Obama Eyes Domestic Spending Freeze

[blue ranger]

Isn't that a shame. Obama had to go all the way to china and hear it from them that he needed to quit spending so dang much money. Gee I think I've heard others in this country saying the same thing. But did he listen to the people who he is s'posed to be representing?

http://www.arkansasbusiness.com/article.aspx...

WASHINGTON - The Obama administration has alerted domestic agencies to plan for a freeze or even a 5 percent cut in their budgets, part of an election-year push to rein in record deficits that threaten the economy and Democrats' political prospects next fall.

The deficit-cutting drive comes as President Barack Obama traveled to Asia where several nations, especially China, have expressed concerns about the size of U.S. deficits. China is the largest foreign holder of U.S. Treasury securities and policymakers worry that alarm over deficits could push foreigners into cutting back on their purchases of Treasury debt.

White House budget director Peter Orszag said Friday that it is imperative to start curbing the flow of red ink in coming years so as not to erode the fledgling economic recovery and raise interest rates. But he called it a balancing act and said acting too fast could undercut the recovery.

Orszag wouldn't comment on the specifics of the upcoming budget, which will be unveiled in February, right after Obama's State on the Union address in which the initiative is sure to be a major focus.

Democratic officials in the White House and on Capitol Hill say options for locking in budget savings include caps on the amount of money Congress gets to distribute each year for agency operating budgets. The officials spoke on condition of anonymity to frankly discuss internal deliberations.

[Hellcat]

So in a back-handed way, you are saying you agree with the President.

[blue ranger]

No back handedness about it HC. He has been way more money then the country has assests to back it up. I've had to curb my spending because I don't have the assests to put up as collateral either. What I'm saying is that it is a SHAME that China now holds more of a say so about or economy then we do because alll of our economic assests have been put in their hands.

[Telstar]

Could he possibily consider:

Eliminating Nancy Pelosi's weekly government jet flights to and from California,

And Michelle's 24-person entourage?

[Ruth Less]

blue ranger wrote:

No back handedness about it HC. He has been way more money then the country has assests to back it up. I've had to curb my spending because I don't have the assests to put up as collateral either. What I'm saying is that it is a SHAME that China now holds more of a say so about or economy then we do because alll of our economic assests have been put in their hands.

Always an axe to grind...

[blue ranger]

Ruth Less wrote:

<quoted text>
Always an axe to grind...

No RL just disappointed

[Dwayne Hall]

The Country is already bankrupt, and the sooner the 'crash' happens, the better. you take away the capital of the US and give us a break from the oppressive government regulation and taxation and we will be back going in a year or two.

We could 'reauthorize' the Constitution and back our new dollar on gold and silver. We could cut back on spending, and cut out the foriegn wars and occupations, and lessen the tax burden on Americans.

[blue ranger]

by Arkansas statute the Counties can not go bankrupt. They may have to cuty services down to nothing in order for the county to stay somewhat afloat, but they can not allow the system to go bankrupt... Not sure about the statute but It was told to me by another county's head who spoke to AR AG office about their financial woes.

[Dwayne Hall]

blue ranger wrote:

by Arkansas statute the Counties can not go bankrupt. They may have to cuty services down to nothing in order for the county to stay somewhat afloat, but they can not allow the system to go bankrupt... Not sure about the statute but It was told to me by another county's head who spoke to AR AG office about their financial woes.

I was talking about the Country, America. Were broke & insolvent, the defination of bankruptcy...

The word slip was an easy mistake to make. Thanks for the comment though, I found it interesting.

[Government Watch]

Dwayne Hall for Texarkana, Ar Mayor. I`m starting a movement. GW

[tellthetruth]

It's easy to freeze spending since his buddies have already got the piece of pie they wanted,banking, the auto industry and healthcare.Nothing is left but the crumbs.He doesn't care now.

[blue ranger]

Dwayne Hall wrote:

<quoted text>
I was talking about the Country, America. Were broke & insolvent, the defination of bankruptcy...
The word slip was an easy mistake to make. Thanks for the comment though, I found it interesting.

Sorry "D" I misread your post I thought you talking specifically about Miller Co. My bad.

[why why why good grief]

BRING BACK REAGANOMICS.... WE NEED SOME RELIEF!!!

[Ruth Less]

According to a report released Tuesday by the comptroller of New York State, Thomas P. DiNapoli, Wall Street is turning around "much faster than expected" and is on pace to pull in record earnings this year.

New York City's four largest investment firms -- Goldman Sachs, JPMorgan Chase, Merrill Lynch and Morgan Stanley -- earned $22.5 billion in the first nine months of 2009. Wall Street's earnings, should they remain steady for the rest of the year, could lead some firms to eclipse 2007's record profits.

From DiNapoli's report:

"The national economy is slowly improving, but Wall Street has recovered much faster than anyone had envisioned. Profitability is on track to exceed 2006 levels, which was a banner year for the industry. Strong profits have been driven by low interest rates, which reduce the cost of doing business.

Good News!!!!!!!!
Compensation is also increasing faster than expected, leading to expectations of higher bonuses. The federal government, which spent trillions of dollars to support the financial sector, has taken steps that may restrict cash bonuses and defer compensation to future years in an effort to reduce excessive risk-taking and reward long-term performance. While these initiatives may reduce personal income tax collections in the short term, New York State and New York City could benefit from increased stability in the financial sector. industry added 3,600 jobs in September 2009.)"