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Obama signs order to begin spending cuts

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WASHINGTON, DC (AP) -- President Barack Obama has signed an order authorizing the government to begin cutting $85 billion from federal accounts, officially enacting across-the-board reductions that he opposed but failed to avert.
 
Obama acted Friday, the deadline for the president and Congress to avoid the steep, one-year cuts.
 
Obama has insisted on replacing the cuts, known as a "sequester" in government budget language, with tax increases and cuts spread out over time. Republicans have rejected any plan that included tax revenue.
 
The government says the reductions will soon result in furlough notices to government employees and will trim government spending on defense contracts and in domestic government programs. Active military personnel and anti-poverty and low-income assistance programs are largely protected from the cuts.

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Have we forgotten?

We rant and rave about Government spending (i.e.) "Oh, how wasteful our dollars are being spent by our Government".
Then we rant and rave about attempts made to cut those spending acts of "dollars" that at one point in time we considered, unnecessary. Confusing isn't it?
Try interpreting our history over the past decade on events that brought us to this point in time in Chapters 1,2, and 3:
1. http://www.economist.com/node/12931660
2. http://tvnewslies.org/html/9_11_facts.html
Now, take a good look at this video, and decide for yourself about VP Dick Cheney (yes he's part of the loop here as well), and watch the starting gates open wide for one administration to start the spending processes, and all for the Love of and Control of Oil.
3. http://www.youtube.com/watch?feature=player_embedded&v=cyBL9ETL5FY#!

It may be a waste of your time to see what research has revealed, but then again it may open your eyes to our countries leaders over the past decade.
I'm not excusing Obama from anything "at all", but the beginning of this major catastrophe called Our Economy starts with Chapter #1 (above)

This is just the tip

of the iceberg.

ON or about March 27, the government has no funds authorization to continue operations.

Sometime in May, the debt ceiling is hit.

What are they missing?

It's not a revenue issue. It's a free for all spending issue.

I dislike the source

But I found this regarding March 27:

http://dyn.politico.com/printstory.cfm?uuid=AC66D413-00AF-4E2E-AAB3-6505...

Politics politics politics.........

Vog

Tom

Boehnner is already saying the 27th is not an issue and will put through a continuing resolution - he said this over the weekend...
There are two thing at play here - the immediate issue of THIS years budget - meaning the debt ceiling - and long term debt reduction.
If my figures are right over 30 years our debt has grown to $15+T
Reducing it by 20% in the next decade ($3T) is not all that bad - if no new debt is added to it.
Medicare is the big thing though.
This story is not about Medicare but it points out the problems with Medicare are not JUST medicare itself:

http://healthland.time.com/2013/02/20/bitter-pill-why-medical-bills-are-...

Some of the stuff in there is stunning

Vog

Tax and spend

Obama is mad because they took our Grandkids credit card away from him..

Vacation

I hope they set enough aside so Michelle can go on Holiday.

It was Obama...

who proposed the sequestration in the first place over a year ago. I guess he was for it...before he was against it...sound familiar?

Not quite

It was negotiated between 6 Republicans and 6 Democrats and at the time was hailed by everyone including the President, Boehnner, McConnell and Reid.
Both parties were part and parcel to this one.
And I don't know why anyone is complaining - it's 2% of the total budget. The ONLY problem is the annual cuts take place in a compressed 7 month time span this year - as the Federal budget runs from Oct 1, to Sept 30.
So for the decade
$1.8T in cuts in the fiscal cliff deal
$600B in new revenues
$1.2T in cuts from the sequester

$3.6T in debt reduction over the next decade.
If you want to follow Simpson Bowles you have to come up with another $400B in revenues to achieve that $3 in cuts for every $1 in revenue figure though
:-)

Vog

PS - so why isn't Obama getting credit for this debt reduction? No other President has ever done this? If the "blame game" stops at his desk - doesn't the begrudging credit stop there too?

