What’s your opinion of president Obama’s $3.73 trillion dollar budget?


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  Numbers. It wasn’t that long ago when a billion dollars was a big number. 
 President Obama is releasing his 2012 budget of $3.73 trillion dollars that includes a $1.15 TRILLION dollar deficit. In commenting on the budget president Obama stated that “the hard truth is that it will require some broad sacrifices.”  As I search out the details there are several line items that stand out.
 
 First.”New limits will be placed on deductions for home mortgage interest and charitable contributions.”
Second. “Let the Bush tax cuts for couples earning over $250,000 per year to lapse after Dec. 31, 2012.”
Third. Returning the estate tax in 2013.
 
 It appears that third rail programs of Medicare, Medicaid and Social Security are each on auto pilot.
 
In responding to the proposed budget House Speaker (R) John Bohner said: “We’re broke,” …. “What’s really dangerous is if we continue to do nothing and allow the status quo to stay in place. When are we going to get serious about cutting spending?”
 
This will be a test of wills as the GOP controlled House takes a stand on further budget reductions.
What influence will the freshman class of Tea Party representatives have in the final outcome?
 
While I have yet to explore the proposed budget let me provide a White House link as follows:
 
 
Juice reader comments are encouraged.

  

Red ink budget

Red ink budget


About Larry Gilbert