Debt ceiling deal details

Have any of you checked out the budget estimations at whitehouse.gov? For this year, they expect 2.1 trillion in revenue. For 2012, they expect $2.65 trillion in revenue and for 2013, they expect $3 trillion in revenue. It only gets more and more ridiculous from there to 2016.

They expect a 50% growth in revenue in the next two years? Even during the tech boom in the 90s revenue didnt grow that much. It took 5 to 6 years to grow their revenue by 50%. In fact...in the year 2000 the government revenue was $2.05 trillion. In 2010 it was $2.16 trillion. What is even more hillarious is that they are saying by 2016 revenue will hit $3.8 trillion...basically almost double what it is today. (And even with those numbers, they still expect a 600 billion dollar deficit!!!!)

The only time in history when government revenue increased that much in such a short amount of time was WW1 and WW2. In WW2 revenue tripled, but debt soared 10 times normal. WW1 revenue increased 5 fold over 2 years, but debt increased 13 fold over the same amount of time.

I dont know...maybe our leaders are hinting another world war to increase revenue.
 
Quote from peilthetraveler:

Have any of you checked out the budget estimations at whitehouse.gov? For this year, they expect 2.1 trillion in revenue. For 2012, they expect $2.65 trillion in revenue and for 2013, they expect $3 trillion in revenue. It only gets more and more ridiculous from there to 2016.

They expect a 50% growth in revenue in the next two years? Even during the tech boom in the 90s revenue didnt grow that much. It took 5 to 6 years to grow their revenue by 50%. In fact...in the year 2000 the government revenue was $2.05 trillion. In 2010 it was $2.16 trillion. What is even more hillarious is that they are saying by 2016 revenue will hit $3.8 trillion...basically almost double what it is today. (And even with those numbers, they still expect a 600 billion dollar deficit!!!!)

The only time in history when government revenue increased that much in such a short amount of time was WW1 and WW2. In WW2 revenue tripled, but debt soared 10 times normal. WW1 revenue increased 5 fold over 2 years, but debt increased 13 fold over the same amount of time.

I dont know...maybe our leaders are hinting another world war to increase revenue.
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inflation?
 
Peil is right. I looked at the CBO projections and it's fantasy-land.

200 Billion in cuts per year, is about the expected rate of increase over the same period. AFAICT, this "plan" essentially knocks off anticipated spending increases...
 
No spending cuts `til 2013. Will the TPers go away with a whimper or return stronger than ever?

http://news.yahoo.com/white-house-expiry-bush-tax-cuts-spur-reform-021437154.html

WASHINGTON (Reuters) - White House officials said on Sunday the spending cuts laid out under a new deficit deal would not take effect until 2013 and the expiry of Bush-era tax cuts for the wealthiest Americans would spur broad tax reform.

Speaking to reporters after President Barack Obama outlined the deal, White House officials said Obama would veto an extension of the cuts enacted under former President George W. Bush if tax reform were not implemented.

The deal sets up a congressional committee that would explore tax reform as well as other deficit-cutting measures by the end of this year.
 
Thank you sir, may I have another. Are we to be awash in gratitude that the muggers didn't shoot us? They're only going to continue stealing our money. Happy Days!
 
Quote from bearice:

In 2007, when the economy was still doing fine, The Federal Govt took in $2,568 TRILLION in revenue and we spent $2,629 trillion for a deficit of $161 Trillion.

Now a mere 4 years later, we are spending $3.7 TRILLION while taking in only $2.1 trillion. For a deficit of $1.6 Trillion. OR 10 times the deficit of FOUR YEARS AGO. Who knew that Bush would be "the good old days?" Revenue is down because the economy is down. spending is up because we have a Socialist, Giant Government believing president in the White House and a Democratic Congress that loves to spend other peoples money. Now the face of Congress is changing. If the government would get out of the way of business and SHOW business that the government wants them to do well. Mainly by reducing regulations on business and taxes on business since the taxes in the USA between Federal and States are the highest of any nation in the world. Then business could and would begin to expand. And TAXES on the rich and everyone else were exactly the same in 2007 as they were in 2010. Now since obama and the Democrats extended and increased to tax cuts, taxes are lower NOW than they were in Bush's time. Individual taxes, not business taxes.

So if we could get spending back to where it was in 2007 and get revenue just $200 billion above where it was in 2007, we would HAVE a balanced budget.
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The deficit for 2007 was about ~500Billion. I don't know where people are finding these numbers that lowball the deficit...
 
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