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DEFICIT NEWS
For the latest deficit news
in VIDEO go to
Deficit News Video Page
CBO: U.S. Budget Deficit to Hit $1.5 Trillion
Jan 26, 2011 MSNBC
The Full CBO Report
Congressional Budget Office
Estimates That Repeal of 2010 Healthcare Law
Would Increase Deficit by Billions
Jan 6, 2011
Obama Signs Bush Tax Cut Extension
Washington Post Dec 17, 2010
Obama slams GOP, calls tax deal politically realistic
CNN Dec 7, 2010
Factbox:
Senate tax bill has business, estate provisions
Reuters Dec 3, 2010
“Tax legislation the Senate is to consider on Saturday that would extend some of the Bush-era tax cuts for middle-income people also includes provisions that would extend a number of expired business tax breaks.”
Concord Coalition Praises
Bowles-Simpson Plan
Dec 1, 2010
“WASHINGTON “ The Concord Coalition today praised the plan released by Erskine Bowles and Alan Simpson, co-chairs of the President’s National Commission on Fiscal Responsibility and Reform, and called on other members of the panel to give it their full support.
While some commission members announced their support today, additional votes are needed this week to send a strong message to Congress, the Obama administration and the American people on the need to begin serious fiscal reform.
“This is a credible, responsible and comprehensive plan for addressing the nation’s growing debt burden, which will reach unsustainable levels if no action is taken,” said Concord Coalition Executive Director Robert L. Bixby. “It cuts through partisan rhetoric and confronts the hard trade-offs that must be made between spending, taxes and debt.” ”
Deficit Panel's Leaders Push Cuts
Wall Street Journal Nov 10, 2010
http://online.wsj.com/article/SB10001424052748703805004575606643067587042.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Debt Commission: Scrap SGR, Pay Doctors Less
MedPage Today Nov 10, 2010
http://www.medpagetoday.com/Washington-Watch/Washington-Watch/23289
White House predicts record $1.47 trillion deficit
Wash Post July 23, 2010
“ WASHINGTON -- New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.
That's actually a little better than the administration predicted in February.”
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/23/AR2010072303812.html
Automakers May Pay Off More Debt than Expected
Marketplace Radio
July 20, 2010
http://marketplace.publicradio.org/display/web/2010/07/20/pm-automakers-may-pay-off-more-debt-than-expected/
“Kai Ryssdal talks to reporter Justin Hyde of the Detroit Free Press about his story on how taxpayers may get more than expected back as automakers start to pay off their government loans”
CONCORD COALITION:
May 24, 2010
“House Considers "Extenders" Bill That Would Add $167 Billion to the Deficit Over Five Years
The extenders bill that the House will consider this week is a timely reminder of why it is important for Congress to approve a budget resolution. Such a measure continues to elude Congress, but there has been considerably less trouble reaching agreement on a bill that will add a staggering $167 billion to the deficit over 2010-2014 and a net increase of $134 billion over 2010-2020.
Some emergency spending may be necessary to provide assistance to the unemployed while the economy remains fragile, but the cost of this bill goes far beyond what is necessary and affordable -- despite $56 billion in revenue offsets.
In addition to extensions of unemployment and COBRA benefits, the bill includes funding for such things as infrastructure, aid to the states, summer jobs, agriculture disaster assistance, and the settlement of two lawsuits. While many of these items may be worthwhile, Congress must begin making some difficult choices.
These decisions should be made within the context of the broader framework that a budget resolution can provide. As lawmakers begin reviewing the extenders bill and considering amendments, The Concord Coalition urges them to pass a budget resolution before adding to the deficit. In addition, they should either add more offsets or scale back the provisions in the bill.”
