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Budget Deficit

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  1. -02-06-06 Under Bush's Budget, Deficit Would Drop, Then Rise Again (Bloomberg.com)
      "Under President George W. Bush's new budget, the federal deficit would decline gradually until 2010 and then start rising again, as the full impact of his requested permanent tax cuts and other proposals is felt."

      "While the health- care program for the elderly would be cut by $36 billion over the next five years, the budget sees his successor pushing through an $11 billion cut in the program in 2011 alone." 02-06

  2. -02-08-06 Who Is Affected by Federal Budget Cuts? (Christian Science Monitor)
      "With President Bush's signature Wednesday, Medicaid recipients can expect higher copayments and deductibles. College students may face higher interest rates on student loans, as lenders are squeezed. Work requirements for women on welfare are likely to be tightened. Federal aid to states for child-support enforcement will be curtailed."

      " 'There's a fairness issue here,' says Isabel Sawhill, a senior fellow in economics at the Brookings Institution. 'We're basically cutting programs that serve low-income families and the middle class in order to pay for tax cuts that go overwhelmingly to the very wealthy. Even some Republicans have been uncomfortable with that.' "

      "The Bush White House says programs slated for cuts or elimination are ineffective, and that there are other ways to help the poor, such as through programs supported by Bush's faith-based initiative." 02-06

  3. 05-11-09 Budget Deficit to Surpass $1.8 Trillion (CBS News)
      "The deficit for the current budget year will rise by $89 billion to above $1.8 trillion - about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall Street bailout, the cost of President Barack Obama's economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in." 05-09

Papers
  1. -Social Security Surplus Quickly Disappearing (Time.com)
      "If you count the $17 billion in income taxes expected to be paid on Social Security benefits, the system will still manage to provide a slight surplus for federal coffers in fiscal 2009. But from 2010 through 2012 there are small projected deficits, and after heading back into the black from 2013 to 2015 the program will become a growing drain on federal finances after that, projects the CBO."

      "Back in 1983, when Social Security last faced deficits, Congress approved a set of Social Security reforms that included a graduated hike in the payroll tax and an increase in the retirement age. Thanks to those changes, payroll tax receipts surpassed benefits in 1985, and the system has been operating at a surplus ever since." 04-09

  2. Budget Deficit (BullandBearWise.com)
      Provides a chart showing federal, state, and local surpluses and deficits from 1946 to the present. 1-04

  3. Budget Deficit - Debt Clock (Brillig.com)
      In February of 2004, the national debt was around $7 trillion, the largest in U.S. history. Provides a clock that records the national debt each minute.

      "The estimated population of the United States is 293,295,778 so each citizen's share of this debt is $23,956.23. The National Debt has continued to increase an average of $1.77 billion per day since September 30, 2003!" 2-04

  4. Budget Deficit - Debt Clock (Brillig.com)
      In October of 2009, the national debt was around $12 trillion, the largest in U.S. history. Provides a clock that records the national debt each minute.

      "The estimated population of the United States is 307,119,045 so each citizen's share of this debt is $38,924.61." 10-09

  5. Budget Deficit to Balloon (USA Today)
      "President Bush's budget would produce deficits totaling $2.75 trillion over the next decade, the Congressional Budget Office projected Friday in the first authoritative look at the plan's longer-range implications."

      "One major item omitted by Bush's budget but included in Friday's projections was the cost of his proposal to make tax cuts permanent that otherwise would expire in 2010. Bush's tax plans would add more than $1.3 trillion to deficits over the decade, although his plans to curb domestic spending would save $700 billion over that same period, the budget office said."

      "Wary of the impact on deficits, Republican congressional leaders already have said they will not move this year on Bush's proposal to extend the tax cuts, which is the pillar of his plan for strengthening the economy." 2-04

  6. Budget of the United States for 2005 - An Analysis (CBS News)
      "President Bush's goal of cutting in half a projected $500 billion federal deficit within five years is being dismissed as too timid by conservatives, unachievable by analysts and laughable by Democrats." 2-04

  7. CBO: Over $855 Billion Budget Deficit Projected for Decade (CNN News)
      "As Congress started to digest a new Bush administration request of $80 billion to bankroll wars in Iraq and Afghanistan, its top budget analyst Tuesday projected $855 billion in deficits for the next decade even without the costs of war and President Bush’s Social Security plan." 1-05

  8. Corporate Welfare (Corporations.org)
      " 'The $150 billion for corporate subsidies and tax benefits eclipses the annual budget deficit of $130 billion. It's more than the $145 billion paid out annually for the core programs of the social welfare state: Aid to Families with Dependent Children (AFDC), student aid, housing, food and nutrition, and all direct public assistance (excluding Social Security and medical care).' " 7-02

  9. Corporations May Stop Some Budget Cuts (ABC News)
      "One of the 58 proposed cuts that survived — the Advanced Technology Program — serves as an example of how difficult it is to cut government spending."

      "Since its birth in 1990, ATP has provided billions to the private sector for research and development. Almost half of that funding has been directed to Fortune 500 companies like General Motors and IBM."

