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Obama Speech Details Leaked: Promises To Cut $4 Trillion In Deficit Over Next 12 Years (Or Less)
In about an hour, the Teleprompter in Chief will once again address a nation on the topic of the exploding US deficit, which he can only hope has the attention span of an HFT algorithm, and has forgotten his proclamations on the same issue from early 2009. Among the things Obama will discuss:
- Sets a goal of reducing US deficit by $4 trilllion in 12 years or less, according to a congressional source
- Implements a deficit plan would curb deficits to 2.5% of GDP in 2015, 2% toward end of decade according to a congressional source
- Wants US debt on "declining path", enforced by "debt failsafe" trigger of broad cuts, according to a congressional source
- Seeks $770 billion in savings by 2023 in cuts to non-security discretionary spending according to a congressional source
Good luck with that. In the meantime... a clip from Obama circa February 2009 on where Obama saw the budget by the end of 2012. That did not...quite... work... out.
More details on the upcoming speech from Reuters:
According to congressional sources, Obama will propose:
- Reducing the deficit by $4 trillion in 12 years or less
- Curbing deficits to 2.5 percent of GDP in 2015, 2 percent toward the end of the decade
- Ending Bush-era tax rates for the wealthiest Americans
- Seeking $770 billion in savings by 2023 in cuts to non-security discretionary spending
- Saving $480 billion in Medicare and Medicaid by 2023 and at least $1 trillion more by 2033.
Obama will use the speech to try to regain control of the spending
debate by drawing a contrast with a Republican plan to combine an
overhaul of the Medicare health program with lower taxes to reduce the
deficit by $4.4 trillion in 10 years.
Obama was expected to
point to recommendations made last year by his debt commission,
co-chaired by Republican Alan Simpson and Democrat Erskine Bowles, as a
starting point for discussion.
He has so far declined to endorse
their report but in a sign he was moving closer toward their findings,
the panel co-chairmen were expected to attend the speech.
The
deficit issue has become entangled with a vote Congress will consider in
the next few weeks on raising the nation's borrowing limit. Republicans
say they will not vote to lift the debt limit without commitments to
rein in long-term deficits.
The debt is expected to hit the $14.3 trillion ceiling as early as
mid-May and a failure to lift it could raise the specter of default and
ripple through financial markets.
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Obama, creating or saving jobs and deficit since his birth in parts unknown.
Strange stuff but he is just a puppet of the banksters. Who cares what sensational crap he talks up. The most important news comes from japan!!! With radioactive STRONTIUM being found more than 20 miles from Fukushima AND NOW reactor 1 pressure is building up!
http://fiatsfire.blogspot.com/2011/04/sandstorm-in-kuwait-takes-oil-off-...
To me that is news!!! It means all those people in about 5 prefectures will never be able to return! Milliions of people maybe forced to live in empty Chinese ghost towns!
I love how they throw dates around like 2015 and 2023 ... like this bullshit ponzi economy and ponzi fiat government will still be around then...
Totally agree, as liar in chief you just need to promise that the deficit/debt problem will be in control by the time you have (quietly) stepped out of office.
This holds not only in US, but also PIIGS+Japan.
There are no longer developed and emerging economies. Now we have submerging and emerged.
Obamanomics is the best 'nomics ever.
Obamanomics = Bullshit²
I wonder if anyone actually believes what he says. I'm going to conduct an informal poll later today and tomorrow and ask what people think of his plan.
I want to get a handle on how deep the public has their heads buried in the dogshit.
If they actually buy what he's shoveling, he should actually put forth a plan that provides zillion dollar surpluses and new cars and homes for everyone by 2032.
My anecdotal evidence is that public ignorance on budget matters is vast. I asked CFOs of two major companies over the weekend what they thought of the Fed's quantitative easing. Neither had ever heard the term; had no idea what it mean. I'd guess not one person in 100 knows the meaning of fiat currency, and not one in a thousand knows such currencies have finite lifespans. Very scary.
Talk about lies! Breaking news from PM KAN says "evacuation area will be uninhabitable!"
http://fiatsfire.blogspot.com/2011/04/sandstorm-in-kuwait-takes-oil-off-...
Thats update 8 on that page! Incredible!!!!!! ITS ALWAYS ABOUT THE BENJAMINS!
The old principle of IBG,YBG. Screw it, promise 'em skittle-shitting ponies while he's at it.
I'll be gone, you'll be gone.
Yes thats the real news going on in Japan, but detrimental to world banksters stocks so that story is 'Cntrl alt del' since it happened.
