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Feb 5 - Bush sends $2.9 trillion spending budget to Congress.

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  • Feb 5 - Bush sends $2.9 trillion spending budget to Congress.

    http://news.aol.com/topnews/articles...05072309990001

    WASHINGTON (Feb. 5) -- President Bush sent a $2.9 trillion spending plan to a Democratic-controlled Congress on Monday, proposing to spend billions more to fight the war in Iraq while squeezing the rest of government to meet his goal of eliminating the deficit in five years.

    Bush's spending plan would make his first-term tax cuts permanent, at a cost of $1.6 trillion over 10 years. He is seeking $78 billion in savings in the government's big health care programs -- Medicare and Medicaid -- over the next five years.

    Release of the budget in four massive volumes kicks off months of debate in which Democrats, now in control of both the House and Senate for the first time in Bush's presidency, made clear that they have significantly different views on spending and taxes.

    "The president's budget is filled with debt and deception, disconnected from reality and continues to move America in the wrong direction," said Senate Budget Committee Chairman Kent Conrad, D-N.D.

    House Budget Committee Chairman John Spratt, D-S.C., said, "I doubt that Democrats will support this budget, and frankly, I will be surprised if Republicans rally around it either."

    "My formula for a balanced budget reflects the priorities of our country at this moment in its history: protecting the homeland and fighting terrorism, keeping the economy strong with low taxes and keeping spending under control while making federal programs more effective," Bush said.

    Just as Iraq has come to dominate Bush's presidency, military spending was a major element in the president's new spending request. Bush was seeking a Pentagon budget of $624.6 billion for 2008, more than one-fifth of the total budget, up from $600.3 billion in 2007.

    For the first time, the Pentagon included details for the upcoming budget year on how much the Iraq war would cost -- an estimated $141.7 billion for fighting in Iraq and Afghanistan , as well as the cost of repairing and replacing equipment lost in combat. But White House spokesman Tony Fratto cautioned that the 2008 projection was likely to change. "We're not saying the number for '08 is the final number," Fratto told reporters. "We don't know that right now."

    Bush projected a deficit in the current year of $244 billion, just slightly lower than last year's $248 billion imbalance. For 2008, the budget year that begins next Oct. 1, Bush sees another slight decline in the deficit to $239 billion. He sees that decline continuing over the next three years until the budget records a surplus of $61 billion in 2012, three years after Bush has left office.

    Democrats, however, challenged those projections, contending that Bush only achieves a surplus by leaving out the billions of dollars Congress is expected to spend to keep the alternative minimum tax from ensnaring millions of middle-class taxpayers. His budget includes an AMT fix only for 2008.

    Bush projects government spending in 2008 of $2.9 trillion, a 4.9 percent increase from the $2.78 trillion in outlays the administration is projecting for this year. However, the administration notes that the 2007 total is only an estimate, given that Congress is still working to complete a massive omnibus spending bill to cover most agencies for the rest of this fiscal year.

    To help achieve what would be the government's first surplus since 2001, Bush is proposing $95.9 billion in savings in mandatory spending, the part of the budget that includes the big benefit programs of Social Security and health care.

    Medicare, which provides health insurance for 43 million older and disabled Americans, would see the bulk of those savings -- reductions of $66 billion over five years. That would come about primarily by slowing the growth of payments to health care providers.

    Additional savings would be achieved by charging higher income Medicare beneficiaries bigger monthly premiums.

    While Bush said something had to be done to get control of spiraling health care costs, Congress refused to go along last year with Bush's effort for smaller reductions in Medicare.

    Bush would seek to eliminate or sharply reduce 141 government programs for a five-year savings of $12 billion. But many of those reductions he has proposed in past budgets -- only to see them rejected by Congress.

    Bush once listed overhauling Social Security as the No. 1 domestic priority of his second term. But his effort two years ago to accomplish this goal by diverting some Social Security taxes into private investment accounts went nowhere in Congress. He included the private accounts again in this year's budget. But to minimize the impact, he only showed the program taking effect in 2012, when the private accounts would cost $29.3 billion.

    The president's budget also includes an initiative to expand health care coverage to the uninsured through a complex proposal that would give every family a $15,000 tax deduction for purchasing health coverage but would make current employee-supplied health coverage taxable for certain taxpayers.

    Bush is also proposing to increase the maximum Pell grant, which goes to low-income students, from the current $4,050 to $4,600. Democrats are pushing for even larger increases.

    Bush's energy proposals would expand use of ethanol and other renewable fuels with a goal of cutting gasoline use by 20 percent over the next decade.
    Bush is insane.
    An Extremely important, interesting and facinating read.

