Obama to send to Congress his $3.55 trillion budget plan for 2010...

[posty 2,862]

http://news.yahoo.com/s/ap/obama_budget

 

WASHINGTON – President Barack Obama unveiled a multi-trillion-dollar spending plan Thursday, pledging a "break from a troubled past." His first budget would boost taxes on the wealthy, curtail Medicare, lay the groundwork for universal health care and leave a string of deficits dwarfing any in the nation's history.

 

In addition to sending Congress his $3.55 trillion budget plan for 2010, Obama proposed more immediate changes that would push spending to $3.94 trillion in the current year. That would result in a record deficit Obama projects will hit $1.75 trillion, reflecting the massive spending being undertaken to battle a severe recession and the worst financial crisis in seven decades.

 

As part of the effort to end the crisis, the administration proposes boosting the deficit by an additional $250 billion this year, enough to support as much as $750 billion in increased spending under the government's rescue program for banks and other financial institutions. That would more than double the $700 billion bank bailout passed by Congress last October.

 

In his budget message, Obama sought to draw a clear distinction with the Bush administration, saying "the time has come to usher in a new era — a new era of responsibility" both in government and the private sector.

 

But Republicans contended Obama was avoiding hard choices in favor of exploding the deficit and raising taxes.

 

"This budget plan is once again a missed opportunity for American taxpayers — it raises taxes on all Americans, implements massive new spending and fails to make any tough choices to control the deficit," said Sen. Judd Gregg, R-N.H., the top Budget Committee Republican who was nominated by Obama to join his Cabinet as commerce secretary but then withdrew.

 

The administration called the request for additional bailout resources a "placeholder" in advance of a determination by the Treasury Department of what will actually be needed.

 

The spending blueprint Obama sent Congress was a 134-page outline with further details to come in mid to late April, when the new administration sends up the massive budget books that will flesh out the plan.

 

The plan balances efforts to fulfill Obama's campaign pledges to deliver tax cuts to the middle class, expand health care coverage and combat the economic crisis with an effort to keep a soaring deficit from becoming a permanent drag on the economy. However, Republicans assailed the budget for the tax increases, and some Democrats worried that Obama was not doing enough to get the deficit under control.

 

"I would give him good marks as a beginning, but we have to do a lot more to take on this long-term debt buildup," said Senate Budget Committee Chairman Kent Conrad, D-N.D.

 

"Everyone agrees that all Americans deserve access to affordable health care, but is increasing taxes during an economic recession, especially on small businesses, the right way to accomplish that goal?" asked House Minority Leader John Boehner, R-Ohio.

 

The $634 billion down payment on expanding health care coverage would come from a $318 billion increase over 10 years in taxes on the wealthy, defined as couples making more than $250,000 per year and individuals making more than $200,000. The tax increase would occur by reducing the benefit the wealthy get on tax deductions. As one example, taxpayers in the current top tax bracket of 35 percent would see their tax deduction for every $1 given to charity drop from 35 cents to 28 cents.

 

The other half of the money for expanding health care — $318 billion — would come from curtailing payments to hospitals and insurance companies under Medicare and drug payments under Medicaid.

 

To meet his pledge of tax cuts for the middle class, the president wants to make permanent the $400 annual tax cut due to start showing up in workers' paychecks in April as part of the $787 billion stimulus package just passed by Congress. Obama's budget also extends the middle class tax cuts passed by the Bush administration in 2001 and 2003. Those cuts were due to expire at the end of 2010. If Congress approves Obama's recommendations, the Bush tax cuts would expire only for couples making more than $250,000 per year.

 

The cost of the stimulus bill and the increased bailout support would push the deficit for this year to $1.75 trillion, nearly four times last year's record $455 billion and a percentage of the economy — just over 12 percent — not seen since World War II. The deficit would remain near $1 trillion over the next two years before dropping to $581 billion in 2012 and $533 billion in 2013, the year that Obama has pledged to cut the deficit he inherited in half.

