Monday, February 1, 2010

Obama Offers $3.8 Trillion Budget With Focus on Jobs

Just finished packing my bag.......will be away from the country for a few days again. A few quick lines before I crashed out. Good luck to Obama when he gets this record budget approved. I see less than 1% chance that we are heading for a double dip recession with this follow through program. Just hope that he can stimulate the economy strong enough to be reelected next term, if not Republican will be the one gets all the benefits why he is working like shi* to steer America out of the worst recession since 1930. Is it time to get back to equity? A qualified yes but timing is a little bit tricky.

Feb. 1 (Bloomberg) -- President Barack Obama proposes a $3.8 trillion fiscal 2011 budget today that calls for $100 billion in additional stimulus spending and projects this year’s deficit will hit a record $1.6 trillion.

The plan would reduce the shortfall in part by imposing more than $800 billion in higher taxes and fees on those earning more than $250,000, banks that benefited from the financial industry bailout and the oil, gas and coal industries.

The spending blueprint being sent to Congress for the fiscal year that begins Oct. 1 reflects the administration’s struggle to boost the economy and job growth -- both top concerns of voters -- while tightening the government’s belt to reduce deficits in the years ahead.

“We’re trying to accomplish a soft landing in terms of our fiscal trajectory,” Peter Orszag, director of the White House Office of Management and Budget, said in a briefing.

The $1.6 trillion deficit forecast for the current year represents 10.6 percent of the U.S. gross domestic product, making it the biggest by that measure since World War II, according to administration figures. The deficit in 2009 was $1.4 trillion.

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