Obama Speaks To Cabinet About Budget

Cuts Insufficient

April 20. 2009

President Barack Obama’s cabinet convened today to discuss cutting the U.S. budget, which is currently the largest in the world.

However, the proposed cuts, $100,000,000 on $3,500,000,000,000, is quite paltry and in need of greater revision, if it is to stave off problems down the road (inflation, greater levels of bankruptcy, financial loss, heavy debt and government and economic collapse).

The AP likened it to cutting out two lattés a week from your yearly budget and expecting a great financial breakthrough.

Obama to convene cabinet Mon

April 18, 2009 - Barack Obama, faced with mushrooming budget deficits, announced he will convene his first full cabinet meeting Monday and ask his secretaries for specific plans to cut spending…

The announcements came after the nonpartisan Congressional Budget Office (CBO) forecast last month the budget deficit could hit US$1.84 trillion (S$2.77 trillion) for the whole year based on Mr Obama's US$3.5 trillion budget plan approved by Congress early this month.

The CBO said its budget deficit estimate for fiscal 2009, which ends on September 30, would be four times the 2008 record shortfall and amount to 13.1 percent of the country's total economic output.

The Obama budget forecasts a 1.750 trillion dollar deficit in fiscal 2009, but foresees that figure falling to US$1.17 trillion in 2010...

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