http://www.concordcoalition.org/washington-budget-report/268324/21-2010
CBO March 2010 Deficit Projections
http://www.cbo.gov/ftpdocs/112xx/doc11231/index.cfm
House sends health care bill to Obama's desk
MSNBC March 21, 2010
http://www.msnbc.msn.com/id/35961584/ns/politics-health_care_reform/
HR 3590 PDF Text (2409 pages):
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3590eas.txt.pdf
http://www.govtrack.us/congress/billtext.xpd?bill=h111-3590
CBO Estimates on Health Care Bill Impact on the Deficit
http://www.cbo.gov/ftpdocs/113xx/doc11379/Manager'sAmendmenttoReconciliationProposal.pdf
March 20, 2010
“Estimated Budgetary Impact of the Legislation
CBO and JCT estimate that enacting both pieces of legislation—H.R. 3590
and the reconciliation proposal—would produce a net reduction in federal
deficits of $143 billion over the 2010–2019 period as result of changes in
direct spending and revenues (see Table 1). That figure comprises
$124 billion in net reductions deriving from the health care and revenue
provisions and $19 billion in net reductions deriving from the education
provisions. Approximately $114 billion of the total reduction would be onbudget;”
Factbox: Details of final healthcare bill
Reuters March 21, 2010
http://www.reuters.com/article/idUSTRE62K1IV20100322
Admin. official: Obama to appoint deficit panel
By PHILIP ELLIOTT (AP)
Admin. official: Obama to appoint deficit panel
By PHILIP ELLIOTT
Associated Press Feb 16, 2010
“WASHINGTON — Determined to have a deficit commission with or without Congress' backing, President Barack Obama plans to announce on Thursday that he is establishing a panel similar to — although weaker than_ the one lawmakers rejected.
Former White House chief of staff Erskine Bowles and former Republican Senate Whip Alan Simpson would lead the panel, a senior administration official said Tuesday. The official spoke on the condition of anonymity because the president's executive order creating the National Commission on Fiscal Responsibility and Reform had not been announced.”
http://www.google.com/hostednews/ap/article/ALeqM5gUda5jdroyFkM8ViO6zUVJ-Mu8ZgD9DTIHGO0
CBO: Federal deficit projected at $1.35T
Associated Press Jan 26, 2010
By ANDREW TAYLORThe Associated Press
“WASHINGTON -- The Senate on Tuesday rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year, despite glaring new figures showing the enormity of the red-ink threat. ”
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/26/AR2010012600173.html
Senate rejects plan to create commission on federal deficit
Washington Post Jan 26, 2010
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/26/AR2010012601270.html?hpid=topnews
“The Senate on Tuesday rejected a plan to create a bipartisan commission to tackle the nation's budget problems this year, leaving it up to President Obama to create such a panel by executive order.”
Obama to freeze pay of top government officials
Washington Post Jan 26, 2010
President Obama will freeze the salaries of senior White House officials and other top political appointees and eliminate bonuses for all political appointees, the White House said Tuesday. The payroll decision will likely get a mention in Wednesday's State of the Union address, officials said.
http://voices.washingtonpost.com/federal-eye/2010/01/obama_issues_pay_freeze_will_n.html?hpid=topnews
CBO: U.S. Budget Deficit to Hit $1.5 Trillion
Jan 26, 2011 MSNBC
The Full CBO Report
Congressional Budget Office
Estimates That Repeal of 2010 Healthcare Law
Would Increase Deficit by Billions
Jan 6, 2011
Concord Coalition Praises
Bowles-Simpson Plan
Dec 1, 2010
“WASHINGTON “ The Concord Coalition today praised the plan released by Erskine Bowles and Alan Simpson, co-chairs of the President’s National Commission on Fiscal Responsibility and Reform, and called on other members of the panel to give it their full support.
While some commission members announced their support today, additional votes are needed this week to send a strong message to Congress, the Obama administration and the American people on the need to begin serious fiscal reform.
“This is a credible, responsible and comprehensive plan for addressing the nation’s growing debt burden, which will reach unsustainable levels if no action is taken,” said Concord Coalition Executive Director Robert L. Bixby. “It cuts through partisan rhetoric and confronts the hard trade-offs that must be made between spending, taxes and debt.” ”
Deficit Panel's Leaders Push Cuts
Wall Street Journal Nov 10, 2010
http://online.wsj.com/article/SB10001424052748703805004575606643067587042.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Debt Commission: Scrap SGR, Pay Doctors Less
MedPage Today Nov 10, 2010
http://www.medpagetoday.com/Washington-Watch/Washington-Watch/23289
White House predicts record $1.47 trillion deficit
Wash Post July 23, 2010
“ WASHINGTON -- New estimates from the White House on Friday predict the budget deficit will reach a record $1.47 trillion this year. The government is borrowing 41 cents of every dollar it spends.
