Obama's unprecedented budget deficits pose serious economic risks

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Dear Obama: Inherited from Whom?

Thomas Sowell: Setting the record straight on “the policies that created this mess in the first place.”

No president of the United States can create either a budget deficit or a budget surplus. All spending bills originate in the House of Representatives and all taxes are voted into law by Congress.

Democrats controlled both houses of Congress before Barack Obama became president. The deficit he inherited was created by the congressional Democrats, including Sen. Barack Obama, who did absolutely nothing to oppose the runaway spending. He was one of the biggest of the big spenders.

The last time the federal government had a budget surplus, Bill Clinton was president, so it was called “the Clinton surplus.” But Republicans controlled the House of Representatives, where all spending bills originate, for the first time in 40 years. It was also the first budget surplus in more than a quarter of a century.

The only direct power that any president has that can affect deficits and surpluses is the power to veto spending bills. President Bush did not veto enough spending bills, but Senator Obama and his fellow Democrats in control of Congress were the ones who passed the spending bills.

The U.S. is not only calling for more spending, but it is also failing to reduce its own deficit, which will reach $1.4 trillion in 2010. Now, the question becomes when will this come back to hurt the country?

Immediately. Why The G20 Won't Listen To Obama

White House budget director Peter Orszag told Reuters Insider in an interview on Wednesday that the United States must tackle its deficits quickly to avoid the kind of debt crisis that hit Greece

U.S. posts 19th straight monthly budget deficit

Obamacare: Drafting of a Socialist Democracy

If "Obamacare" passes in any form, the Democrats in the short term will face certain obliteration; but, in the long term, they will have done more since both the New Deal and the Great Society to cultivate an overarching dependency class. In creating a system of permanently increasing taxes and deficits (once it becomes clear that the presently imagined manners of paying for this new system will be all too inadequate, especially after the first decade of its existence), this monstrosity will rape whatever financial independence the already overtaxed middle class may be able to muster.

BEAR TO THE RIGHT

President Obama's proposed budget would add more than $9.7 trillion to the national debt over the next decade, congressional budget analysts said Friday...

Deficits of that magnitude would force the Treasury to continue borrowing at prodigious rates, sending the national debt soaring to 90 percent of the economy by 2020, the CBO said. Interest payments on the debt would also skyrocket by $800 billion over the same period.

National debt to be higher than White House forecast, CBO says...

Proof: Obama is either completely incompetent or else he's purposely destroying this country

Here's what Obama said: BEIJING, Nov 18 (Reuters) - President Barack Obama gave his sternest warning yet about the need to contain rising U.S. deficits, saying on Wednesday that if government debt were to pile up too much, it could lead to a double-dip recession.

...and this is what's actually happening: U.S. National Debt Tops Debt Limit

OK, which is it???

Budget Deficits for Dummies

Funny in that bizarre, other-worldly way where you know you are totally screwed and you are not quite sure if you will be able to do something about it...

HAT TIP: InstaPundit

Mr. Obama's problem is that his Magic Kingdom Health Care World is colliding with reality

Democrats who support any final bill are at risk. They'll be held responsible for the mess that quickly emerges as premiums rise, taxes balloon, deficits soar, mandates expand, and government power grows.

Doubling Down on a Flawed Insurance Model

Obama's plan takes the problems of the current system—mandates, runaway spending and more—and makes them worse

Be a part of history: Thousands of taxpayers plan to storm Washington, D.C., in a three-day event

Just one day after President Obama plans tries to recapture the initiative in the health-care debate with a speech to a joint session of Congress, thousands of taxpayers plan to storm Washington, D.C., in a three-day event to take their fight against excessive spending, bailouts, growth of big government and soaring deficits to the front door of the U.S. Capitol.

In a major movement unaffiliated with – but inspired by – Fox News' Glenn Beck's 9-12 Project, called the National Taxpayer Protest, thousands of Americans are answering the call and traveling to make their voices heard at Capitol Hill. Sept. 10 marks the kickoff of the three-day march on Washington.

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