    Another one

    This one's a bit crazy.

  • #2
    I always thought trillion was some made up name for ridiculous amounts of money noone's ever going to have...guess that's gazillions, don't tell me those are real too...no shit
    ^he's from austria, without stereotyping most central/eastern europeans are sexfiends where nothing is taboo.
    -MidwestSwing

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    • #3
      This MotherFucker is out of his God Damn mind
      Cutting Medicare isint going to do nothing but make more Old people go broke or die cause thay cant afford medical needs and fuck Poor people out of medical care that they cant afford themselves cause the damn job market is fucked. How in the hell are people going to afford medical Exspence when thay make less than in a year than it cost to birth a child at a hospital. How about gitting rid of the war on drugs that locks up people for petty drug charges and cost more to house them in jail than the national poverty line here are some numbers. The average inmate in a prison cost $25,000 to hold for a year and the average minimum wage worker gets $11,000 a year and bust their ass at a fuckin job that give's 2 shits and a fuck about them with no medical coverage. This fuckin country is going down the shitter real fast its fuckin insane that we have to live like this while we spend Billions on killing people in other countries.This shit is out of hand we spent so much money on this war that we All could of had Medical Insurance and all of our young people could of went to collage to better our country. I could go on for hours about this bullshit but it just makes me mad so I will stop my RANT!!! (arguingsm
      Im From FLINT, MURDER MITTEN

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      • #4
        god damn

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        • #5
          George Bush doesn't care about old people and any living breathing thing on this planet. He needs to get hung like Sadam.

          Comment


          • #6
            President Bush wants to cut 1% out of the Medicare budget to fund the quagmire in Iraq. What nerve.
            Originally posted by Derty JaSoN
            my spelling is HORRIBLE
            Originally posted by Sleep
            i lost my virginity at home listening to rock but i sodomized my 1st ass in college with rap

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            • #7
              It's hard to comprehend the real numbers, don't we all want a $ million or more? 1 million is a drop in the bucket compared to what Bush is asking for to fight his bullshit, and what he sees as his budget needs.

              I believe that president Bush is more interested in leaving a legasy no matter what it is, than having the best interest of our country in mind.
              An Extremely important, interesting and facinating read.

              Another one

              This one's a bit crazy.

              Comment


              • #8
                this guy is out of his god damn mind...

                Lower Ninth Ward in New Orleans still looks the same as it did after Katrina hit over a year and change ago... what about the crumbling schools, people w/ no health insurance... yet he wants to spend 2.9 trillion on a war that no one wants.
                I'm an angel.. Honest
                The horns are just there to keep the halo straight

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                • #9
                  jesus christ...
                  ~*And to the fans, I'll never let you down again, I'm back I promise to never go back on that promise*~

                  Comment


                  • #10
                    Originally posted by NaughtyGyrl View Post
                    this guy is out of his god damn mind...
                    Lower Ninth Ward in New Orleans still looks the same as it did after Katrina hit over a year and change ago... what about the crumbling schools, people w/ no health insurance... yet he wants to spend 2.9 trillion on a war that no one wants.
                    he doesnt want to spend 2.9 trillion on the war... learn to read
                    few of my favorite things

                    CentralDigit.com

                    BayOnTop.com

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                    • #11
                      Originally posted by BluTooth View Post
                      he doesnt want to spend 2.9 trillion on the war... learn to read
                      one dollar to 2.9 trillion doesn't matter. Majority of it is going to the war so shut the fuck up and take the dick out your mouth
                      I'm an angel.. Honest
                      The horns are just there to keep the halo straight

                      Comment


                      • #12
                        Originally posted by NaughtyGyrl View Post
                        one dollar to 2.9 trillion doesn't matter. Majority of it is going to the war so shut the fuck up and take the dick out your mouth
                        lol dick out your mouth? see you don't know hat the fuck you're talking about...who's dick lol?
                        Bush projects government spending in 2008 of $2.9 trillion, a 4.9 percent increase from the $2.78 trillion in outlays the administration is projecting for this year. However, the administration notes that the 2007 total is only an estimate, given that Congress is still working to complete a massive omnibus spending bill to cover most agencies for the rest of this fiscal year.
                        what does that mean?

                        lol
                        few of my favorite things

                        CentralDigit.com

                        BayOnTop.com

                        Comment


                        • #13
                          No matter what you think the american public is responsible for all the money Bush is throwing around "allowing" people to spend. America is what now over 80 trillion in debt what the hell whats another 2.9 trillion. Thanks bush your such a good puppet.

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