That's actually a little better than the administration predicted in February.”
http://www.washingtonpost.com/wp-dyn/content/article/2010/07/23/AR2010072303812.html
Automakers May Pay Off More Debt than Expected
Marketplace Radio
July 20, 2010
http://marketplace.publicradio.org/display/web/2010/07/20/pm-automakers-may-pay-off-more-debt-than-expected/
“Kai Ryssdal talks to reporter Justin Hyde of the Detroit Free Press about his story on how taxpayers may get more than expected back as automakers start to pay off their government loans”
CONCORD COALITION:
May 24, 2010
“House Considers "Extenders" Bill That Would Add $167 Billion to the Deficit Over Five Years
The extenders bill that the House will consider this week is a timely reminder of why it is important for Congress to approve a budget resolution. Such a measure continues to elude Congress, but there has been considerably less trouble reaching agreement on a bill that will add a staggering $167 billion to the deficit over 2010-2014 and a net increase of $134 billion over 2010-2020.
Some emergency spending may be necessary to provide assistance to the unemployed while the economy remains fragile, but the cost of this bill goes far beyond what is necessary and affordable -- despite $56 billion in revenue offsets.
In addition to extensions of unemployment and COBRA benefits, the bill includes funding for such things as infrastructure, aid to the states, summer jobs, agriculture disaster assistance, and the settlement of two lawsuits. While many of these items may be worthwhile, Congress must begin making some difficult choices.
These decisions should be made within the context of the broader framework that a budget resolution can provide. As lawmakers begin reviewing the extenders bill and considering amendments, The Concord Coalition urges them to pass a budget resolution before adding to the deficit. In addition, they should either add more offsets or scale back the provisions in the bill.”
http://www.concordcoalition.org/washington-budget-report/268324/21-2010
CBO March 2010 Deficit Projections
http://www.cbo.gov/ftpdocs/112xx/doc11231/index.cfm
House sends health care bill to Obama's desk
MSNBC March 21, 2010
http://www.msnbc.msn.com/id/35961584/ns/politics-health_care_reform/
HR 3590 PDF Text (2409 pages):
http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3590eas.txt.pdf
http://www.govtrack.us/congress/billtext.xpd?bill=h111-3590
CBO Estimates on Health Care Bill Impact on the Deficit
http://www.cbo.gov/ftpdocs/113xx/doc11379/Manager'sAmendmenttoReconciliationProposal.pdf
March 20, 2010
“Estimated Budgetary Impact of the Legislation
CBO and JCT estimate that enacting both pieces of legislation—H.R. 3590
and the reconciliation proposal—would produce a net reduction in federal
deficits of $143 billion over the 2010–2019 period as result of changes in
direct spending and revenues (see Table 1). That figure comprises
$124 billion in net reductions deriving from the health care and revenue
provisions and $19 billion in net reductions deriving from the education
provisions. Approximately $114 billion of the total reduction would be onbudget;”
““federal budgetary commitment to health care,” a term that CBO uses to describe the sum of net federal outlays for health programs and tax preferences for health care.10 CBO estimated that H.R. 3590, as passed by the Senate, would increase the federal budgetary commitment to health care over the 2010–2019 period; the net increase in that commitment would be about $210 billion over that 10-year period. The combined effect of enacting H.R. 3590 and the reconciliation proposal would be to increase that commitment by about $390 billion over 10 years. Thus, the incremental effect of the reconciliation proposal (if H.R. 3590 had been enacted) would be to increase the federal budgetary commitment to health care by about $180 billion over the 2010–2019 period. In subsequent years, the effects of the provisions of the two bills combined that would tend to decrease the federal budgetary commitment to health care would grow faster than the effects of the provisions that would increase it. As a result, CBO expects that enacting both proposals would generate a reduction in the federal budgetary commitment to health care during the decade following the 10-year budget window—which is the same conclusion that CBO reached about H.R. 3590, as passed by the Senate.
