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  • mitsy_romney mitsy_romney Jan 4, 2013 7:22 PM Flag

    A Trillion Dollar Platinum coin?-Some are serious

    "How the heck did we only have a budget deficit of $163 billion in the 2007 fiscal year?"

    In 2001, President George W. Bush inherited a surplus [from Clinton], with projections by the Congressional Budget Office for ever-increasing surpluses, assuming continuation of the good economy and President Bill Clinton’s policies. But every year starting in 2002, the budget fell into deficit. In January 2009, just before President Obama took office, the budget office projected a $1.2 trillion deficit for 2009 and deficits in subsequent years, based on continuing Mr. Bush’s policies and the effects of recession.

    And, we cleverly hid the massively underfunded war in Iraq off the balance sheet and ignored the looming liabilities in Fannie, Freddie, the FDIC, etc. Creative accounting is a Republican speciality as demonstrated by Kenny Boy Lay et al.

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    • How about we roll back the spending to 2007 levels? Even the playing field. I love how the dem's forget the Pelosi/Reid controlled congress throught out all of this. How the Dem's haven't presented a budget in the Senate for 1300 days. It's all Bush's fault. BTW I voted for Ron Paul.

      Sentiment: Hold

      • 1 Reply to billyteex1
      • As I recall, it is the constitutionally mandated function of the executive branch to submit a comprehensive budget proposal, not CONgress.

        The President Submits a Budget Proposal to Congress
        Following the procedure required by the Congressional Budget and Impoundment Control Act of 1974, the President presents a budget proposal for the coming Fiscal Year to Congress on or before the first Monday in February.

        Based on the input of the federal agencies, the president's budget proposal projects estimated spending, revenue, and borrowing levels broken down by functional categories for the coming fiscal year to start October 1.

        The president's budget proposal serves as a "starting point" for the Congress to consider. Congress is under no obligation to adopt all or any of the President's budget and often makes significant changes. However, since the President must ultimately approve all future bills they propose, Congress is often reluctant to completely ignore the priorities of the President's budget.

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