I'm glad you are pointing

I'm glad you are pointing this out to some of those among us that has forgotten this is their "chosen's one" idea to start with. He's acting like a spoiled little child that has been caught with his hand in the cookie jar, and nbow he has to man up! He has had 4 years and yet to produce a budget, even his blessed one "Harry Reid" has yet to put a budget thru the senate, so I give the "congress" a big attaboy, we want that deficit brought under control, and this is the first step.

B M

Harry Reid can't remember what he had for breakfast.
So there's only one side to negotiations?
I'm all for blaming Obama for a lot of stuff - but of the $16T debt there was $10T already there when he took office.
So - he gets blamed for that too?
Of course he does - he's the President - the buck stops at his desk.
So he partakes in the credit as well.

I just wonder how much in debt reduction we're anticipating as the debt has grown since Reagans terms in office 30 years ago.....

Vog

Vog

Vog

oh, and 1 more thing, one of his original campaign promises was that he would cut the national debt in half in his first 4 years, how's that HOPE and CHANGE thing working out for yaw?

Vog46

well Vog you did a pretty good job of answering the question yourself, the national debt rose 10 trillion in 24 years!! then along comes the MESSIAH and in 4 years the national debt goes up 6 TRILLION more, seems like this administration has a terrible spending problem, now we could back out some paybacks like SOLYNDRA and GM and such, which we'll never see our money back, but the real point to remember in all this is the big impact of this administration will not be felt till about 4 to 6 years after he leaves office, then it will catch up and it's not going to be pretty for this country. And in all this crisis the left is creating, not one word bout curbing foreign aid and getting our financial house in order, seem a little strange to you?

B M

I get so frustrated by this "he's either all right, or he's all wrong" when addressing presidential performance.
Was Bush wrong on the surge? Heck no it helped to being the war to an end.
We can debate other facets of the war ad infinity but we won't.

What about Medicare Part D? I was all for it. Boy did my mind get changed in a hurry when I saw the costs which were far more than anticipated.
What about the Tax Cuts? Boy that was great wasn't it? The rebate checks? Yeah another great idea.

Was Clinton a jerk? Hell yeah he was, but the economy prospered under his tenure. Even Republicans are looking back at the Clinton years fondly it seems.
George HW Bush? Kicked the Iraquis butts but then ended the fight too soon.
Reagan was the man - knew which taxes to cut and when. He completely destroyed the Soviet Union and thankfully didn't let the debt get too out of control.
But since his time it has gotten out of control.
Now everyone is screaming debt, debt debt.

So B M answer a question.
Has any other President cut spending better than Obama has?
Yes or no

Doesn't matter if Boehnner forced his hand or not the President could have vetoed the bill.
Yes or no?

Vog

B M

So you READILY admit that not all the debt is Obama's fault?
So you readily admit that he the FIRST president to address debt?
Of course NOT because that would give him credit for something.
Is that correct?

Stop trying to rewrite history.
The end of GW Bush's Presidency and the beginning of Obamas was marred by the second worst recession in history.
The debt was caused by bipartisan out of control spending AND a very flawed economic theory that cutting taxes pays for itself. Reagan understood this and raised taxes to keep the debt from spiraling out of control - as it was it almost doubled(?) during his 8 years. Clinton gave Bush the FIRST surplus in I don't know how long and the Congress blew it by cutting taxes.
Like I've said politicians have never seen a program they DIDN'T want to spend money on or a tax cut they didn't like.
It took WWII - and its aftermath to get us out of the 1929 depression. I wonder how fast everyone wants to get out of debt? Do we want to put it all on Obama's last 4 years? Is that fair?
He's the ONLY President that has done this (by force or otherwise) - hows THAT for change?
Or do we wish to go McConnell's route - cut taxes even more - creating more debt?
I'll stick with the GOP supported Simpson Bowles recommendations thank you
Which means we still need another $400B in revenue to get to the $3 in cuts to $1 in revenue that SB recommended.

Vog