Saturday, February 28, 2009

President Obama must do more to lower the nation's deficits during his stay in office


White HouseThe White House. Image by Fabio Gava via Flickr

Government reform orgs. deliver news on major events within their areas of expertise.
From:
Taxpayers for Common Sense

Volume XIV No. 9 - February 27, 2009


In his address to Congress, President Obama pledged to cut the annual budget deficit in half by the end of his term. The problem is, this goal would keep deficit levels higher than the record deficits we have seen over the last eight years.

The bottom line is we have to do better. The largest budget deficit during the Bush presidency was $454 billion in 2008. At the time, that was a record. Everyone knows that record will be smashed to bits with the deficit estimated (pdf) to exceed $1.7 trillion in 2009. Right on the heels of that is a predicted deficit of $1.2 trillion in 2010.

We understand the argument that the country is in a deep recession, committing unprecedented funds to a bailout of the financial system and to stimulate the economy, so there is a need to carry large deficits in the short term. But, the budget the Administration released predicts the economic recovery starting in 2010, thus deficit reductions should and can be more aggressive before the end of the Presidential term in 2013.

[more...]


>All Things Reform Mobile: allthingsreform.mofuse.mobi >Capitol Switchboard: 202-224-3121 (not toll-free) >US House/Senate Mobile: bit.ly/members >Contact your reps tips: bit.ly/dear >Shortened All Things Reform URL: bit.ly/dw


Reblog this post [with Zemanta]