Obama budget curbs deficit, sets up fiscal fight
WASHINGTON (Reuters) - President Barack Obama proposed a budget on Monday that would cut the deficit by $1.1 trillion over the next 10 years, but Republicans said it did not curb spending deeply enough to meet their demands.
Conservatives say Obama, a Democrat, is a tax-and-spend liberal, and they aim to make the 2012 presidential election a referendum on his fiscal track record.
Details of the proposal provided by the White House before its official release described a $3.729 trillion budget in which the deficit rose to $1.645 trillion in fiscal 2011, then fell sharply to $1.101 trillion in 2012.
A few points:
- Budgets are year-to-year plans. They are not 10 year plans so to suggest the impact of a 1 year budget 10 years down the road is, well, for simple people who don't need math to get by.
- Increasing the deficit to $1.645 trillion and then claiming it will "fall sharply" to a still staggering $1.101 trillion is, well, for simple people who don't need math to get by.
- There are people who believe a country can spend more than they take in forever; they are simple people who don't need math to get by, like Paul Krugman.
If this is the budget that is approved then one has to seriously contemplate what the post-American world will look like because it is impossible to continue down this path. America will fail and it doesn't matter which math illiterate party you are a member of, it's a fact that you cannot spend more than you take in forever. No amount of hatred for the other side will stop that.