“Preparing for political life after a bruising election, President Barack Obama will put greater emphasis on fiscal discipline, a nod to a nation sick of spending and to a Congress poised to become more Republican, conservative and determined to stop him,” the AP’s Feller reports. “He is already giving clues about how he will govern in the last two years of his term. Obama will try to make gains on deficit reduction, education and energy. He will enforce his health care and financial overhauls and try to protect them from repeal should Republicans win control of Capitol Hill. He will use executive authority when blocked by Congress, and steel for scrutiny and investigations if the GOP is in charge. While trying to save money, Obama will have to decide whether to bend to Republican and growing Democratic pressure to extend Bush-era tax cuts, even for the wealthy, that expire at year's end.”


3 Trillion dollars later and nothing to show for it. Yea we believe you Obama
Hard working citizens need to STOP the Marxist big government Obama agenda dead in its tracks
We, in Michigan appreciate the avoidance of the loss of millions of jobs in the auto sector. Much of the tarp has been payed back.
It is the responsibility of the president to fund current operations in Afghanistan and Iraq. The reasons must be innumerated here because even Joe Scarboro has decided it is time to cut and run. As ill-advised as those wars were, to cut war funding leaves our troops facing and emboldened enemy while having less resources. A draw-down of forces costs more than maintaining those forces over the short term. Obama's response in Afghanistan, giving the military the surge and reviewing the result in one year, was the good choice of all poor choices available. If the military can help Afghanistan, the signs should be evident in that year. If this is a quagmire, that will also be evident. The losses and sacrifice of our military should not be walked away from without giving them a chance for success. But the war cannot be allowed to proceede with the current aims and strategy if there is to be no end. Lots of money there that may be wasted but I see no GOP offered strategy that continues pressure on Osama Bin Laden and ends the war. Obama must be credited with the Iraq war draw-down. It was only after he visited the country that Bush signaled the end of combat operations. (quibblers be advised that there is a DOD definition of "Combat Operations")
The health plan doesn't increase the deficit, in spite the self-serving predictions of the GOP to the contrary. Saving will be realized while profit of insurance companies will be held to 15%. Those that give huge bonuses to executives will have to compete with those who do not. The crying from BMW drivers will be audible, but they are only crying over the loss of one of their 8 vacation homes.
"Preparing for political life after a bruising election, President Barack Obama will put greater emphasis on fiscal discipline"
And we're supposed to believe that a wild spender will magically become a fiscal conservative??????????????
Thanks, I needed a good laugh today.
In 8 full years, G W Bush increased the Public Debt by $2.4 Trillion, while Obama has increased it by over $3.2 in only 2 years.
Sorry Roy, but you're wrong. The debt increased by a massive $5 trillion under Bush 43. Ands he is the ONLY president to reduces taxes in a time of war. More spending and less revenues lead to higher debts. You can't play the fiscal conservative card when it suits you and be taken seriously.
The Republicans and the Democrats have yet to put forth a detailed plan to eliminate the budget deficit and reduce the national debt.
Todd M "Sorry Roy, but you're wrong."
Here is the information from the government records on the Public Debt at the end of each Fiscal Year;
Public Debt in 2000 = $3.405 Trillion.
Public Debt in 2008 = $5.809 Trillion.
Public Debt in 2010 = $9.023 Trillion.
Do the math for yourself.
Well Roy, here's where we have to debate. I am referencing numbers directly from the Treasury dept (, bureau of the debt)website: http://www.treasurydirect.gov/govt/reports/pd/histdebt/histdebt_histo5.htm
This is the debt for the last decade. You can also reference the history of the debt. The debt is tallied at Sep 30, the end of the gov't fiscal year. as you can see the debt went from $1 trillion on Sep 30, 1981 (I'm giving Reagan some time because he was only in office for 8 months) to $2.6 trillion on 9/30/88 before he left office. Bush 41 increased it to $4.0 trillion before he left office in 4 years.
Bush 43 got it at $5.7 trillion in 2000(it didn't change between '99 and '00) and at 9/30/2008 it was at $10 trillion, but htius was before TARP which was passed in October 2008. So you can tack on another few billion, luckily though, in the end most of TARP will have been paid back. So let's sy $.3 trillion for Bush 43 in 8 years.
If you can provide a more reliable source of numbers for the debt than the Treasury depts bureau of the debt, then I would gladly discuss with you. The public portion of the debt is treasuries held by outsiders. The debt is treauries held by everyone, especially the federal reserve. What happens is the Fed buys the treasures to print more money for the government. While it seems like "fake" money, it is very real and the effect on the economy and the debt is very real. if the US Government was to default on any debt, even those held by the Federal Reserve, the effect would be cataclysmic.
I had a clreical error. I meant to type "$4.3 Trillion increase for Bush 43"
Todd M
Here is my source;
http://www.treasurydirect.gov/NP/BPDLogin?application=np
I was referencing "Debt Held by the Public", which is the actual amount of money that we have borrowed from foreigners and investors. The difference between our figures is that you are including money that one government agency has borrowed from another government agency - Intragovernmental Holdings (in effect money that taxpayers owe themselves). The changes in the Debt Held by the Public is much more reflective of the Deficits each year.
I would argue that money we owe to third parties (other foreign governments and investors) is more important than money we owe ourselves. Borrowing from one government agency by another government agency has been going on for over 50 years.