BTW whatever happened to that war thingy in Libya? Havent heard a peep since the 1st day really.
I think we won. Something about missiles. zzzzzzz
Yes...ZH, where is the Fukushima news today?
Here is original source!!
http://ex-skf.blogspot.com/2011/04/japans-prime-minister-kan-evacuation....
WHOA!! THATS BIG!
Milliions of people maybe forced to live in empty Chinese ghost towns!
Japanese people living in Chinese ghost towns? Bahahahaha!
That's the day the lion will be laying with the lamb.
HAHA I meant it as a joke... didn't you see the video the other day from Austrailia dateline showing 70 million apartment no vacant in China but they keep building? INSANE!
Yeah, that would be like 20 million illegal Mexican immigrants moving into California....oh, wait...
4 billion? OUCH!!!!!!!!!!!
WHAT A FUCKING HAMSTER!
ROTFL, bitchez
So, if I read this right, the debt still climbs...
Suhweet
its obamaobiden new math - we have to spend $ to get out of debt. the new cost cutting is not spending as much.
It's actually the new Keynesian math....you have to borrow 10 % of GDP in order to funnel enough free money to the Oligarchs to create the illusion of 1% GDP growth. It's a great business model....borrow 10, make 1......borrow 10, make 1.
T.E.I.N. everyone!
This is the extent of the left's willingness to cut. Wisconsin made it plain that lawlessness will be quickly applied by the public employee unions and the rest of the dependency classes in the event of any attempted deep cuts. The Repubs and Dems don't want to be the ones to cut because they know what'll happen when the deficit is slashed by 10% of GDP. Both sides will ride the boat until it sinks, then quickly blame the other side and keep the debate within the phony left-right thing.
We are doomed. This boat will sink. There is no majority political will in this country to fix it, so it will not be fixed. Buckle up.
Kick back, relax, and enjoy the free fall.
It is sort of exciting, in a drag race among the Developed world to see who can 3rd world themselves first.
This is what they say they are willing to cut. Actual cuts (as reminded in the video) will be far less than what they say.
"When all is said and done, more is said than done."
We can not even cut spending to fund NPR without hysterical rants.
The Wisconsin unions are scary -- going after businesses that do not publicly embrace their position.
Game on folks -- it is us against them. Align yourself only with like minded people. The big government, dependency loving, low personal responsibility, victim class is coming after you.
Yeah -- French Revolution MKII, American style coming soon to a neck near you, huh?
Ready for the revolution. I await the opportunity to "greet" you.
Oh, I think you misuderstand me. However, there are way more of "them" than "you."
Good luck.
Understood - but some revolutions are not decided by headcount.
The majority of folks who pay virtually no federal income taxes (and a few that do but who think they should live better - despite being easily in the top quartile of the world) like where all of this is headed. The class warfare flames are being fanned by government - it is what most in government want. They only see things as zero sum games -- for every winner, there is a loser.
If not already, at some point you and everyone else will be on one side or the other -- a victim of some sort or someone the victims want to get.
I am not a fan of the Wisconsin unions, however there is nothing wrong with trying to organize a boycott of a business you disagree with. It is, dare I say, within their democratic rights.
But the business never suggested they disagreed with them. They were boycotted because the business said they would take no position on the matter -- they would not put pro union / anti-governor signs in their windows. Absurd.
.
I know it's a misprint, but even the $4 Billion is a stretch
It really is a misprint. Obama meant "quadrillion" pro forma for the DXY hitting 10
Precisely, $4 trillion in 2023 dollars should be a breeze.
LO-frigging-L. +1 redpill
You mean he can't even read a teleprompter right?
Who wrote this f**king script?
OH $4 quadrillion! Well that makes more sense, seeing as by 2016 youll need $5 trillion just to buy 1 can of Spam.
Ron Burgundy. He will read anything on the teleprompter.
go f*ck yourselves, San Diego
ha ha ha ha ha ha..
LMAO! Teleprompter in Chief... Ron Obamao Burgundy
Let's see... 4 trillion minus running deficiets of soon to be 2 then 3 trillion... nope, no problems here.
I think we should just start a movement to have everyone vote democrat, so they will spend even faster. This way the current government will fall apart faster and we can go back to living in a productive society sooner.
I wonder what the future gdp projections have to be for this scheme to get off the floor?
I have not voted last 2 elections, but I also thought of this, and will do as you have so preceptively suggested. Burn, baby, BURN!!