Factbox: Details of final healthcare bill
Reuters March 21, 2010
http://www.reuters.com/article/idUSTRE62K1IV20100322
Admin. official: Obama to appoint deficit panel
By PHILIP ELLIOTT (AP)
Feb 16, 2010
“WASHINGTON — Determined to have a deficit commission with or without Congress' backing, President Barack Obama plans to announce on Thursday that he is establishing a panel similar to — although weaker than_ the one lawmakers rejected.
Former White House chief of staff Erskine Bowles and former Republican Senate Whip Alan Simpson would lead the panel, a senior administration official said Tuesday. The official spoke on the condition of anonymity because the president's executive order creating the National Commission on Fiscal Responsibility and Reform had not been announced.”
http://www.google.com/hostednews/ap/article/ALeqM5gUda5jdroyFkM8ViO6zUVJ-Mu8ZgD9DTIHGO0
Senate rejects Obama debt commission
CBO: Federal deficit projected at $1.35T
By Associated Press
Boston Herald
Tuesday, January 26, 2010
“WASHINGTON -- The Senate today rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year, despite glaring new figures showing the enormity of the red-ink threat.
The special deficit panel would have attempted to produce a plan combining tax cuts and spending curbs to be voted on after the November elections. The measure went down because anti-tax Republicans joined in opposition with Democrats wary of being railroaded into cutting Social Security and Medicare.
The vote to kill the deficit task force came hours after the nonpartisan Congressional Budget Office predicted a $1.35 trillion deficit for this year as the economy continues to slowly recover from the recession”.
http://www.bankrate.com/finance/mortgages/how-do-i-find-the-best-rate-on-a-mortgage.aspx
OBAMA 2010 BUDGET:
Reuters Feb 3, 2010
Obama pushes jobs plan, but still warns on deficit
“Even as he unveiled a $30 billion scheme to boost small-business lending, Obama acknowledged the need for restraint, warning that record deficits could threaten the economic recovery.
"These deficits won't just burden our kids and our grandkids decades from now," Obama said in the politically competitive state of New Hampshire. "They could damage our markets now, they could drive up our interest rates now, they could jeopardize our recovery right now." ”
ht.://www.reuters.com/article/idUSTRE60U00220100202?feedType=nl&feedName=ustopnewsearly&rpc=408
CBO: Federal deficit projected at $1.35T
Associated Press Jan 26, 2010
By ANDREW TAYLORThe Associated Press
“WASHINGTON -- The Senate on Tuesday rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year, despite glaring new figures showing the enormity of the red-ink threat. ”
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/26/AR2010012600173.html
Senate rejects plan to create commission on federal deficit
Washington Post Jan 26, 2010
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/26/AR2010012601270.html?hpid=topnews
“The Senate on Tuesday rejected a plan to create a bipartisan commission to tackle the nation's budget problems this year, leaving it up to President Obama to create such a panel by executive order.”
Obama to freeze pay of top government officials
Washington Post Jan 26, 2010
President Obama will freeze the salaries of senior White House officials and other top political appointees and eliminate bonuses for all political appointees, the White House said Tuesday. The payroll decision will likely get a mention in Wednesday's State of the Union address, officials said.
http://voices.washingtonpost.com/federal-eye/2010/01/obama_issues_pay_freeze_will_n.html?hpid=topnews
Senate Passes Historic Health Care Reform Legislation
PBS News Hour Dec 24, 2009
http://www.pbs.org/newshour/rundown/2009/12/senate-passes-historic-health-care-reform-legislation.html
CBO Says Health Bill Would Cost $829 Billion
PBS Oct 07, 2009
The Senate Finance Committee's health care reform plan would cost $829 billion over 10 years, but would meet President Barack Obama's goal of reducing the federal budget deficit by 2019, according to a cost estimate released Wednesday
http://www.pbs.org/newshour/updates/health/july-dec09/cbo_10-07.html
“Death Panels”
FactCheck.org
“In an Aug. 20 appearance on "The Daily Show with Jon Stewart," former New York Lt. Gov. (and health care legislation critic) Betsy McCaughey referred to our organization as "spot-check dot org," claiming we failed to adequately read the House health care bill. McCaughey is the source of the false claim that the bill calls for mandatory counseling for seniors "to do what’s in society’s best interest … and cut your life short."
