Use access key #2 to skip to page content.

2.5 trillion deficit cuts over 10 years



July 31, 2011 – Comments (7)

I see they've come to some kind of agreement to send to Congress.

7 Comments – Post Your Own

#1) On July 31, 2011 at 10:28 PM, musk0020 (< 20) wrote:

Weren't credit agencies like S&P looking for a $4 trillion cut? I'm not sure this will prevent a credit downgrade... 

Report this comment
#2) On July 31, 2011 at 11:50 PM, rfaramir (28.64) wrote:

Since a comlete spending freeze was scored as a $9 Trillion 'cut' (from baseline budgeting), anything less is just a somewhat-slower-than-astronomical continued increase in spending. And since we're already borrowing 40% of what we spend, we need to make real cuts now, not later. The current Congress cannot bind future Congresses anyway.

The supposed $2.4 Trillion in 'cuts' are $0.9T over 10 years and a 'commitment' to find $1.5T more over 10 years. Do they think we're stupid? This is practically a blank check on our children's account.

Report this comment
#3) On August 01, 2011 at 12:06 AM, NOTvuffett (< 20) wrote:

rfaramir, you mean if we give them $2.5 trillion now, and they promise to cut costs by that much over 10 years (with no mechanism to enforce it), that won't be a win-win situation? lol

Even if they did it, what about the rates of inflation?  It doesn't work in any scenario.

I could go on and on but what is the point?



Report this comment
#4) On August 01, 2011 at 12:18 AM, aptosjoe (< 20) wrote:

We had a balanced budget. Then we fought and are still fighting two wars we couldn't pay for. Soution, cut taxes.

We elected an idiot. Now we're paying for it.

Just raise the damn taxes and get it over with. Our children will thank us. If nothing else it will provide an incentive for cash hoarding corps like Apple to pay a dividend.

Report this comment
#5) On August 01, 2011 at 12:23 AM, NOTvuffett (< 20) wrote:

aptosjoe, maybe Obama should take Apple's cash to set everything right, lol


Report this comment
#6) On August 01, 2011 at 1:53 AM, dwot (28.81) wrote:

I went looking for a bit more on it.  It looks pretty anemic to me.  They've done practically nothing to figure out what to cut right now, most kicked down the road.

Report this comment
#7) On August 01, 2011 at 3:15 AM, ikkyu2 (98.21) wrote:

I don't see how the Medicare cuts have any teeth, there has been a yearly Medicare "patch" to undo proposed cuts every year for the last 10.

Report this comment

Featured Broker Partners