Obama Speech Details Leaked: Promises To Cut $4 Trillion In Deficit Over Next 12 Years (Or Less)

Tyler Durden's picture

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.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Guarded Pessimist's picture

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.

ElvisDog's picture

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"

Astute Investor's picture

Everybody's got plans...until they get hit.

hedgeless_horseman's picture

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

AxiosAdv's picture

Even it it's true, that's pathetic.  The politicians still don't get it.  Ryan's plan isn't good enough either.

DonnieD's picture

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?

vxpatel's picture

the 1/2 of the american fatsheeple who don't believe sarah palin is qualified to be president...that's who

 

chumbawamba's picture

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.

SheepDog-One's picture

Fuck that Zionist bag lady Palin!

dow2000's picture

Impeach the asshole

Mr. Anonymous's picture

I would call this guy a sack of shit, but that's disparaging to real sacks of shit.

Dr. No's picture

We need to spend more to keep ourselves from going bankrupt.  Didnt he get the memo?

JLee2027's picture

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.

trav7777's picture

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!!!!!!!!!!

Oh regional Indian's picture

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/

carbonmutant's picture

But inflation keeps the memory alive...

Rick64's picture

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

r101958's picture

I think you meant 'all is swill' ....no?

plocequ1's picture

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)

topcallingtroll's picture

So true.

If i didnt get a chance to critticise our fukwad in chief i wouldnt even bother to read about him.

Vendetta's picture

I hear em but is still faint ... but not for long

SheepDog-One's picture

Been hearing this assclown promise cuts since 2008, no beef. BTW it appears he plans to be president for another 12 years? 

clones2's picture

+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.

redpill's picture

Wall Street couldn't be any fatter, now comes time that the rest of us pay for their Rolexes and penthouse apartments.

nyse's picture

Cool! So we're good then?

55mph's picture

yea, it's all good.  

 

 

newworldorder's picture

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.

SheepDog-One's picture

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!

Vendetta's picture

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. 

Clampit's picture

Yes, please do explain again how free money from a captive market will voluntarily suppress the natural tendency to be a growth industry.

topcallingtroll's picture

Cut more. Not enough.

carbonmutant's picture

In 12 Years?

Is he planning to do away with elections too?

carbonmutant's picture

Sign of approaching senility...

ElvisDog's picture

God, just imagine what Pelosi would look like without Botox. Like Al Davis' older sister I suspect.

Shameful's picture

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.

carbonmutant's picture

Actually it does.

However making them compete on American Idol would certainly improve the entertainment value

Shameful's picture

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!"

Vendetta's picture

masterblaster has been winning for 40 years if that was the case ... in figurative terms of course.