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Saturday, February 24, 2024

Obama claims federal budget is like family pocket book

President Barack Obama, right, acknowledges outgoing White House Press Secretary Robert Gibbs, left, during the daily news briefing at the White House in Washington, Friday, Feb., 11, 2011. Gibbs steps down from the post today, after two years as Obama's top spokesman. Jay Carney, the current communications director for Vice President Joe Biden, will succeed him at the podium. (AP Photo/Carolyn Kaster)

President Barack Obama says he is making difficult cuts in the nation’s budget to allow needed spending increases in education, technology and public works projects.

In a broad preview of his administration’s blueprint for the budget year that begins Oct. 1, Obama says the combination of cuts and new spending will result in an overall freeze in annual domestic spending for the next five years.

“This budget asks Washington to live within its means, while at the same time investing in our future,” the president said Saturday in his weekly radio and Internet address. The White House plans to release his budget on Monday.

With public opinion turning against increased spending, Obama is making a concerted sales pitch to cast his initiatives as fiscally prudent.

But efforts to tame deficits while adding dollars to selected projects come as the government faces a projected $1.5 trillion deficit this budget year. Republicans are demanding greater deficit reduction efforts and members of the House GOP say they want to cut the current 2011 budget year by $61 billion.

Obama, in his address, recounted the struggles of a Missouri family — David and Brenda Breece — who have faced difficult financial times by living frugally so they can continue to pay for their daughter’s college tuition.

“So Brenda and her husband know what they can do without,” Obama said. “But they also know what investments are too important to sacrifice.”

The White House projects that the five-year freeze will save $400 billion over 10 years. Cost-saving measures include a two-year freeze on wages for civilian federal workers. The budget also would make cuts in some cherished programs such as the Low-Income Home Energy Assistance Program, which could be trimmed in half — by about $2.5 billion. The Energy Department plans to propose cutting the Office of Fossil Energy by 45 percent, or $418 million.

The Pentagon’s budget would see reductions of $78 billion.

Obama said the government also is getting rid of unused government-owned buildings and he said he would also save money by vetoing legislation that contains earmarks, congressionally inserted spending measures for special projects.

At the same time, Obama has proposed new spending initiatives. Education Secretary Arne Duncan said Friday the administration is looking to spend on new early learning programs, on educational overhauls and on making college more affordable.

Obama also has a plan to raise $30 billion over 10 years by auctioning off space on the radio spectrum to commercial wireless carriers. The money would be used to develop a $10 billion national broadband network for public safety agencies and $5 billion for infrastructure to help rural areas access high-speed wireless.

And he wants to spend $53 billion over six years on high-speed rail.

“I’m proposing that we invest in what will do the most to grow the economy in the years to come,” he said.

In the Republican address, Sen. Orrin Hatch, R-Utah, argued Obama’s reduction plans are too timid.

“The president’s proposal for a freeze in government spending might give the White House a nice talking point,” he said. “But it is a totally inadequate solution to our nation’s spending problems.”

Hatch, who is facing re-election this year, is eager to display a tough line on fiscal issues to dissuade a strong tea party challenge like the one that defeated his former Utah colleague, Republican Sen. Bob Bennett.

Hatch called for an overhaul of the tax code, fewer regulations, the start of a debate about changing Social Security and Medicare, and new trade deals with South Korea, Panama and Colombia.

“The bottom line is we are a nation working on borrowed time; we have to make some significant changes in order to compete,” he said.



Obama address:

GOP address:



Copyright © 2011 The Associated Press

3 thoughts on “Obama claims federal budget is like family pocket book”

  1. Is this guy for real? I can’t spend more than I earn. I can’t print money at will to cover my extravagant lifestyle.

    It’s awful nice of Him to “freeze” spending after running up an almost two trillion dollar annual deficit.

    Remember all the hubbub concerning Bush’s deficit spending? Mortgaging America’s future was the term He used on the campaign trail, among others.

    We can’t keep mortgaging our children’s future on a mountain of debt. We can’t keep driving a wider and wider gap between the few who are rich and the rest who struggle to keep pace. It’s time to turn the page. – Barack Obama, 2008

    Let’s review…

    In his eigth years in office, George Bush increased the deficit by roughly 4.89 trillion dollars, for an average yearly increase of 612 billion dollars.

    In the first six years that the Republicans controlled the Congress, the deficit rose by 2.94 trillion dollars, for an average yearly increase of 490 billion.

    In the final two years of the Bush Administration that the Democrats controlled the Congress, the deficit increased by 1.95 trillion dollars, for an average yearly increase of 975 billion dollars.

    As soon as the Democrats won the Congress, they almost doubled Bush’s average deficit spending.

    As of yesterday, February 14, 2011, our national debt stood at $14,082,712,722,334.93.

    In a little more than two years since Obama took office, our deficit has increased by 3.45 trillion dollars, for an average yearly increase of 1.75 trillion dollars. That is almost triple Bush’s average increase over eight years.

    If you calculate our debt from when the Democrats took the Congress in 2007 and yesterday, our deficit has increased by 5.4 trillion dollars, an average yearly increase of 1.35 trillion dollars.

    If you break down spending by Congressional control rather than Presidential control, we saw an average increase under Republican control of 490 billion dollars, compared to an average of 1.35 trillion dollars under Democrat control.

    Any way you slice it, the Democrats are spending three times as much as the Republicans did. In four short years the deficit hawks on the Democrat side have managed to outdo Bush’s eight years of deficit spending.

    So if Bush and the Republicans were mortgaging America’s future, what in the hell do we call this orgy of spending? And what do we have to show for it?

  2. It’s like the family pocket book, if you were to freeze your kids allowance for five years while continuing to buy new cars, houses, and guns for yourself.

  3. While the President is feeding us his line of garbage as to cutting spending, it came to my attention yesterday that the FED is considering a QE3 package as the 1.2 trillion dollars of worthless money they’ve already printed hasn’t done what they though it would. All of the cuts in the world are not going to offset the hyper inflation and the costs that come with printing worthless money. M! has grown 15.2% in less than 3 months and all of that is unbacked paper!

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