In his first three years, Obama had a free hand to suggest spending levels for government programs in his annual budget blueprint. But that is not the case this year because the administration is constrained by the budget deal reached in August to raise the debt limit.
He must stick to the $1.047 trillion spending cap he agreed to with GOP leaders, which means he will call for less discretionary spending than he did last year.
Senior administration officials fear a backlash from the left and are trying to prepare their allies to expect a disappointing budget, sources say.
Read it at The Hill
Obama warns left: You won't like budgetBy Alexander Bolton
(h/t Kevin Fathi via email)
"Focus on job-creation" with the US set to adopt "expansionary fiscal austerity" in face of depression-level unemployment?
Hello. The US is still in a balance sheet recession owing to a epochal financial crisis resulting from overextended private indebtedness. What do these folks not understand about debt-deflation? Watch out below, house of cards tumbling.
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6 comments:
"expansionary fiscal austerity"
That sounds about as stupid as "responsible teenage binge drinking".
["Exapnsionary fiscal austerity"] sounds about as stupid as "responsible teenage binge drinking".
It's amazing to me that Very Serious People say such things without being embarrassed.
Obama loves to stick it to the left, and then promote through the media the fact that he has stuck it to the left.
Obama likes moving to the right, forcing the right to adopt more extreme measures.
Running to the right seems to be a sign of manhood among Dem male pols. I guess they are reacting to the "girlie men" criticism.
Obama's giving away the election. Austerity this year will kill even the feeble recovery. If the UE buffer stock rises rises again, Obama's a dead duck, no matter how stupid Romney sounds.
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