Obama proposes making 'pay-as-you-go' the law


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Ok sooooo...... first six months in office you spend more then in the previous 220 years combined and now you decide to "pay as you go!"

Obama proposes making 'pay-as-you-go' the law - CNN.com

WASHINGTON (CNN) -- President Obama on Tuesday proposed making "pay-as-you-go" rules for federal spending into law.

The so-called PAYGO proposal requires Congress to balance any increased spending by equal savings elsewhere, Obama said in announcing the measure that now goes to Congress.

A previous PAYGO mandate helped erase federal budget deficits in the 1990s, and subsequent ineffective rules contributed to the current budget deficits, Obama said. Now the PAYGO rules should be the law, he said.

"Paying for what you spend is basic common sense," Obama said. "Perhaps that's why, here in Washington, it's been so elusive."

Republican leaders said the proposal comes after record spending initiatives by the Obama administration, such as the $787 billion economic stimulus program.

"It seems a tad disingenuous for the president and Speaker [Nancy] Pelosi to talk about PAYGO rules after ramming trillions in spending through Congress proposing policies that create more debt in the first six months of this year than in the previous 220 years combined," said Rep. Eric Cantor of Virginia, the House Minority Whip.

However, a group of fiscally conservative Democratic representatives known as the Blue Dogs called Obama's proposal responsible and necessary.

"President Obama inherited an economy in free-fall and a $10.6 trillion national debt," said Rep. Jim Cooper of Tennessee, vice-chairman of the Blue Dog Budget and Financial Services Task Force.

"While short-term spending was necessary to get the economy moving again, our long-term fiscal problems became that much more urgent."

A White House statement said Obama's proposal calls for the Office of Management and Budget to maintain a ledger of the average 10-year budgetary effects of all legislation affecting mandatory spending or baseline tax levels.

Any extra cost that lacks payment authorized by Congress would require the president to find money within the budget to pay it, while any tax cut would require a corresponding increase in tax revenue.

Some costs would be exempt, including Medicare payments to doctors, the estate and gift tax, and tax cuts enacted in 2001 and 2002, the White House statement said.


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And if you believe that will happen I have an ocean front lot in Kansas I would like to sell you.:fie:


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Bottom line, Obama is racing us towards an economic catastrophe of Biblical proportions!

UPDATED: The Unspinnable Obama Economy The Rhetorican

There’s Funemployment and then there’s the White House’s version of reality, or at least its clumsy attempts at Doublethink: Austan Goolsbee proposes that “last month’s loss of 345,000 jobs (resulting in a half percentage point jump in the jobless rate) is somehow good news because it beat predictions”.

Yes. And we’ve always been at war with Eurasia, Mr. Goolsbee. Ha!

The VOA didn’t get the memo: US Unemployment Rate Gallops Ahead of Expectations.

So you can just imagine the tensions gripping Obama’s economic team. But, actually, you don’t have to. The NYT has looked into them.

Sure, blame it on Bush if you want, like Goolsbee does in part. At least the AP is not afraid to face the truth:

“The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market.

But this and other big government spending programs are turning out to have the opposite effect. Rates for mortgages and U.S. Treasury debt are now marching higher as nervous bond investors fret about a resurgence of inflation.

That’s the Catch-22 threatening to make an awful housing market potentially worse and keep the economy stuck in a funk.”

Great video commentary available at RushLimbaugh.com Home.


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Didn't work in the 90's and hasn't slowed the Libs down since they started it again in 2006.


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+1 to this...

I'm never surprised anymore when it comes to Obama.

me neither. just end up shaking my head mor eand more. this guy has been nothing but bad news from the start. yet people worship him... how freakin sad!


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... people worship him

Didn’t you guys hear? Newsweeks editor Evan Thomas said, “President Obama is standing above the country, above the world, he’s sort of god".

He's not MY President, I dang sure didn't vote him into office... and it is my desire to see the American people FIRE his sorry ass come 2012! AND, Obama is nothing like my GOD!

"Blessed be my God, my mountain, who trains me to fight fair and well." Psalm 144:1-2 (msg)

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