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The Budget Control Act Spending Reductions Have Vaporized

CrownThomas's picture





 

Back in August of last year, Congress passed the Budget Control Act of 2011. This raised the debt ceiling $2.1 Trillion dollars to ~$16.4 Trillion dollars. As Tyler points out, Obama will more than likely breach the new debt ceiling this year. That's not shocking, especially not to ZH readers.

And while this video isn't necessarily shocking either, it is rather maddening to see how humorous OMB Director Jeffrey Zients thinks it is to not adhere to any laws, let alone promises when putting together the Administration's newest budget proposal.

If you recall, the Budget Control Act said that if the "super committee" wasn't able to come to an agreement, there would be an automatic spending cut in the amount of $1.2 Trillion dollars over the next ten years. Well, clearly the super committee fell flat on it's ass, and therefore we should see $1.2 Trillion in debt reduction when reviewing the new budget proposal -- right? Obviously this wasn't the case. Perhaps the law has "vaporized", similar to the missing MF Global funds (and the middle class).

When asked about this at a budget committee hearing today, Zients just smirked and refused to answer the very simple question: "Does your plan spend more money over the next ten years, than the agreement in current law"

Sorry folks, we're fresh out of vomit bags, you'll have to improvise.

 

 

 

 

 

 

 

 

 


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Wed, 02/15/2012 - 09:58 | Link to Comment homer8043
homer8043's picture

Let's see Fictious Number call it FN.

FN - $1.2T = FN. Add deception, BS, payroll tax cuts, Bernanke to FN, get a new FN. All hail the FN.

When the public can't do basic math, more less finance, and doesn't pay attention this actually works. Add in that there's an election to win and retirement benefits aof all stripes are the square root of -1 in a couple years anyway the crooks may as well pumps as hard as possible now.

All as we delay, not avoid, the inevitable depression and push our luck with worse.

Wed, 02/15/2012 - 09:51 | Link to Comment gaoptimize
gaoptimize's picture

A missed opportunity.  This is one of those moments where Senator Sessions could have called attention to this fiscal disaster by calling Mr. Zients a "deceitful, dissembling, and defiant asshole recklessly putting the nation's finances at risk" to his face.  The breach in decorum would have made the MSM and made Senator Sessions a hero of the good people and clearly drawn battle lines.

Wed, 02/15/2012 - 09:49 | Link to Comment marathonman
marathonman's picture

Really?  'Honorable' J. Zients?  As believable as 'Honorable' J. Corzine.

 

Wed, 02/15/2012 - 09:10 | Link to Comment Catullus
Catullus's picture

Republicans, this is why you shouldn't have made a deal and should have let them shut down the government then.  Honestly, congressional republicans are playing checkers when the democrats are playing chess.  You're idiots.

Wed, 02/15/2012 - 10:08 | Link to Comment Bob
Bob's picture

But today's announcement finally gives downtrodden republicans everywhere something to wholeheartedly embrace:

 

http://www.youtube.com/watch?v=IHAfs1fA-OE&feature=player_embedded

Wed, 02/15/2012 - 10:00 | Link to Comment Are you kidding
Are you kidding's picture

Nah man, they know what they're doing. We run out of money in Aug or Sept, all hell breaks loose, government shuts down...all blamed on BO. They're playing their hand OK.

Wed, 02/15/2012 - 07:32 | Link to Comment nmewn
nmewn's picture

“Today, I’m pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.”

Obama, 23 Feb. 2009

http://www.whitehouse.gov/the_press_office/Remarks-by-the-president-and-the-vice-president-at-opening-of-fiscal-responsibility-summit-2-23-09/

Now, run along, eat your peas and someone get me a tee time.

Wed, 02/15/2012 - 09:48 | Link to Comment Forgiven
Forgiven's picture

Let's deconstruct that from politicianese to plain English.

"Today" = "Today,"

"I'm pledging" = "I will continue to lie about"

"to cut" = "moderately increasing"

"the deficit" = "payout to my patrons"

"we inherited" = "stolen from the taxpayers"

"in half" = "by a factor of two"

"by the end of my first term in office" = "and will increase it by more when I assume my second term."

 

So as you can see, he has been true to his words.  It's just a question of what language is being spoken.

Wed, 02/15/2012 - 08:29 | Link to Comment ceilidh_trail
ceilidh_trail's picture

Thanks for ruining my breakfast. I was sooooo looking forward to my peas and granola souffle. As you said, difficult decision= which club to use; challenge= getting in the ice cream and pizza before moochelle gets home...

Wed, 02/15/2012 - 08:29 | Link to Comment Element
Element's picture

But can we get a precise definition of, "right now, in this administration" articulated?

