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Obama: ‘Trillion-dollar deficits for years to come’

By: Dan Spencer (Diary)  |  January 6th, 2009 at 04:17 PM  | 

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President-elect Obama predicts “trillion-dollar deficits for years to come.”

“We’re already looking at a trillion-dollar budget deficit or close to a trillion-dollar budget deficit, and that potentially we’ve got trillion-dollar deficits for years to come, even with the economic recovery that we are working on at this point,” Obama said.

The federal deficit was about $455 billion for fiscal year that ended on Sept. 30, 2008.

If the Democrats keep the deficits to a trillion-dollars a year that will at least slow the rate at which the Democrats increase the national debt.

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  • 10ksnooker

    At what point does the presses no longer work.

  • http://jeffemanuel.net Jeff Emanuel

    to cross this ignominious barrier — he’s possessed of the temerity to brag about it.

  • birdmojo

    I forget who said that.

    • birdmojo

      It was Dick Cheney, Vice President.

      This is why principle is important. The Republicans don’t have anywhere near as much political capital as they need to really put the brakes on this.

      Any argumentation on the part of Republican Politicians (and, sadly, many of the Republican Lay Leaders) that spending is bad and needs to be tamped down will come across more as a cynical argument given because the wrong people are doing the spending.

      That said, only a $455 billion deficit? Does that mean that Bush would have had a surplus without the bailout?

      • Streiff

        if you want to proceed with the transaction just keep it up

        • birdmojo

          What was wrong or inaccurate about what I said?

      • CrabCakes

        The $700b bailout was a loan. I only gets written down if/when it’s defaulted upon.

        • birdmojo

          So it’s possible, if not likely, that the Trillion+ Deficits started a year earlier.

  • Marcus_Traianus

    - it is the Federal budget deficit. Instead of real fundamental change achieved through reduced spending and decreasing the size of government, they will demagogue our economic situation to commence their Socialist vision. Democrats will scapegoat Republicans and a complicit MSM will parrot their mendacity. A public bereft of any rudimentary knowledge due to a confusing Republican message will be dragged into the hopeless plunder hypnotised by “Change”.

    Our only hope is to hold the line against any Democrat plan that includes massive spending increases, irrespective of alleged or real tax reductions inclusions. The latter should be our only alternative proposal. In fact, any Republican voting otherwise should be loudly condemned.

    There are finally some emerging positive signs, albeit inconsistent, in this market. Talk has finally transitioned to a dialogue about “turning the corner”.Obama and the Democrats plans will change that, keeping us enslaved in their despicable cloak of lost freedoms and dependancy for generations. That is a contemporary tyrrany we simply can not afford.

  • johnt

    when you have trillion dollar deficits for years to come, regardless of the state of the economy . There’s more than one way to subjugate a people and take over an economy. So much for financial markets domestic and international and I guess we are supposed to forget about our children’s future, which was of much concern in other times.
    Not all deficits are equal I guess. And a hat tip to Marcus Traianus for also noting the self unmasking of this socialist thug.

  • PatH2122

    The only experience a politician has to have, is to be able to spend money.
    Thats all they ever do. How about cutting something first?
    So far I haven’t seen Obama cut spending on anything, so I guess he is just like all the rest. SO MUCH FOR CHANGE !!

  • PatH2122

    We don’t have a TRILLION to spend. What is more scary after thinking about it is. Who will we OWE a TRILLION dollars to?