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Here is all you need to know about the "big deal" budget "freeze" proposed by President Obama.
The budget deficit next year is going to be at least $1.3 trillion.
The budget freeze he is proposing will "save" $10-15 billion next year--and possibly $250 over ten years.
There is an alternative--he could save $400 billion THIS year, by returning the unspent TARP money.
Then he could save $500 billion this year by returning the unspent "stimulus" money.
So, he could save $900 billion this year, or save $250 billion over a ten year period.
"The payoff in budget savings would be small relative to the deficit: The estimated $250 billion in savings over 10 years would be less than 3 percent of the roughly $9 trillion in additional deficits the government is expected to accumulate over that time."
Now, you know the sense of humor of Barack Obama.
More...
The budget deficit next year is going to be at least $1.3 trillion.
The budget freeze he is proposing will "save" $10-15 billion next year--and possibly $250 over ten years.
There is an alternative--he could save $400 billion THIS year, by returning the unspent TARP money.
Then he could save $500 billion this year by returning the unspent "stimulus" money.
So, he could save $900 billion this year, or save $250 billion over a ten year period.
"The payoff in budget savings would be small relative to the deficit: The estimated $250 billion in savings over 10 years would be less than 3 percent of the roughly $9 trillion in additional deficits the government is expected to accumulate over that time."
Now, you know the sense of humor of Barack Obama.
More...