Todd M "if the US Government was to default on any debt, even those held by the Federal Reserve, the effect would be cataclysmic."
With the power to print money at will, how could the Fed possibly 'default'? The answer is that they can't - they would merely start the printing presses and devalue the debt, which is how governments have always handled this problem in the past - See Weimar Republic in Germany or what's happening in Zimbabwe right now.
No country needs to default when they can pay their debts with worthless paper, and if we don't put a stop to the current Administration's wild spending, that could well be where we are heading.
I must be missing something on the tax extension debate. If the Dems and Obama cave now to an extension, even temporary, this puts them in a double bind: one, there is clearly no assurance that a new Congress in 2012 will have more Dems or be more likely to restore the old rates; and two, it will concede half the argument toward deficit reduction - raising taxes will be off the table. And given the decade of arguments that the tax cuts disproportionately benefited the upper income earners - was this mere smoke and mirrors, sound and fury? Do the Dems really represent the middle class? Are the Dems admitting that they cannot stand for principle or take on the monied class?
Obama had appointed the debt commission (while the GOP opposed that approach) for which he received no credit. If he can get education and energy out of the "do nothing" Congress, I will be impressed.
It is not the end of the world of Obama loses the fight over the give away to the rich. Even he has to lose some. The congress is viewed as far below him and they should do something to get our country in order and stop fighting over the politics of political appointees. The only criteria for rejection of an appointee should be corruption or treason.
"Obama will have to decide whether to bend to Republican and growing Democratic pressure to extend Bush-era tax cuts, even for the wealthy, that expire at year's end."
Don't do it! It would be bad for the country. Bush's tax cuts are what put us into this federal deficit (that, and two wars and a prescription drug plan.) That's the bottom line.
Well Amy, don't you find it interesting how the Democratic Party is beginning to implode from within?
and the liberal pundits indicate the reverse? What spins the liberals do.
"Obama agenda: Deficit reduction, education, energy"
________________________________________________________________
Translation: increase taxes, grow government, government control
The President and the Democratic Party have a chance to prove to the base and the country that they will stand for what they believe in. We have been told, and it appears to be true, that the Bush tax cuts will increase the deficit and will not be good for the middle class nor the poor. The republicans and the dems that support them have not said to this day how they plan to pay for them if extended.
It is time for the President to prove that he will stand on principles and what he believes in regardless of what others think. I hold great respect for those that stand for their beliefs.
I truly believe that the tax cuts will not benefit the middle class nor the poor. My reason for my belief is if they are so great, why do we not see any benefit from them now. They are in place right now and there are no jobs and the rich are not hiring! This is very strange to me and am unable to understand. No one has been able to convince me that the tax cuts will benefit anyone but the rich.
Waiting with an open mind for someone, anyone, to explain it.
Sometimes the rats win.
Still No Jobs!
It is up to the private sector to create jobs. As long a Republican business people refuse to hire, there will be NO jobs. They are using that as a political weapon.
SJC, I totally agree with you. I believe it is part of the strategy that was set forth by the republicans just after the president was elected, remember Limbaugh, McConnell, Demint and the others?
I'm sorry, but the "rapier wit" of the conservatives on this discussion are void of any reference to the doubling of the national debt during the Reagan/Bush 41 terms and then again during the Bush 43 years. Is Obama helping the matter? No, but I also don't give him full blame to the deficit increases for the budget year already in progress when he came into office. He gets full blame for the stimulus act though.
TARP was passed by the Republicans as well, but to hear Warren Buffett talk about it , I think it was necessary to prevent a full blown financial meltdown and depression.
Three million dollars and nothing to show for it. Do the Dems deserve to be elected again? NO. We've been had. The 5th Horseman has looted our treasury and now he is printing money on useless paper. Sooner or later China will march in to take over.
Obama to become a fiscal conservative with the probable GOP control after the mid-terms? What a spin. Does anyone actually believe this?
During an off-the-teleprompter speech to a Latino group, the Prez. commented that if the Republicans want to move forward, they can either accept his proposals or go sit at the back of the bus. What a racist comment from the Great Divider.
I would be surprised if this man doesn't do anything other than move his agenda forward, blaming the GOP as usual for being the party of no. A leapord doesn't change his spots overnight.
I WISH Obama & the Politicians would have the courage to add a $1 tax per gallon on gas & Oil & use this money for long Term R&D to Detox the American Consumer from Imported Energy & have American Ingenuity create a New Clean Fuel Source
Well Ken, let's hope this never happens. I currently pay more for fuel that the average citizen, unless you also reside in CA, and my company fuel costs are high now. But I pay the cost and don't lay off workers who use the company cars. We don't have to detox the american consumer from imoported energy if we use American resources to provide our own fuel. We do have those resources, but the tree huggers, a small minority, control the congress on this presently.
Proven fact from the EU - clean fuel sources are more costly than fossil fuel. Carbon jobs end when alternative energy jobs are expanded.
Corn is not an inexpensive fule alternative. Look at the costs and the energy required to produce and deliver the raw materials.
Ready for another $2.6 Trillion dollar tax bill, to add to the growing 13 Trillion dollar US treasury Deficit. Then you just vote for any Democrat, who is going to stick that bill on you--with another illegal alien AMNESTY.