It’s Official…Obama Has Now Borrowed $3 Trillion

[bugscoe]

It’s Official… Obama Has Now Borrowed $3 Trillion
Posted by Jim Hoft on Monday, October 18, 2010, 9:22 PM

Worst. President. Ever.
That didn’t take long. The Obama administration has now borrowed $3 trillion, according to the U.S. Treasury Department. But look what we have for it… 9.6% unemployment and a record national deficit.

CNS News reported:

It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.

In related news… Glenn Reynolds posted this on Obama’s dreadful recovery efforts–

JOHN MERLINE: Just How Lousy Is The Economic Recovery? “Indeed, when you compare the current recovery to the recoveries from the two previous worst post-Depression recessions — the one in 1974-75 and the one in 1981-82 — the picture is decidedly bleak. . . . The evidence from past recoveries shows that things could be — and arguably should be — much better than they are now. Which strongly suggests that, however bad the recession was, something the federal government is doing today is putting a drag on the normal recovery trajectory. Only by admitting there’s a problem will we ever have a chance of getting the current recovery back on track.” If you make it harder to create jobs, fewer jobs will be created.

 

[bigdavediode]

Quote from bugscoe:

It took from 1776, when the United States became an independent country, until 1990, the year after the Berlin Wall fell signaling victory in the Cold War, for the federal government to accumulate a total of $3 trillion in debt, according to the Treasury Department. It only took from Jan. 20, 2009, the day President Barack Obama was inaugurated, until Oct. 15, 2010, for the Obama administration to add $3 trillion to the federal debt.

Except Jan 20, 2009 all the way to October was the 2009 budget year, proposed by the Bush administration in February of 2008.

Plus the Bush administration budget didn't include "off-budget" emergency expenditures which Obama (more honestly, in my opinion) merged into the budget thus showing the deficit as it actually is rather than trying to fake it as if it were lower than it was.

 

[Maverick74]

Quote from bigdavediode:

Except Jan 20, 2009 all the way to October was the 2009 budget year, proposed by the Bush administration in February of 2008.

Plus the Bush administration budget didn't include "off-budget" emergency expenditures which Obama (more honestly, in my opinion) merged into the budget thus showing the deficit as it actually is rather than trying to fake it as if it were lower than it was.

Quick high school civics lesson here. The President does not write the budget. The US Congress does. The President does "sign" the budget though. The Democratic controlled congress is responsible for all the budgets from 2006 to the present. Sorry. When you get a chance, please read the constitution. It will improve your posts.

 

[bigdavediode]

Quote from Maverick74:

Quick high school civics lesson here. The President does not write the budget. The US Congress does. The President does "sign" the budget though. The Democratic controlled congress is responsible for all the budgets from 2006 to the present. Sorry. When you get a chance, please read the constitution. It will improve your posts.

Not quite. The OMB, which is part of the executive branch, creates the budget request which is often around 1500 pages. It goes to the Senate Budget Committee. Congress votes on the budget resolution, which is normally about 17 or 19 pages.

The OMB budget request is presented by the president to congress. The President has to present this to congress at the latest by the first Monday in February by the Budget and Accounting Act of 1921. (Yes, I had to look that act up.)

 

[Maverick74]

Quote from bigdavediode:

Not quite. The OMB, which is part of the executive branch, creates the budget request which is often around 1500 pages. It goes to the Senate Budget Committee. Congress votes on the budget resolution, which is normally about 17 or 19 pages.

The OMB budget request is presented by the president to congress.

All the President does is make suggestions. Little to nothing that the President wants gets into the budget in it's final form. The President tries to use his influence to set the dialogue but at the end of the day, it's the house members who are running for re-election that need to write the budget. Sorry Ca padre.

 

[Maverick74]

http://harkin.senate.gov/press/column.cfm?i=237366

"However, the President’s proposed budget is only a recommendation. Congress has the “power of the purse.” And under the Constitution, it is Congress’s job to actually write and pass the budget."

 

[bigdavediode]

Quote from Maverick74:

All the President does is make suggestions. Little to nothing that the President wants gets into the budget in it's final form. The President tries to use his influence to set the dialogue but at the end of the day, it's the house members who are running for re-election that need to write the budget. Sorry Ca padre.

House members do not have anything to do with the budget, except to vote on a 17 or 19 page bill. The Senate budget committee is, perhaps, what you're thinking of, and no, they do not "write" the budget, although they do reconcile it.

The budget is, in bulk, the to the president's credit or fault.

 

[Maverick74]

Quote from bigdavediode:

House members do not have anything to do with the budget, except to vote on a 17 or 19 page bill. The Senate budget committee is, perhaps, what you're thinking of, and no, they do not "write" the budget, although they do reconcile it.

The budget is, in bulk, the to the president's credit or fault.

Are you f*cking high? Read my last post.

 

[bigdavediode]

Quote from Maverick74:

http://harkin.senate.gov/press/column.cfm?i=237366

"However, the President’s proposed budget is only a recommendation. Congress has the “power of the purse.” And under the Constitution, it is Congress’s job to actually write and pass the budget."

Great. They should do it then.

 

[bigdavediode]

Quote from Maverick74:

Are you f*cking high? Read my last post.

Sorry, no, so your post didn't make too much sense to me.

There's a budget request.

There's a budget resolution.

One is big, the other one is small. The big, detailed one is written and submitted by the president. It is reconciled by the Senate budget committee, but in bulk it mostly stands as written.