Faster than who?
run with the rope instead of pulling against it? Very Wing Chung of you. Since crash = ++(road warrior) I think it's a great idea.
its not about the law or money its about the power
.
the cops have to understand the rule
Cash to carbines.
Guns and gold.
That is power.
I am Chumbawamba.
Any time any President speaks about fiscal years long past the end of their theoretical second term you know they are vomiting bullshit on to your face.
War, foreign aid, bank bailouts,and entitlements now...pay later!
YUP!
http://www.time.com/time/magazine/article/0,9171,988998,00.html
More crap to breathe in... if the radiation doesnt get you!
Like former governor George Ryan (R-IL) saying (back in 2000) that in order to do away with tolls they would have to double them for the next 20 years before doing away with them.
Clever.
yep.
Obama said something the other day about having 80% of our electricity generated by renewal means by 2030 or 2040. I thought "wow, what a crystal ball he has"
Everybody's got plans...until they get hit.
Jan. 22, 2009 - President Obama vowed to close the Guantanamo Bay detention center within a year.
http://jp.reuters.com/news/video?videoChannel=200&videoId=97477
Even it it's true, that's pathetic. The politicians still don't get it. Ryan's plan isn't good enough either.
This lying sack of horseshit couldn't even cut 10 billion off this years budget. Who out there is dumb enough to believe this asshole?
the 1/2 of the american fatsheeple who don't believe sarah palin is qualified to be president...that's who
I agree. Get Sarah in there so she can finish the job of destroying America.
I can't wait for the press conferences when she's president. Instead of getting asked questions, reporters will be yelling "SHOW US YOUR TITS!"
I'd like to see them.
I am Chumbawamba.
lol.
LEGALLY president
This November go pink!
And I'd like to see her Oval Orifice...
Fuck that Zionist bag lady Palin!
and the 1/2 who do
spalding.
Impeach the asshole
I would call this guy a sack of shit, but that's disparaging to real sacks of shit.
We need to spend more to keep ourselves from going bankrupt. Didnt he get the memo?
Exactly. The guy changes his message like the wind.
The only that matters is how much they are cutting right now, and the answer is nearly ZERO. Useless.
either way, this appears to be the banks finally being flush now. They've been saved and bailed out. All their NPL crap is on the Fed.
Now the banks want repaid on all those bullshit ponzi loans. AUSTERITY TIME.
GET BACK ON THOSE WHEELS, HAMSTERS!!!!!!!!!!
+4 T
Hohohohoho...hahahaha...etc.
Politicialns have short memories. Unfortunately sheeple have even shorter ones.
As long as someone is danzing on ze ice and there is chep beer and wine in the fridge, all is swell. I'm swell(ing), you are swell(ing), deficit is Swell(ing).... big deal. Another war....pffffft, that be a deficit shrinker, you watch. And following the law of squares in verse....
One war, half,
Two wars, hahahlf,
Three wars... you're dead.
All a big lie, see thsoe massive jawbones on the man? That is for some serious Jawboning.
It's all a big lie folks.
Big lie.
ORI
http://aadivaahan.wordpress.com/2011/02/16/truth-about-america-truth-about-us/
But inflation keeps the memory alive...
Obama lying his ass off like all the presidents and most politicians.
http://www.youtube.com/watch?v=UErR7i2onW0
http://www.youtube.com/watch?v=0rLcG8GKM8g&feature=related Obama and lobbyists
I think you meant 'all is swill' ....no?
Hah! That too... :-)
ORI
Wake me up when The seven trumpets of the seventh seals acometh. This is getting fucking boring. A total waste of WIFi signal and Laptop battery power (Not Zerohedge)
So true.
If i didnt get a chance to critticise our fukwad in chief i wouldnt even bother to read about him.
I hear em but is still faint ... but not for long
Been hearing this assclown promise cuts since 2008, no beef. BTW it appears he plans to be president for another 12 years?
+1 - minor lol... Yeah - he is totally going to be involved for another 10 years. :-) More like 10 months.
Approval rating keeps dropping... and now he's threatening entitlement program cuts.
Good luck with that. It's really a choice of "Worse, or Worser" at this point though.
Wall Street couldn't be any fatter, now comes time that the rest of us pay for their Rolexes and penthouse apartments.
Cool! So we're good then?
yea, it's all good.
Obama is a lawyer and politician who does not understand how the economy works. He has surrounded himself with academics, bankers and other career politicians.
All of this is a smokesctreen. He has no intention of taking away the gravy train from his supporters or this banking contributors.
