http://www.news.com.au/heraldsun/sto...40-663,00.html
Barack Obama rolls out rich tax and slashes Iraq spending
Carly Crawford
February 24, 2009 12:00am
BARACK Obama plans to increase taxes on the rich and slash Iraq War spending to halve the US's $1550 billion-a-year budget deficit.
The President is expected to roll out his budget proposals this week, beginning with a "fiscal responsibility summit" of officials and experts today, his first address to Congress tomorrow and the unveiling of his 2010 budget on Friday.
Aides at the weekend revealed Mr Obama's ambitious goal of reducing the deficit to $800 billion by the end of his first term in 2012.
He is worried that without action, federal borrowing could hamper economic growth in the US, suffocating efforts to create new jobs.
When he took office in January, Mr Obama inherited a US economy in deep crisis, laden with an annual budget deficit of more than $1550 billion.
That will swell even more with the $1220 billion stimulus package - the most expensive piece of legislation ever made in the US - which Mr Obama signed into law last week.
"We have been on an incredible spending spree," Senate Minority Leader Mitch McConnell said.
"So, I think it's timely that the President's having a meeting at the White House tomorrow to talk about the deficit because we're spending money at a very, very rapid pace, far beyond anything in history."
Employers at the weekend began a campaign of tax reductions for workers, mandated by the stimulus plan.
A senior administration official said the next fiscal step would aim to slash spending in Iraq and raise taxes on the "wealthiest Americans".
Mr Obama's campaign had forecast a saving of about $140 billion a year by withdrawing combat troops from Iraq. But the real potential for savings on military spending remains unclear, with the administration ordering an increase of 17,000 troops to Afghanistan.
Ob2am1a is a ing moron.
Talking about bending over the rich even more so openly when the country is on the brink of ing collapse or civil war is comical.
They will obviously have to raise taxes to attack the deficit, but after this joke of a porkulus bill/tarp/mortgage bailout; many "Americans" are starting to wake up and tell the F1ed to shove it up their ass.
Civil war
Should we punish those who were in power over the last 8 yrs?
How quickly they forget who got us in this mess! If the Bush administration would have done something about the oil and energy crisis maybe americans would have had more money to spend on cars and new homes but we were stuck paying high energy and fuel bills... i am just saying
I love the anger directed at Bush's failed policies coming from obviously pure partisans who have no idea what the correct policies they should be griping about are.
So I presume that you think the Republicans are the only ones to blame for this mess? Are you serious? Both parties are to blame for this as well as many in the private sector.
CRA act of 1977 and its acceleration under Clinton in 1995 to force many financial ins utions to take on SUBPRIME (now that should be a warning about this situation immediately) loans to those who can't afford a basic loan? The fact that they thought low income Americans should have a chance to own their own homes is all well and good but we all know what the road to is paved with. That's just one of the examples where politics played a significant role in setting up the fall we have just gone through.
There are too many players to just blame one party. We as a people better wake up to this fact. I believe there is plenty of blame to go around. Unfortunately too many of the players will most likely wld sufffering little consequence while the majority of us will foot the bill.
Thats what I was thinking...Civil war
You *think* this will happen?
Dude, its happening.
We are footing the bill and they are getting away with trillions in taxpayer money!
Woo-hoo! Go us! Wish I were a banker about 7 years ago. I could write bad loan after bad loan after bad loan, trade said loan as an asset making even more money than the original loan, then when everyone found out (finally) that a vast majority of the loans I wrote werent worth the paper they were printed on, I'd cry "too big to fail" and the government/taxpayers would bail me my buddies out to the tune of trillions! Thats like a triple dip of super-rich awesome for the extremely wealthy. We didnt have enough of the world's wealth to begin with, we needed more, and we're getting it...by hook or crook...or both.
God damn, I love America! ...now if only I were really rich so I could bone all of you out of you and your children's money, it'd be a uva lot cooler right about now.
/sarcasm
We're all ing suckers. You, me and everyone you know. We're being ed with no lube and the most action Ive taken is ing on this political forum. So Im guilty as , too I guess.
Those damn Banking republicans!
HA! Not what I meant, but funny nonetheless.
Yes, pretty soon the rich will be out on the street corners begging like the rest of us.
The Internet is not a safe place to discuss anything beyond ing.
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