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"WASHINGTON (Reuters) - President Barack Obama forecast the biggest U.S. deficit since World War Two in a budget on Thursday that urges a costly overhaul of the healthcare system and would spend billions to arrest the economy's freefall.

An eye-popping $1.75 trillion deficit for the 2009 fiscal year underlined the heavy blow the deep recession has dealt to the country's finances as Obama unveiled his first budget. That is the highest ever in dollar terms, and amounts to a 12.3 percent share of the economy -- the largest since 1945. In 2010, the deficit would dip to a still-huge $1.17 trillion, Obama predicted.

With that backdrop, his budget represents a gamble that Americans are ready for the sort of change they embraced by electing him in November -- a shift of wealth through higher taxes on the rich to pay for more government attention to healthcare, education, climate change and social programs.

The coming fight with Congress -- where the Republican opposition quickly opened fire on the plan -- will show whether Americans weary of paying for a raft of expensive bailouts for banks and the car industry can get on board with more hefty doses of big government.

Obama, a Democrat, promised to get the red ink under control even as he planned new spending priorities that veered sharply away from the policies of his Republican predecessor President George W. Bush.

"I don't think that we can continue on our current course. I work for the American people, and I'm determined to bring the change that the people voted for last November," said Obama, who took office on January 20.

Republicans condemned the plan as showing a dedication to "tax-and-spend" policies, presaging major political fights getting the budget passed.

"I think we just ought to admit we're broke. We can't continue to pile debt on the backs of our kids and grandkids," said John Boehner, leader of the Republicans in the House of Representatives.

The cost of extra borrowing to pay for the record budget deficit pushed U.S. stocks and government debt prices down on Thursday. The budget's healthcare plans delivered a hit to shares in health insurers and drugmakers."

http://www.reuters.com/article/politicsNews/idUSTRE51O6JA20090227?pageNumber=1&virtualBrandChannel=10112

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Because of WW2 the deficit in the 1940's was justified and could be easily corrected as the war ended and military spending was severely cut. Since the early 1970's the government spending has simply been too high and taxes too low. As of today every american owes (in addition to personal loans) a further $184,000 in federal liabilies and unfunded government programs. Most people do not know about this, or even worse, don't care about it.
The country is racking up debt like some piss poor south american country, in spite of this fact, people on the right yell for more tax cuts and people on the left cries for more government spending.

End well, this will not.
 

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Not ur jizz, not ur bizz
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Obama: "I want to deplete the defecit....by spending a shit load more money"
 

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LOL love how you guys are already blaming Obama for the deficit. Lets see, GW's anwer to the terrorist attacks? Go out and spend money. GW's answer to the initial onset of recession? Mailing out stimulus checks.

Not to mention that billions wasted in Iraq.


But when Obama makes a reasonable forecast -- it suddenly becomes his fault?



LOLololol. Why don't you tinfoil hats go stimulate the economy and stockpile collapsible stock rifles?
 

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mount /dev/disk1s10 FFUU
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LOLololol. Why don't you tinfoil hats go stimulate the economy and stockpile collapsible stock rifles?
Thanks, my family already has :beer: .. Obama is not who I voted for, therefore I can rag on him all the fuck I want..:facesjump
 

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LOL love how you guys are already blaming Obama for the deficit. Lets see, GW's anwer to the terrorist attacks? Go out and spend money. GW's answer to the initial onset of recession? Mailing out stimulus checks.

Not to mention that billions wasted in Iraq.


But when Obama makes a reasonable forecast -- it suddenly becomes his fault?



LOLololol. Why don't you tinfoil hats go stimulate the economy and stockpile collapsible stock rifles?
You're from California, therefore your points are automatically invalid. How's that budget goin' for ya? I would hardly say Obama is reasonable. Reasonable would be letting people who made poor decisions take responsibility for their choice, not give them money without fixing it.
 

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You're from California, therefore your points are automatically invalid. How's that budget goin' for ya? I would hardly say Obama is reasonable. Reasonable would be letting people who made poor decisions take responsibility for their choice, not give them money without fixing it.
Well, you're from Iowa and if I recall from the elections, Iowans were all up in hi Koolaid...
 

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Roll Tide
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LOLololol. Why don't you tinfoil hats go stimulate the economy and stockpile collapsible stock rifles?

We won't be able to due to his AWB.......... That's my whole problem with the AWB, besides it being pointless in general. Why take something off the market that is selling like crazy and stimulating our economy???

Our country is run by very intelligent people.....
 

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We won't be able to due to his AWB.......... That's my whole problem with the AWB, besides it being pointless in general. Why take something off the market that is selling like crazy and stimulating our economy???

Our country is run by very intelligent people.....
Even in America, gun buying is not going to fix the economy.
 

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!black
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You're from California, therefore your points are automatically invalid. How's that budget goin' for ya? I would hardly say Obama is reasonable. Reasonable would be letting people who made poor decisions take responsibility for their choice, not give them money without fixing it.
:lol: @ Iowa
 

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You're from California, therefore your points are automatically invalid. How's that budget goin' for ya?
It would be going a lot better for us if we weren't shelling out tons of federal aid to broke dick states up to their necks in farm subsidies. :gtfo:
 

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LOL love how you guys are already blaming Obama for the deficit. Lets see, GW's anwer to the terrorist attacks? Go out and spend money. GW's answer to the initial onset of recession? Mailing out stimulus checks.

Not to mention that billions wasted in Iraq.


But when Obama makes a reasonable forecast -- it suddenly becomes his fault?



LOLololol. Why don't you tinfoil hats go stimulate the economy and stockpile collapsible stock rifles?
Perhaps you missed the point. No one is blaming him for it, but now, he's adding to it.

Edit: Spending like this, it's insane. When a person has a negative bank balance, does that person go and write checks for thousands more dollars? Well, if they did, they would probably go to jail. But, when our government does it, it's called a "stimulus plan." Let me go write a check for shit I can't afford. This way, when the police come knocking at my door, I can tell them it's my "stimulus plan". Then I will enjoy 3 hots and a cot for a little while.
 

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It would be going a lot better for us if we weren't shelling out tons of federal aid to broke dick states up to their necks in farm subsidies. :gtfo:
You do have a valid point on that one. We own several farms here and corn prices have risen 80% in the last year as well as wheat. The government mandates around 10 billion gallons of ethanol production a year to reduce "dependency" on foreign oil whatever the fuck that means. Most of the farmers are filthy rich around here, i have no clue why the government still shells out subsidies. I think we get something like 22-28 billion a year in subsidies even with everything selling so well. We have a saying that corn farmers are the oil sheiks of the Midwest. McCain wanted to get rid of the ethanol subsidies because we making a killing in the market, and it raises the price of food. Either way it really is disgusting how much money farmers are bringing in right now.
 
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