Thursday, February 26, 2009

Obama budget sees $1.75 trillion current fiscal year deficit

'Honest' Obama budget sees huge deficit

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US President Barack Obama has unveiled his budget proposal for 2010, which projects a deficit of $1.75 trillion for the current fiscal year.

While introducing the budget in a Thursday press conference, President Obama slammed what he termed as "dishonest accounting" of the costs of war.

"For too long, our budget has not told the whole truth about how precious tax dollars are spent," he said. "Large sums have been left off the books, including the true cost of fighting in Iraq and Afghanistan."

"And that kind of dishonest accounting is not how you run your family budgets at home; it's not how your government should run its budgets either," Obama said in an allusion to the presentation of government spending by the former administration.

The proposed budget, which encompasses the Obama White House's efforts to fix an ailing economy, would allow the spending of a whopping 3.606 trillion dollars for the fiscal 2010, ending the year with a 1.75 trillion dollars deficit.

Despite an ambitious agenda -- Obama plans to redirect enormous streams of spending toward programs like health care, education and energy --, the administration seeks to cut that amount sharply by 2013 to $533 billion, the New York Times reported.

A 140-page summary of the budget was presented to Congress Thursday morning. The full details are expected in April.

1 comment:

The Intellectual Redneck said...

Taxing the rich at 100% won't pay for Obama's budget. The Wall Street Journal has reported that taxing the rich at 100% won't pay for Obama's budget. Barack Obama promised not to raise taxes on anyone making under $250,000 per year. Where is he going to get the money? The numbers indicate Obama will need to take 100% of the income of everyone making over $75,000.