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Obama eyes Suspending domestic spending, thoughts?

WASHINGTON – The Obama administration has alerted domestic agencies to plan for a freeze or even a 5 percent cut in their budgets, part of an election-year push to rein in record deficits that threaten the economy and Democrats' political prospects next fall.

China, the largest foreign holder of U.S. Treasury securities, has expressed concern about the size of U.S. deficits. U.S. policymakers worry that alarm over deficits could push foreigners into cutting back on their purchases of Treasury debt. President Barack Obama will visit China as part of his current tour of Asia.

White House budget director Peter Orszag said Friday that it is imperative to start curbing the flow of red ink in coming years so as not to erode the fledgling economic recovery and raise interest rates. But he called it a balancing act and said acting too fast could undercut the recovery.

 
sweet-a-kins

Asked by sweet-a-kins at 4:50 PM on Nov. 13, 2009 in Politics & Current Events

Level 34 (67,502 Credits)
This question is closed.
Answers (49)
  • Sweet, give it up. Those who hate on Obama will never believe anyone wanted anything they oppose. It's all the 'damn libs' and their damn media.

    Whatever. I was not totally thrilled with the stimulus, but the idea began with someone other than Obama, and it wasn't poorly rec'd then, so he figured, wth, this might actually work. And a lot of Americans agreed with him. While I found it alarming, I also was not sure we would be better if we let all the businesses helped by the stimulus fail. It's something we aren't ever gonna know.

    And all I have been reading on here is "stop the spending, you idiot" and now he is, and that is seen as wrong also? Jaysus.

    I would like to see where he is going to freeze budgets - across the board, certain agencies? I read where he was blasted on here for not knowing a meteorite was passing by soon enough....and yet people don't want to fund NASA.
    LiliM

    Answer by LiliM at 8:00 PM on Nov. 13, 2009

  • http://news.yahoo.com/s/ap/20091113/ap_on_bi_ge/us_obama_deficit
    sweet-a-kins

    Answer by sweet-a-kins at 4:50 PM on Nov. 13, 2009

  • Doesn't change that he is an idiot and it sounds like he is suggesting an increase in out sourcing.
    Anonymous

    Answer by Anonymous at 5:11 PM on Nov. 13, 2009

  • Sweets-it doesn't matter what he does. Those who are seeped in hatred and ignorance will continue to call him names and make disparaging remarks. It is progress.
    PsWifey

    Answer by PsWifey at 5:30 PM on Nov. 13, 2009

  • If it helps, then great. The deficit has to be paid down somehow.
    Anonymous

    Answer by Anonymous at 5:44 PM on Nov. 13, 2009

  • If it helps the U.S., I'm all for it.
    NightPhoenix

    Answer by NightPhoenix at 5:45 PM on Nov. 13, 2009

  • What gets cut? What doesn't? What about foreign aid spending? How about some salary/perk/pension cuts for Congress?

    You guys crack me up! Everybody jump on the BO bandwagon without even knowing where it is going and if there is a cover charge! What if he makes a big cut to education but gives Nancy's mouse another 25 million? Maybe he plans to cut social programs and sink more into NASA... Another house in another town that you've never seen.

    Spending cuts are a necessity, but it has to be done right.
    yourspecialkid

    Answer by yourspecialkid at 5:56 PM on Nov. 13, 2009

  • Another house in another town that you've never seen.


    That sums it up very well
    tnmomofive

    Answer by tnmomofive at 5:58 PM on Nov. 13, 2009

  • It would have impressed me more if he had this epiphany BEFORE he spent over a trillion dollars.

    QuinnMae

    Answer by QuinnMae at 6:10 PM on Nov. 13, 2009

  • It's pretty sad when CHINA is more concerned about the American economy (and the suffering of the American People from this bad economy) than Obama is.

    And that FOREIGN concerns are prompting our politicians to clean up their act, while they completely IGNORE the American citizens.
    waldorfmom

    Answer by waldorfmom at 6:14 PM on Nov. 13, 2009

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