AH but they DO plan on taking away the gravy train from benefit check america! 401K pensioners, those on perpetual food stamps and unemployment, etc. Back in the hamster wheel time to PAYYYYYYY!
It should be delightful to see how the majority of Americans will react to having their 401k clocks cleaned another 40% when the dead cat boot bounce from 2008 strikes its rebound strike.
Yes, please do explain again how free money from a captive market will voluntarily suppress the natural tendency to be a growth industry.
Cut more. Not enough.
In 12 Years?
Is he planning to do away with elections too?
Done
http://www.infowars.com/pelosi-tells-students-elections-dont-matter/
Sign of approaching senility...
Botox causes brain damage.
God, just imagine what Pelosi would look like without Botox. Like Al Davis' older sister I suspect.
Would it make a difference? Selecting between puppet A and puppet B is so tiresome. Sure it's a great distraction for the masses, but we could probably replace that with Rollerball or something.
Actually it does.
However making them compete on American Idol would certainly improve the entertainment value
I'll one up you, American Gladiator, but lets up the ante. Make it more like Thunderdome, two men enter one president leaves! Think about the foreign policy strength! Some people think Putin is a hard ass, well how much tough would America look if our president fought in the gladiator pits and impaled a dude on a spike to win the Presidential Bloodsport Tournament?
"Dude the president is hardcore! Did you see the way he caved that other guys head in with a hammer and then cut his ears off to make a necklace? That's the guy I want to straighten out health care!"
LOL...
masterblaster has been winning for 40 years if that was the case ... in figurative terms of course.
##
Implements a deficit plan would curb deficits to 2.5% of GDP in 2015, 2% toward end of decade according to a congressional source
###
each politican who uses debt/gdp ratio should be executed on spot..
suckers not only 'forecast' what deficit is goona be , and also make prediction what GDP will be...
suckers..
GIVE ME FUCKING RAW NUMBERS for each year
2011 - defict is
2012 - defict is
etc
alx
Here's an idea: END THE FED
not to mention the wars, the banker bailouts, the crony capitalism, the department of education, unicef, etc.
IMF= soon to be Global Fed
Here's a better idea: END THE FEDS.
You should run with that creative idea...
Just last week the government almost shut down over how to cut 38.x billion, now it's 4 trillion. DOA!
except that as someone mentioned above, that "$4T in cuts" is baselined against what is no doubt ridiculous GDP assumptions. see, its so easy when you can just pull unicorn GDP numbers for 2025 out of your ass -- we'll grow the economy at 6% a year, but only increase spending 5% a year! we'll shave 1% of GDP off our deficit every year! austerity!
Peter Orzag, is that you?
I would bet that the $4T in cuts is really $4T in reductions of future spending increases and increasing the long term growth trend estimates.
I'll gladly pay you Tuesday for a hamburger today. Wimpy
Yes we can
Said the blind man as he picked up hammer and nails.
This guy is only talk. No action. I wonder why he is only saying 4T in cuts, he might as well say that he has a plan to pay off the national debt if reelected.
$4Tn over 12 years.....hmmm, that will just about eliminate the EXTRA $4tn debt that will be on the books between now and the time O hopes to be re-elected. Maybe better if we didnt incur this extra $4tn between now and early 2013? Thoughts anyone....?
Blah, blah, blah. This has actually gone from funny to sad and back to funny again. Watching the politicians squirm. Do they really not know they are patsies for what happens next? They can't be that stupid.
stupid or corrupt looks like the same thing these days, the end result is the same .. total economic devastation with zero justice.
stupid or corrupt looks like the same thing these days, the end result is the same .. total economic devastation with zero justice.
as my dad would say, "what a horses ass ! " . his boss is JAMIE DIMON. OBAMA is nothing but a bankster-in-chief. the damn C.I.A. is running this country. OBAMA worked for BUSINESS INTERNATIONAL CORPORATION, for god's sake! BUSINESS INTERNATIONAL is a known front for covert operations for the C.I.A. WAKE UP AMERICA ! Nothing is as it seems, the masses are still sleeping.
You're a good member of the community, but stop with the CAPS. Diminishes you:
http://webcache.googleusercontent.com/search?q=cache:W6ufjuHa0L0J:encycl...
i will take the advice & tone it down...... my problem is that i type so fast, that i just keep it all caps so i don't waste time shifting. sincerely ....
And we all thought your problem was your conure or whatever screaming at you.
Keep up the posting!