 

However, to meet that goal, the administration's budget depends on optimistic projections that the economy, currently in the longest recession in a quarter-century, will come roaring back with economic growth of 3.2 percent next year and 4 percent-plus rates in the following three years, significantly higher than private economists are forecasting.

 

Christina Romer, head of the president's Council of Economic Advisers, defended the administration forecast, telling reporters at a briefing that the private forecasters may not be taking into account all of the efforts the government is employing to jump-start the economy.

 

She said in past downturns, the more severe the recession, the stronger the recovery from the slump.

 

Obama's budget projects $2 trillion in deficit reduction over a decade — split between tax hikes on wealthier Americans and trimming a variety of government programs ranging from subsidies paid to wealthy farmers to eliminating ineffective government programs. However, previous presidents have also sought to target wasteful government spending only to find the programs targeted had powerful supporters in Congress.

 

Obama's blueprint awards domestic agencies budget increases, on average, of 7 percent in 2010 over 2009 levels. The Pentagon would get a 4 percent boost, to $534 billion next year, but would then get increases of 2 percent or less over the next several years.

 

Obama's plan proposes to build up a $634 billion reserve fund he would use to expand health care coverage to some of the 48 million currently uninsured Americans currently. The fund would represent a little more than half the money projected to be needed to extend health insurance to all Americans.

 

Obama also asked for an additional $75 billion to cover the costs of wars in Iraq and Afghanistan through September, the end of the current budget year. The administration will also ask for $130 billion for Iraq and Afghanistan in 2010 and will budget the costs of operations in Iraq and Afghanistan at $50 billion annually over the next several years.

 

Obama's budget proposal would effectively raise income taxes and curb tax deductions on couples making more than $250,000 a year, beginning in 2011. By not extending former President George W. Bush's tax cuts for such wealthier filers, Obama would allow the marginal rate on household incomes above $250,000 to rise from 35 percent to 39.6 percent.

 

The plan also contains a contentious proposal to raise hundreds of billions of dollars by auctioning off permits to exceed carbon emissions caps, which Obama wants to impose on users of fossil fuels to address global warming.

 

The Medicare plan is sure to incite battles with doctors, hospitals, health insurance companies and drug manufacturers.

 

Some of the Medicare savings would come from scaling back payments to private insurance plans that serve older Americans, which many analysts believe to be inflated. Other proposals include charging upper-income beneficiaries a higher premium for Medicare's prescription drug coverage.

 

To raise the other half of the money for expanding health coverage, Obama wants to reduce the rate by which wealthier people can cut their taxes through deductions for mortgage interest, charitable contributions, local taxes and other expenses to 28 cents on the dollar, rather than the 35 cents they can claim now. Even more money would be raised if the top rate reverts to 39.6 percent, as Obama wants.

 

The $1.75 trillion deficit projected for this year would represent 12.3 percent of the gross domestic product, double the previous post-war record of 6 percent in 1983, when Ronald Reagan was president, and the highest level since the deficit totaled 21.5 percent of GDP in 1945, at the end of World War II.

[edjr 7,090]

Chapter 1

 

Once upon a time there were two little kids named Jesse and Mary Sue. They were brother and sister. Their mom and dad had divorced years ago. And their dad now was seeing someone else. She was cruel to them behind their father’s back. She said if they got married, she would make their life’s miserable from the moment she said I do”. One day their dad called them into his room. When they got in there he told them to sit on the bed, then he said “there’s going to be a new member in the family and a lot of changes too. What I’m trying to say is I’m getting married”. “What”, they said. "Quite the surprise isn’t it?" said their father. Father you can’t it’ll ruin our family tree said Jesse. Well I’m sorry kids but I love her, before their father could say anything more they ran out of the house and let the door slam behind them.

 

 

Chapter 2

 

After walking a while, they finally stopped and realized they were a long way from home in a part of the neighborhood they had never seen before. There were fairies as beautiful as princesses’ birds with the rainbow colors on their feathers all different kinds of animals, beautiful butterflies and the most unexpected fairies they thought they’d only see fairies in there Fairy Tale books.