As we said in our article "False Euthanasia Claims," McCaughey misinterprets the bill. It calls for Medicare to pay for voluntary counseling sessions between seniors and their doctors on what care they want to receive at the end of their lives. Such sessions focus on living wills or designating a health care proxy, among other considerations. On "The Daily Show," McCaughey continued to assert that such counseling sessions were mandatory.”
http://www.factcheck.org/2009/08/spotcheckorg-we-disagree/
“False ‘Death Panel’ Rumor Has Some Familiar Roots”
http://www.nytimes.com/2009/08/14/health/policy/14panel.html?bl&ex=1250481600&en=62116d8ea4946a79&ei=5087%0A
Former Lt. Gov. Betsy McCaughey leads 'death panel' charge writing up talking points
NY Daily News Aug 13, 2009
http://www.nydailynews.com/news/2009/08/13/2009-08-13_former_lt_gov_mccaughey_leads_death_panel_charge_writing_up_talking_points_on_he.html
Most red ink ever: $9 trillion over next decade
Citing worse than expected economy, White House and Congress offer bleak budget outlooks
Yahoo Financial News Aug 25, 2009
http://finance.yahoo.com/news/Most-red-ink-ever-9-trillion-apf-2714959279.html?x=0&.v=12
New deficit projections pose
risks to Obama's agenda
By Jeff MasonWASHINGTON (Reuters) -Aug 23, 2009
“ President Barack Obama's domestic policy proposals will face the reality of skyrocketing deficits on Tuesday when officials release two government reports projecting huge budget shortfalls over the next decade”
http://www.reuters.com/article/topNews/idUSTRE57M0WV20090823?feedType=nl&feedName=ustopnewsearly&rpc=408
Buffett says unchecked U.S. debt
threatens economy: report
REUTERS, Wed Aug 19, 2009 10:22am ED
“WASHINGTON (Reuters) - Billionaire investor Warren Buffett said the U.S. economy has avoided a meltdown and appears on a slow path to recovery, but Congress must now deal with enormous amounts of debt that threaten to erode U.S. purchasing power”
http://www.reuters.com/article/businessNews/idUSTRE57I0T620090819?feedType=RSS&feedName=businessNews
Warren Buffett Editorial in NY Times, Aug 18, 2009
The Greenback Effect
http://www.nytimes.com/2009/08/19/opinion/19buffett.html?scp=1&sq=buffett%20warren&st=cse
Federal budget deficit tops $1 trillion with 3 months left in budget year
USA Today July 13, 2009
http://blogs.usatoday.com/ondeadline/2009/07/federal-budget-tops-1-trillion-with-3-months-left-in-budget-year.html
MOUNTAIN OF DEBT:
Rising debt may be next crisis
(Deficits Do Matter.org cited as a source)
Associated Press / Yahoo Finance July 3, 2009
http://finance.yahoo.com/news/MOUNTAIN-OF-DEBT-Rising-debt-apf-140105975.html?x=0
When ‘Deficit’ Isn’t a Dirty Word
NY Times March 2009
http://www.nytimes.com/2009/03/22/business/economy/22econ.html?emc=eta1
Mark Zandi Chief Economist
Moodys.com: Zandi on Stimulus .
http://www.economy.com/mark-zandi/default.asp?src=economy_homepage
Economists Debate the Quickest Cure
NY Times Jan 2009
http://www.nytimes.com/2008/01/19/business/19stimulus.html?_r=1
Partisanship Emerges in Stimulus Debate
US News Feb 2009
http://www.usnews.com/usnews/politics/bulletin/bulletin_090209.htm
Stimulus Debate
PRO: Paul Krugman, Princeton Univ.
http://krugman.blogs.nytimes.com/?scp=2&sq=PAUL%20KRUGMAN&st=cse
CON: Michael Thompson
http://www.associatedcontent.com/article/1455345/economic_stimulus_package_and_national.html
David Walker (former Comptroller General, President of
Peter G. Petersen Institute) Interview on Stimulus Plan
“Mr. Walker expressed skepticism about the $500-per-person and $1,000-per-couple "Making Work Pay" tax credits, which the administration wants to distribute to 95 percent of workers.