Classic:
Capitalizing "WAKE UP AMERICA" won't do the trick ... A 60% clock cleaning of their 401ks might ... soon to be delivered courtesy US government and their banker friends
Obama, a legend in his own mind.
At least he no longer refers to everything he does, or says, or proposes as "historic" like he did the first year he was in office.
But what about all those jobs he saved or created? Won't they destroyed or lost?
Too bad he didn't end the food for fuel program.
Funny how all these cuts are in some distant future, and the average attention span is about the same as the attention span of a fruit fly. Hell elect me president and in 10 years I promise massive budget surpluses, no taxes, mandatory 50 week vacations, no unemployment, hover cars, and free candy to all.
30 minute MAX attention span of america, trained thru sitcom length.
25 minutes...people don't watch the credits and commercials at the end.
You got my vote!
Many already have their hoverounds already... at little or no cost to them .... but pillaged the medicare system with 80% profit margins charged to John Q Public
Total package!! Complete a--hole! Milestones
Ivy League Education = Clueless
Ivy League Education - http://en.wikipedia.org/wiki/Ivy_League vy League institutions, therefore, account for seven of the nine Colonial Colleges chartered before the American Revolution.
American Revolution - The American Revolution was the political upheaval during the last half of the 18th century in which thirteen colonies in North America joined together to break free from the British Empire, combining to become the United States of America.
How much more clearer can one be??? Again, who is your enemy fellow peasant prole? I'm not trying to come off as arrogant but whatever it takes to get the point across I guess.
You can't possibly mean that the present Ivy League is anything like it was back than. I'm not defending his comment but the comparison to then and now is about as far off as one can get. The present culture of these institutions is nothing but a sycophantic orgy where everyone is competing to be the smartest where "smartest" doesn't mean more moral, ethical, altruistic, logical or rational but just the best bullshitter.
You're right I'm not talking about the present day half-retarded inbred royal fuckstains. I'm speaking of the early-late 20th century inbreds, like FDR, Bushes and those from that era that are leading the world right now. It's a giant private inbred club that includes the business world.
The Ivy League is what it has always been;
1. A place where legacy US families go to learn how to maintain political and financial power.
2. A place where some very smart plebeians are admitted to the club, mentored and seduced to serve the needs of the elite.
If this were not so, why do the fortune 500, government agencies, think tanks, and international institutions kill themselves to hire these graduates. Do you believe that people who attend those schools do not know the score? For almost all of their graduates, it is the ticket punch on the golden ticket to riches and fame. All you need are legacy family connections or an outstanding intellect like Benny and the Jets or Obama and you too can hobnob with old money.
Guess 4 trill ain't what it used to be.
Isn't it the same with all the US Prezzes? It is impossible for them to cut the spending, otherwise people will riot. But it sure looks good to the people, if they are fooled into thinking that the government wants to put its books in order. Structurally impossible. We all know that.
the MIC would riot with spending cuts where they are truly needed ... regular folks down on their luck in the worst economy in 80 years are already eating shit sandwiches courtesy US government
If anyone points out that the budgets wont work, they'll pull out the good old "It's a step in the right direction... " but can't tell you which direction they're headed, or how many steps it takes to reach it...
And let the masses sleep - if they can't wake up with this in front of them... they're doomed...
i still will not be voting for Obama in 12 years
and this would of course explain why the only 2 forms of real money have given back all their gains for the day & the Fraud Market retreats slightly...yeah i get it ...
its all good again.......
fuck O'Sellout and his bitch made banker overlords.......
this is going to work...i just know it...like a plane powered by hamster piss
He'll cut $4 Trillion from the budget, and replace it with $40 Trillion.
So simple, a caveman could do it.
"Supply and demand. The treasury cant stop issuing debt. Havent you seen the demand for gov debt? They buy billions every day. The only way to balance demand is with supply."
As Timmah looks up from his comic book and shrugs off commodity prices.
"Thats the Bernak's job!"
We should short some random country's internationally traded companies stocks at 10000x leverage and then bomb the crap out of them for "humanitarian" reasons. Or we could elect Trump. That dirty fucker will have us discharge our sovereign debt through some arcane section of the Bankruptcy code. No way this ever gets repaid unless we sell Alaska and Texas, and not just to get rid of the Bushes and Palins.
Pull the plug, slice the pie.
Sell Florida to Germany.
Sell California to China.
Sell Alaska to the Russians.
Sell Wisconsin and Maine to Canada.
Sell Texas and Nevada to Mexico.
Sell the rest to JPM and GS.
We are all good.