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Who's deficit is it?

A forthcoming study by the Center on Budget and Policy Priorities concludes that the $1.4 trillion annual deficit run by the government has little to do with current White House policies and much to do with George W. Bush's actions.

"What we have looked at were several major contributors to the deficit: the tax cuts between 2001 and 2003 (on the assumption they get extended in 2010), the cost of the wars in Iraq and Afghanistan and the effects of the recession as well as the legislative response to the recession," James Horney, director of federal fiscal policy at the Center, told the Huffington Post. "When you take those things into account -- in other words, if we hadn't enacted the tax cuts, had the wars, if we hadn't had the recession and needed the legislation to deal with those problems -- the deficits are much, much lower. And basically none of those represent Obama's policies.

Answer Question
 
sweet-a-kins

Asked by sweet-a-kins at 2:48 PM on Dec. 10, 2009 in Politics & Current Events

Level 34 (67,502 Credits)
Answers (12)
  • He didn't run saying he wanted to pass a stimulus to deal with the recession or that he wanted to continue the war in Iraq or escalate [to this extent] in Afghanistan. He inherited these issues once he took office."

    "Now we still have a big budget problem in the long run," Horney added. "It is not inappropriate for people to say we have to deal with that. And it is not inappropriate for them to say Obama is president and has the responsibility to deal with this. But it is not appropriate to say that Obama's policies have contributed to the deficit problem."

    sweet-a-kins

    Answer by sweet-a-kins at 2:49 PM on Dec. 10, 2009

  • Horney said that the Center on Budget and Policy Priorities' analysis will be released in the next few weeks. But already, there is data available to supplement its findings. In mid-November, the Democratic-leaning Center for American Progress put together an analysis of its own, in which it concluded that the so-called "Obama spending spree" paled in comparison to the checks written by Bush.

    "It's true that spending in 2009 was much higher than it was the previous fiscal year, by about $602 billion, excluding payments on the national debt (which actually declined in 2009 because of low interest rates)," wrote Michael Linden, an associate director for tax and budget policy at the Center.
    sweet-a-kins

    Answer by sweet-a-kins at 2:49 PM on Dec. 10, 2009

  • an associate director for tax and budget policy at the Center. "But it turns out that a huge chunk of that increase actually happened before President Obama took office. In fact, fully 41 percent, or $245 billion, came in the form of the Troubled Asset Relief Program and the rescues of Fannie Mae and Freddie Mac, actions taken in the fall of 2008 under President George W. Bush.

    As for the deficit that conservatives decried, Linden concluded that it was the recession, not Obama, that was to blame. In 2009, federal tax receipts were $419 billion below 2008 levels -- the largest decline from one year to the next in seven decades. "The overall cost of the decline in tax revenues was four times larger than the cost of Obama's initiatives," wrote Linden.

    The decline of tax revenues due to the recession may not be a development tied to Obama. But it has become a perplexing problem for this administration.

    sweet-a-kins

    Answer by sweet-a-kins at 2:50 PM on Dec. 10, 2009

  • I'm sorry, but I just have to wonder what stories this guy has growing up with the name Horney. Sorry to toilet up your post sweet, but I am on antihistamines and my mind is in the clouds. LOL.

    Are you Horney baby? (in an Austin Powers accent) "why yes, yes I am."
    QuinnMae

    Answer by QuinnMae at 3:15 PM on Dec. 10, 2009

  • The deficit belongs to all of us because we are the ones who will have to pay it back.

    I and many other Americans want those in office (regardless of the letter after their name) to stop spending money like it flows from a water tap. When you are in debt, you cut your expenses to what is absolutely necessary for living so that you can pay off the debt. You do not put yourself deeper into debt by spending money you don't have. Too many people in DC have not mastered that very basic concept.
    May-20

    Answer by May-20 at 3:21 PM on Dec. 10, 2009

  • What do you expect from a liberal non profit?
    Carpy

    Answer by Carpy at 3:49 PM on Dec. 10, 2009

  • New York Times reporter Matt Bai, "CBPP is one of three left wing think tanks funded by the Democracy Alliance. The other two are the Center for American Progress and the Economic Policy Institute. According to Bai's account, representatives of CBPP and the other two Democracy Alliance-sponsored think tanks attended the May 2006 meeting of the Democracy Alliance at the Barton Creek Resort near Austin, Texas. Their role was to "talk about the agendas they were busy crafting that would catapult Democratic politics into the economic future"
    Carpy

    Answer by Carpy at 3:53 PM on Dec. 10, 2009

  • Anyone who can read a timeline can see without the intervention of the think tanks just who is responsible for the problems--but the neocons don't like their baby being held to task.
    PsWifey

    Answer by PsWifey at 3:56 PM on Dec. 10, 2009

  • I'm sorry, but I just have to wonder what stories this guy has growing up with the name Horney. Sorry to toilet up your post sweet, but I am on antihistamines and my mind is in the clouds. LOL. Are you Horney baby? (in an Austin Powers accent) "why yes, yes I am."


    No need to be sorry, I snickered to myself!! lol

    sweet-a-kins

    Answer by sweet-a-kins at 4:15 PM on Dec. 10, 2009

  • The Center on Budget and Policy Priorities gets a substantial portion of it's funding from Democrats and Liberal groups. So, are you presenting them as unbiased source of information?
    grlygrlz2

    Answer by grlygrlz2 at 9:14 PM on Dec. 10, 2009

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