331.00 more. Makin' less than poverty level doesn't feel very Lucky to me either. x(
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mom cat Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 07:48 PM
Response to Original message
10. K&R to the Greatest Page. This deserves to be seen.
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wordpix2 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 08:10 PM
Response to Original message
12. but...according to Chimpy, tax cuts result in increased revenue, don't you
critics know that? :puke:
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Tyler Durden Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 09:02 PM
Response to Original message
13. DROWN THE BABY!
C'mon kids. Haven't you figured out that the rePukes have no agenda other than the utter destructions of any program that doesn't support their greed?
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UpInArms Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 09:49 PM
Response to Reply #13
14. the following link leads to a series of articles
that I found thoroughly educational

http://www.narconews.com/Issue40/article1644.html
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sakabatou Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 10:27 PM
Response to Original message
15. Fucking peice of crap...
Damn it all...
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RazzleDazzle Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Mar-04-06 10:48 PM
Response to Original message
16. Will NO ONE stand up to these people?
My God. He's insane, and everyone who supports him is as well.
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corporate_mike Donating Member (812 posts) Send PM | Profile | Ignore Sun Mar-05-06 01:36 AM
Response to Reply #16
19. Democrats won't :(
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tecelote Donating Member (645 posts) Send PM | Profile | Ignore Sun Mar-05-06 06:05 AM
Response to Original message
20. When will America wake up?!
Everything America has stood for is no longer.

In under six years, America has been destroyed.

Unbelievable.
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corporate_mike Donating Member (812 posts) Send PM | Profile | Ignore Sun Mar-05-06 02:57 PM
Response to Reply #20
21. America always loved big gov't spending - noone cares about the deficit
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Laelth Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-05-06 04:57 PM
Response to Reply #21
23. Clinton actually cut govt. spending.
Clinton balanced the budget. I am not fond of the "both parties are the same" argument. They're not. That's why we're here at DU.

I admit that I've been discouraged by the cowardliness of some of our DINOs, but I have to cut them some slack. The R's control the presidency and both houses of congress. There's very little that the Dems. can really do.

-Laelth
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subterranean Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Mar-05-06 04:23 PM
Response to Original message
22. Bush: "It's not my problem, it's for the guy coming behind me."
That's what he reportedly said about the deficit he created as governor of Texas. He's just doing what he's done for his entire life: Make a mess and let someone else clean it up.
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