Buba said, "I did not have sexual relations with that woman", but that does not mean that he didn't send a 'probe' to 'Venus' because the blue-dress encrusted with a rather durable Venus jism attests that such a 'program' did in fact exist. (there are probably videos ... and one day ... utube ... and frankly I wouldn't mind having a gander)

Maybe we just can't understand the ins and outs of such complex matters of State.

 

 

Wed, 02/15/2012 - 07:12 | Link to Comment Element
Element's picture

Oh yeah, ... I'm fairly sure the ratings circle-jerk is sort of expecting a NET decrease in spending or else they will do something or other.

I'm sure it's nothing to worry about. 

ZIRP is already locked-in ... right? ...

 

awaiting the next Nanex .gif

Wed, 02/15/2012 - 06:41 | Link to Comment lolmao500
lolmao500's picture

Vaporized, the hipster word for 2012.

Wed, 02/15/2012 - 06:58 | Link to Comment Element
Element's picture

Well, clearly the super committee fell flat on it's ass, and therefore we should see $1.2 Trillion in debt reduction when reviewing the new budget proposal -- right?

 

Yes, but almost all of it will occur in year ten fortunately.

Wed, 02/15/2012 - 05:43 | Link to Comment foofoojin
foofoojin's picture

this in the same day Italy defunds the 2020 Olympic project.  they saved 12.5 Billion in one day. we need a hundred of these or ten a year and will be fine.

http://hosted.ap.org/dynamic/stories/O/OLY_ROME_2020_BID?SITE=RIPAW&SECT...

Wed, 02/15/2012 - 02:14 | Link to Comment AUD
AUD's picture

When asked about this at a budget committee hearing today, Zients just smirked and refused to answer the very simple question

He probably doesn't know the answer & while gold moves up just a few USD on the news, he doesn't have to.

Wed, 02/15/2012 - 01:52 | Link to Comment alien-IQ
alien-IQ's picture

I wish I hadn't seen that.

Late night rage never ends well.

Wed, 02/15/2012 - 09:46 | Link to Comment Zero Govt
Zero Govt's picture

read the inane (socialist) dribble of Paul Krugman in the NY Times or Martin Wolf at the FT ...you'll be hard pressed to stay awake after 3 paragraphs, by para 5 you're fuking comatose

Wed, 02/15/2012 - 01:48 | Link to Comment carbonmutant
carbonmutant's picture

When do we get a Media that reports this fraud?

Wed, 02/15/2012 - 06:40 | Link to Comment wonderatitall
wonderatitall's picture

these are democrats which is pig latin for lying thieves and obama is a democrat and BLACK. end of story. move along looky loos

Wed, 02/15/2012 - 08:03 | Link to Comment GlobalCtzn
GlobalCtzn's picture

As opposed to those truth-telling altruistic Republicans. So, you are one of those fools still blindly caught up that Dem/GOP false dichotomy eh? And a racist to boot. Your parents must be so proud!

Wed, 02/15/2012 - 01:54 | Link to Comment alien-IQ
alien-IQ's picture

You are at it. ZH.

Wed, 02/15/2012 - 16:13 | Link to Comment carbonmutant
carbonmutant's picture

We need a Cable Channel...

Wed, 02/15/2012 - 01:22 | Link to Comment azusgm
azusgm's picture

I hope his children watch this and understand what a lying piece of trash Daddy is and tell him so.

Wed, 02/15/2012 - 01:57 | Link to Comment alien-IQ
alien-IQ's picture

That child/parent discussion would look something like this:

http://28.media.tumblr.com/tumblr_lsec3euktR1qcyzeto1_500.jpg

Wed, 02/15/2012 - 02:26 | Link to Comment azusgm
azusgm's picture

HA! Too hilarious.

Wed, 02/15/2012 - 00:46 | Link to Comment eatthebanksters
eatthebanksters's picture

It is truly amazing to me that these guys can sit there and look the world straight in the eye and lie!

Wed, 02/15/2012 - 03:58 | Link to Comment DollarMenu
DollarMenu's picture

It is their job to lie.

The better they lie, the further they advance.

Wed, 02/15/2012 - 00:32 | Link to Comment ShankyS
ShankyS's picture

Noting surprises me anymore living in the corrupt crony elite capitalist fascist states of amerika. Whoops, that sounded like a terrorist. My bad. Let me correct that. Obama rocks and he's a freaking god! 4 more years, better yet, let him have the office perpetually! <sarc>

 

Nice find CT. 

Wed, 02/15/2012 - 00:22 | Link to Comment DavosSherman
DavosSherman's picture

Mister?  I could think of far better words.

Wed, 02/15/2012 - 00:11 | Link to Comment Moe Howard
Moe Howard's picture

Congress is as effective as the Senate in Rome after Caesar.