"Ninety-five percent is not 'targeted,'" Mr. Walker said. ”
http://www.washingtontimes.com/news/2009/jan/27/stimulus-bill-a-moving-target/
Obama Unveils New Projects, Says Economy Has ‘Long Way to Go’
Bloomberg June 8, 2009
By Kim Chipman
“June 8 (Bloomberg) -- President Barack Obama, trying to bolster an economy he says still has a “long way to go,” announced 10 projects aimed at creating or saving more than 600,000 jobs, according to the administration.
The plans are meant to boost the effectiveness of a $787 billion stimulus measure sought by Obama and approved by Congress in February. The projects will be a key focus of recovery efforts during the next three months and create or save four times more jobs than during the first 100 days since the rescue bill became law, according to a White House news release. “
http://www.bloomberg.com/apps/news?pid=20601087&sid=abeMQoRRXbok
Leap in U.S. debt hits taxpayers with 12% more red ink
USA Today May 29, 2009
http://www.usatoday.com/news/washington/2009-05-28-debt_N.htm?poe=HFMostPopular
Federal budget deficit sets March record as it soars to $192.3B
USA Today April 10, 2009
By Martin Crutsinger, AP Economics Writer
WASHINGTON — The Treasury Department said Friday that the budget deficit soared to $192.3 billion in March and is nearing $1 trillion just halfway through the budget year, largely because of mounting costs of the financial bailout and recession.
Last month's deficit, a record for March, was significantly higher than the $150 billion that economists expected.
The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion.
http://www.usatoday.com/money/economy/2009-04-10-march-budget-deficit_N.htm
Budget projects deficit will quadruple, jump to $1.75T
USA TODAY Feb 26, 2009
WASHINGTON — Federal deficits would remain above $500 billion annually for the next decade under the budget proposed by President Obama Thursday, sending the
federal debt soaring to $23 trillion by 2019.
The deficit this year would jump to a record $1.75 trillion, nearly quadrupling the 2008 figure.
http://www.usatoday.com/money/economy/2009-02-26-deficit_N.htm
Official: Obama aims to halve federal deficit
USA Today Feb 22, 2009
http://www.usatoday.com/news/washington/2009-02-21-obama-deficit_N.htm?POE=click-refer
WASHINGTON (AP) — President Obama wants to cut the federal deficit in half by the end of his first term, mostly by scaling back Iraq war spending, raising taxes on the wealthiest and streamlining government, an administration official said Saturday as the president worked to finalize his first budget request
National Debt Clock draws worried glances, reactions
CNN Oct 12, 2008
http://www.cnn.com/2008/US/10/12/national.debt.clock.ap/index.html?eref=rss_topstories
Record deficit expected in 2009
USA Today July 28, 2008
“WASHINGTON — The White House has increased its estimate for next year's deficit to nearly $490 billion, a record figure that will saddle the next president with deepening budget problems in his first year in office, a report due out Monday shows”
http://www.usatoday.com/news/washington/2008-07-27-deficit_N.htm
Debt Trap Series:
U.S. FEDERAL DEBT
$10,000,000,000,000.00
Sept 30, 2008 Debt Hits 10 Trillion !
($10 TRILLION= 10 Thousand Billion = 10 Million Million Dollars)
That’s $48,000 per adult in the u.s.
That’s $96,000 per married couple
That could be the ave increased tax burden over years
209,279,149 U.S. adults by 2000 Census
BIG DEFICITS ALWAYS = BIGGER TAXES
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