 

It soon became dark, Jesse and Mary Sue had fallen asleep on a rock. When Jesse and Mary Sue woke up in the morning, they saw that all the animals were lying next to them. After they’d been there a while the animals bird and fairies started asking how they found their way there. The children told the truth, they said they’d gotten mad that their father was getting married to a women they didn’t like so they ran away and when they stopped they were there. After telling them that the animals said they were glad they found their way because now they had someone to play with.

 

Then they introduced the princess of the fairies, her name was Patty. Her dad, the king of the fairies, called her Patty the Pooh. She was very pretty, she had short Blonde hair with a crown made out of gold and an outfit fit for a princess. The princess said she had good news, one of the fairies was going to have a baby fairy. Everyone congratulated her. Then she went on, we found out a few weeks ago but we didn’t want to jinx it. Everyone congratulated her again and went to bed. The next morning she had the baby. She decided to name her Julia. When she turned one and was able to walk Jesse and Mary Sue were still there. It was Saturday when Jesse and Mary Sue were about to leave and then they heard a familiar voice and decided to stay for another night.

 

 

Chapter 3

 

Early in the morning the next day, they heard it again so they got out of bed to see were it was coming from, but on there way out of Fairyland, they woke up. Julia liked to go on adventures so, of course, she wanted to come with them. So the three went to see were the voice was coming from, they followed the voice to a cave and peeked inside. Jesse and Mary Sue could not believe what they saw. It was their step mom, she was talking to someone but they weren’t sure whom it was. Julia knew who it was.

 

Mary Sue and Jesse asked Julia who their step-mom was talking to. It’s the demon, she replied, he has a son too. When he gets older he’ll do what his dads doing, His dad is very evil. Years ago everybody in fairyland challenged him. They said whoever won got the land and the other person had to go some were else. And the demon lost so he had to move out here. But why would our step-mom be talking to him that sounds really weird. Maybe she’s a demon too, said Jesse. No I don’t think that could happen, said Julia, but maybe because nobody knows who's the little demons mother. Julia continued, we have to get home and warn daddy, Mary Sue said.

 

 

 

Chapter 4

 

So the next morning they told everyone they had to go, they had to go warn their dad. So they said their goodbyes and were off but then Julia’s mom stopped them and asked if they would take Julia with them, they said they would and then her mom continued, it would be the biggest adventure she ever had. Then Julia thanked her mom and her mom thanked Jesse and Mary Sue and then they told them they would be back soon and then they left fairyland.

 

Now Julia knew this was going to be the biggest adventure she ever had because she’d never been this far out of fairyland before and she was excited. Jesse and Mary Sue told her that when they were at their house she has to hide and Julia agreed. So when they arrived, Julia did as she was told and hid behind a plant in the living room. In their father’s room they were telling him about who they had seen and were they had seen her, of course, their father, who found this a little hard to believe, welcomed them with open arms but then said I think you two are sick. Come and lay down a while.

 

Dad! They both said we’re not sick, we really saw her. How could you if she was right here by me the whole time you were gone. The only time she left was when she went to the store and got groceries. We don’t under stand, where is she now she went to get groceries. Fairyland! They both said at the exacted same time. They both ran out the door with Julia following behind them but this time their dad followed them, hoping he would find out what was going on.

 

As soon as they got there and the dad had a chance to catch up he asked them what was going on, they said that they would explain again later. Then they went to the cave were they had seen her but she wasn’t there. Now their father was beginning to think this was all a joke. When he saw their step mom and his future wife, she was coming out of a secret passage in the cave. Then all four of them went back to the fairies and asked them if they knew about it. The fairy’s said no except one. He said he’d been trying to find out what was

 

 

Chapter 5

 

The door then opened and Mary Sue clinched onto Jesse’s hand so hard it was turning red, the pass way looked like fairyland except there were no fairies. Then! They saw it a golden door but it had a keyhole. Where would they find a key that big, they were puzzled so they sat down to think. Then they all decided to go back to fairyland but when they said the magic password someone they had not been warned about spotted them. He grabbed them by they’re arms and made them walk with him, they tried to escape but he wouldn’t let go. He was the demon’s companion his name was Alfred but everyone called him Al.