Wed, 02/15/2012 - 09:44 | Link to Comment Roland99
Roland99's picture

It's time for a vote of no confidence in Chancellor Valorum

 

Tue, 02/14/2012 - 23:58 | Link to Comment Downtoolong
Downtoolong's picture

Let’s face it, when you create a “Budget Control Act” which “Raises The Debt Ceiling”,  you’ve pretty much issued a self-contradicting, ergo worthless legal document to begin with. 

Wed, 02/15/2012 - 09:17 | Link to Comment Catullus
Catullus's picture

Yep.  Which is why a real opposition party would have never agreed with it. 

You're a piece of shit, Eric Cantor. 

Tue, 02/14/2012 - 23:47 | Link to Comment Everyman
Everyman's picture

This is why we are in this mess, liars and scynophants like this POS.

Tue, 02/14/2012 - 23:29 | Link to Comment Bear
Bear's picture

This guy (like most of the Administration) just drips with arrogance and condescension. If this guy doesn’t think he is the smartest man in the room and Sessions is a backwater hick, I’ll eat my hat. 

Wed, 02/15/2012 - 09:49 | Link to Comment Raging Debate
Raging Debate's picture

Bear, this is the same spirit that sends innocents to their imprisonment and death. The saying Bull in a China shop comes to mind. Other countries will not be so kind when treated that way. Good luck and God bless to people of all nations. We're going to need grace and luck to minimize the casualty rate and in that regard, it very well may be mankind easily breaks old records. Will justice be served?

Wed, 02/15/2012 - 07:10 | Link to Comment rufusbird
rufusbird's picture

Did I hear him correctly? I heard, "We don't need no stinkin Congressional Budgets"

Wed, 02/15/2012 - 01:21 | Link to Comment atomicwasted
atomicwasted's picture

>>If this guy doesn’t think he is the smartest man in the room and Sessions is a backwater hick<<

The two are not mutually exclusive.

Wed, 02/15/2012 - 00:20 | Link to Comment pashley1411
pashley1411's picture

Its all Greek to me.

Wed, 02/15/2012 - 02:51 | Link to Comment The Navigator
The Navigator's picture

It's gonna be all Greek for everyone because of this lying piece of shit and those cocksuckers like him driving the US over the cliff.

Wed, 02/15/2012 - 07:04 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

Not only the US will be affected. The world will be tagging along for the ride on this one.

Tue, 02/14/2012 - 23:34 | Link to Comment CH1
CH1's picture

The narcicism evidently runs top-down.

Ah well, politicians will be evil.

Tue, 02/14/2012 - 23:21 | Link to Comment mt paul
mt paul's picture

an honest budget

submitted by thieves ...

Tue, 02/14/2012 - 23:21 | Link to Comment disabledvet
disabledvet's picture

Ooooo. How exciting! Let me guess..."AND IT'S ALL GOING TO THOSE WELFARE MOM'S TOO!"

Be ANGRY America! ANGRY AND STUPID!

Wed, 02/15/2012 - 08:29 | Link to Comment nickt1y
nickt1y's picture

Coporate wealth is Govenment driven. Feeding at the tax trough with special loopholes "incentives", bailouts, etc. Kill Fascism by cleaning up the tax code and insane spending. BTW we are all Fascists now.

Tue, 02/14/2012 - 23:13 | Link to Comment JW n FL
JW n FL's picture

 

 

U. S. tax documentary 'We're Not Broke' to screen at OffshoreAlert Conference

A special screening of the tax documentary We're Not Broke will take place at this year's OffshoreAlert Conference, with producers/directors Victoria Bruce and Karin Hayes in attendance.

The movie, which premiered at The Sundance Film Festival in January, 2012, tells the story of how big U. S. corporations use offshore structures to avoid U. S. taxes and the protests their actions have triggered.

The screening will start at 4:45 pm on Sunday, April 29, 2012 at The Ritz-Carlton, South Beach in Miami Beach, Florida and will be open to all attendees at The 10th Annual OffshoreAlert Conference for no extra charge.

Not registered yet? Click Here for Conference Tickets.

Immediately following the screening, a panel of onshore and offshore experts – including at least three people who appear in the movie – will answer questions. Everyone will then move on to The OffshoreAlert Conference's Welcome Cocktail Reception, which will take place from 6.30 pm to 8.30 pm. Click Here to view the Schedule.

The OffshoreAlert Conference, which will have sessions for clients, providers and investigators of offshore products and services, will take place at The Ritz-Carlton, South Beach on April 29 to May 1, 2012.

See you in there!

David Marchant
Publisher, OffshoreAlert

Tue, 02/14/2012 - 23:41 | Link to Comment Bear
Bear's picture

Sorry ... Can't go ... I'm the Bear and I'm Broke

Do NOT follow this link or you will be banned from the site!