Sunday, February 22, 2009
Billions In Spending AND Cutting The Deficit
President Obama is reportedly preparing to outline a plan to cut the federal deficit in half by the end of his first term.
Now, I admit that I have trouble even balancing my check book. But it seems to me that you can't spend the billions of dollars earmarked for the economic stimulus plan, increase the number of troops in Afghanistan and cut the deficit at the same time.
To understand how staggering this issue is: the deficit on the day Obama took office was more than $1 trillion. By comparison, the deficit when President Clinton took office was $404 billion.
An Associated Press story previewing the president's plan quotes an anonymous official as saying Obama will do this by restoring spending integrity, reducing the troop level in Iraq and by eliminating temporary tax breaks instituted by the Bush administration.
But with companies closing, people losing their jobs, tax revenues reduced, federal stimulus and bailout money being handed out like candy on Halloween, one has to really wonder how the president plans to cut the deficit in half in four years. We should be listening very closely as he unveils his plan to accomplish this in the next several days.
We talk about these issues and more weekdays at 5 PM New York time on News Talk Online on Paltalk.com