      " 'The Advanced Technology Program is the poster child for corporate welfare,' said Tom Schatz, president of the watchdog group Citizens Against Government Waste."

      " 'Major corporations such as General Electric, who are very powerful lobbies here on their own, get millions and millions of dollars of taxpayers' money to support their research,' said Sen. John McCain, R-Ariz. 'It's mind-boggling that a major corporation would require taxpayers' dollars to do their job, which is to research products that they will sell and make a profit on.' " 2-05

  10. Cutting the Budget Deficit in Half (Center on Budget and Policy Priorities - Kogan and Coven)
      "The Bush Administration has said it has a plan to cut the deficit in half in five years, as a percentage of GDP. However, this plan is likely to be largely a public relations gimmick. The Administration will print a budget that, on paper, has figures for the fifth year (2009) that show the deficit being cut in half. But that will only be possible because, as has been the case with previous Bush budgets, it omits major, costly items that the Administration favors and intends to request — later." The authors present what has been left off of budgets in the past. 1-04

  11. Debt of the United States (U.S. Department of theTreasury)
      Provides, in the upper right, the current debt of the United States. 7-05

  12. Editorial: Deficit Increasing Because of Democrats and Republicans (MSNBC News - Scarborough)
      "With big-spending Democrats at their side, President George Bush and his 'conservative' Republican Congress have controlled the government’s checkbook while the national debt has skyrocketed past seven trillion dollars." 1-05

  13. Editorial: The Budget Challenge (CNN News)
      "He [Obama] made a passionate case for maintaining a basic social safety net for all, particularly the elderly and the poor, that I think will resonate with most Americans. But he lost his courage in proposing sensible reforms to these programs. The number of people eligible for Social Security and Medicare will double by 2030. At that point, those two programs plus Medicaid will take up about 60 percent of the federal budget. We need radical thinking to make them affordable, if only to be able to spend on all the investments that Obama believes in...."

      "I praised Paul Ryan for his courage in presenting a budget that takes risks and proposes painful cuts. It has also had the effect of spurring Barack Obama to present his own serious proposal." 04-11

  14. Entitlement Programs Nearly Half of Federal Budget (CBS News)
      "Three growing entitlement programs consumed nearly half of all federal spending in 2004, and budget analysts expect them to make up an even bigger share in the future." 12-05

  15. Federal Budget From 1978 Optimistically Projected to 2008 (InfoPlease.com)
      Provides a chart showing the national income and expenditures by category.

      Editor's Note: The projection to 2008 does not include expenses for war, hurricane repairs, making tax cuts permanent, or privatizing social security. If any of these expenses are included, the budget will be in deficit. 1-05

  16. Is too Much "Off the Table" to Fix the US Deficit? (Christian Science Monitor)
      "Here's a glimpse of the math: Social Security, Medicare, Medicaid, and interest on the national debt currently account for nearly half of all federal spending –and that total is poised to grow substantially if no changes are made. They are comparable to the role that housing, health care, and retirement plans play in the typical family budget." 06-11

  17. Parable on the Federal Deficit: A Boy with a Big Need (Awesome Library)
      "Any family that reduces its income while its debts are increasing is on a road to disaster." 11-05

  18. President Obama Presents His Budget Ideas (New York Times)
      "President Obama called for cutting the nation’s budget deficits by $4 trillion over the next 12 years on Wednesday, countering Republican budget plans with what he said was a more balanced approach that relies in part on tax increases for the wealthy as well as on spending cuts."

      "In a 43-minute speech that serves as the administration’s opening bid for negotiations over the nation’s fiscal future, Mr. Obama conceded a need to cut spending, rein in the growth of entitlement programs and close tax loopholes." 04-11

  19. President Obama's Speech on the Budget (New York Times)
      Provides the text of the speech. 04-11

  20. The People's Budget (Economic Policy Institute)
      "The Congressional Progressive Caucus has drafted a progressive budget, titled the People’s Budget, as an alternative to the House Republican 2012 budget and President Barack Obama’s 2012 budget request. The Economic Policy Institute (EPI) has analyzed and scored the specific policy proposals in the People’s Budget and modeled their cumulative impact on the federal budget over the next decade." 04-11

  21. The Republican Budget Proposal (Google.com)
      "Americans face a monumental choice about the future of their country."

      "This budget resolution reflects that choice. It disavows the relentless government spending, taxing, and borrowing that are leading America, right at this moment, toward a debt-fueled economic crisis and the demise of America’s exceptional promise."

      "It chooses instead a path to prosperity – by limiting government to its core constitutional roles, keeping America’s promises to seniors, and unleashing the genius of America’s workers, investors, and entrepreneurs."

      "Editor's Note: Awesome Library does not endorse the above statements. For example, while the document claims that the budget will be "keeping America's promises to seniors," it actually dismantles Medicare and Medicaid. 04-11

  22. Trade Deficit at All Time High (USA Today)
      "The U.S. trade deficit, exacerbated by surging imports of oil and textiles, soared to an all-time high of $61.04 billion in February." 4-05

       
       


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