 

He took them to the demon who was being carried on a mattress and all he was doing was eating grapes and giving all the girls he’s phone number, not very impressive if you ask me. Then finally after stuffing a handful of grapes in he’s mouth he said I thought you’d be coming here soon after I saw you two spying on me and that kind lady I was talking to. "She's our step mom and she’s not kind at all."

 

I never knew kids could be so rude to someone who truly loves them, take them away, take them away said the demon I can’t stand them any longer. Jesse, Mary Sue and they’re Father were handcuffed to a shelf in a closet. Julia was locked in a cage in the corner of the closet but you couldn’t see her because a shirt was covering her. "Maybe there’s a secret hiding place the Demon puts a key in to unlock and lock the door", "Good idea." Julia said. Mary Sue started looking for a piece of wood that would come out of the wall with the one hand that wasn’t handcuffed.

 

Soon it was late and she still hadn’t found anything and in no time she fell asleep along with her brother, her dad and Julia. In the morning when Mary Sue woke up she accidentally hit the wall when she was stretching. Hey guys, I think I found something she said. It was a loose board, when the board fell out there was a big key behind it. This looks like a key for something very important I’ll put it in my pocket. I think I know what that important thing is, let’s go.

 

 

 

Chapter 6

 

So they went back to where they had last seen the demon and again found him laying down being feed grapes by all the girls. When they saw him they said we know your plan and we have the key you hid in the room you locked us in "but I have a spare, did you actually think I’d put the key in the same room I locked you in with out a spare", said the demon. While the demon was talking Julia had came up with an idea of her own and was already starting it. She slipped behind the demon and knocked the key out of his hand.

 

"Actually I did" she said just catching the key in her hand and now that I have both keys your plan is history she added and “we’re off to save fairyland”. Not so fast said the demon, "did you really think I’d fall for that too?" as two guards stepped out from behind the bushes. They were tall demons even taller then the demon and himself. Julia, Mary sue, Jesse and their father all ran as fast as they could, then they saw a cave and ran but it didn’t take to long for the guards to sniff them out, they came running after them.

 

Then Julia, Jesse, his sister and their dad saw a waterfall, they took their only chance and jumped with a deep breath, but of course Julia flew. When they landed, they swam to the surface and realized they were back where they started at the big door. They put the key in and all the sudden the demon came but they opened the door and they hurried in, before the demon could catch them.

 

Then all the sudden they know what to do, they said the magic words which were “open pass way” and then they picked a magic flower and put it in the pot they saw in the middle of the room and the flower turned into a liquid which they poured on the demon, his son which turned them into who they where before. The demon was the fairy prince, his son was a normal kid and the guards were mice. As for they’re step mom well this effected her too she came out as a kind lady and said hi I’m sorry if was mean to you before the demon which is now the fairy prince had me under a evil spell, they all forgave her.

 

 

*

The End

[NewbieJr 541]

Yay! We can all cut and paste.

[GettnHuge 2]

Yay! We can all cut and paste. clap.gif

[posty 2,862]

Yay! We can all cut and paste.

 

Yay! You have nothing important to add...

[Recliner Pilot 61]

Yay! You have nothing important to add...

 

Why would #21765 be any different than the 21764 before it?

[GettnHuge 2]

is obscene the right word for this?

[NorthernVike 2,105]

Fock, with a budget this large he will be able to cut it in half in a few years like he promises and still be able to fund all of the bullshat that the dems want.

[Recliner Pilot 61]

One month in and The Messiah is already the biggest spender in the history of DC.

 

CHANGE!!!!

 

[NewbieJr 541]

You should be happy I occasioanlly pop in to make fun of you losers. It gives you someone else to chat with.

 

I'm not sure why Recliner Pilot, posty, strike, NorthernVike, and GettnHuge don't just get each other's email address and whine about his every move. Just look at the posts in this thread. It's like a circle jerk.

 

 

Again. Be happy with me for endulging you. Embrace it.