LOL! Obama calls for fiscal restraint! Comes up with pay as you go system!

#1
OrangeEmpire

OrangeEmpire

The White Debonair
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Nov 28, 2005
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#1
Obama Calls for Pay-as-You-Go Approach to Spending - Political News - FOXNews.com

The president's plan would require Congress to pay for new entitlement spending, such as health care, by raising taxes or coming up with budget cuts -- a "pay-as-you-go" system that would have the force of law. Under the proposal, if new spending or tax reductions are not offset, there would be automatic cuts in so-called mandatory programs -- although Social Security payments and some other programs would be exempt.
Not noted by the president: Tuesday's plan is a watered-down version of the so-called "PAYGO" rules proposed just last month in his own budget plan.
That version would have required, on average, all affected legislation to be paid for in the very first year. The new plan only requires such legislation to be financed over the coming decade.
That mirrors congressional rules and reflects the likelihood that health care reform will add to the deficit in the early years.
Obama said the principle is simple: Congress can only spend a dollar if it saves a dollar somewhere else.
"It is no coincidence that this rule was in place when we moved from record deficits to record surpluses in the 1990s -- and that when this rule was abandoned, we returned to record deficits that doubled the national debt," Obama said, flanked at the White House by supportive Democratic lawmakers.
"Entitlement increases and tax cuts need to be paid for," he said. "They're not free, and borrowing to finance them is not a sustainable long-term policy."
Republican leaders, critical of the Obama-championed $787 billion stimulus package and other deficit spending, called the president disingenuous.
"It's as if the administration and these Democrat leaders are living in an alternate universe," said House Republican Whip Eric Cantor of Virginia. "The quickest way to save money is to stop recklessly spending it."
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Thoughts?
 
#2
#2
What's next, the Check into Cash plan? The Rent-a-Infrastructure system?
 
#4
#4
This is one of the first moves in the "shove egregious taxes down throats" plan. It's coming.
 
#7
#7
BigPapaVol said:
Honest mistake. I had no idea he was doing such a fantastic job.
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you obviously don't read the new york times. they told me yesterday in that article about summers that obama's policies have worked and the economy is improving.
 
#8
#8
droski said:
you obviously don't read the new york times. they told me yesterday in that article about summers that obama's policies have worked and the economy is improving.
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well there you have it. where will we ever turn when the NYT folds?
 
#11
#11
he proposes paygo but carves out $2.5 trillion in exemptions for his healthcare plan? That's recockulous
 
#14
#14
utvolpj said:
he proposes paygo but carves out $2.5 trillion in exemptions for his healthcare plan? That's recockulous
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The irony is his minions explain away the giant deficit by claiming they are accounting for EVERYTHING while previous administrations had "off-book" expenditures.

HOPE! CHANGE!
 
#15
#15
hussein saying that, reminds me of what the German army did in ww2. they would shoot at, and kill us soldiers and raise their hands and surrender. the damage was already done and they acted like they were innocent soldiers
 
#16
#16
volinbham said:
The irony is his minions explain away the giant deficit by claiming they are accounting for EVERYTHING while previous administrations had "off-book" expenditures.

HOPE! CHANGE!
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Now, that just makes everything better. Doesn't matter what you spend, so long as you know what you're spending?

That's what my parents taught me when I was a kid. I had my meager income from my summer job and they said:

"Go out and lease a $30k car, but make sure you read the fine print. You don't want to get screwed, you know"
 
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