Mr. Shaman
02-08-2005, 04:47 AM
........is OVER!!!!!!!!!!!!! (http://www.washingtonpost.com/wp-dyn/articles/A6230-2005Feb7.html) :mad: :mad:
"With his 2006 budget, President Bush delivered Congress a tall order, asking for at least six significant governmental reorganizations and an unprecedented five-year freeze in domestic spending to get control of the federal budget deficit.
Under the president's proposal, lawmakers would have to scrap much of the farm law they passed in 2002 to realize the $8.2 billion in cuts Bush expects from farm subsidies over 10 years. The federal student loan program would need to be restructured to find $10.7 billion over the next decade.
Bush hopes major changes to Medicaid, the federal health plan for the poor, will shave $45 billion from the program through 2015. He is counting on significant changes to the federal program that ensures private-sector pensions for a 10-year savings of $31 billion.
Beyond those changes, the president has proposed trimming domestic spending at Congress's annual discretion from $391 billion this year to $389 billion next year and then freezing it at that level for five consecutive years. White House budget director Joshua B. Bolten suggested there was a precedent for such a request in the 1990s, when Republicans first took control of Congress. But domestic spending declined in only one year of that decade: 1996. Indeed, since 1962, domestic spending has never held steady or declined for two years in a row, let alone five, according to the Congressional Budget Office.
But many analysts doubt that Congress will fully embrace the president's recommendations, and the greetings from Wall Street economists yesterday were not encouraging.
"Clearly their deficit numbers are not credible -- haven't been for the last few years and they shouldn't be looked at with much seriousness now", said David Greenlaw, an economist and fiscal policy expert at Morgan Stanley.
Edward McKelvey, an economist at Goldman Sachs, noted that all presidential budgets ask a lot from Congress. But by resolutely standing by his tax cuts, Bush has put an unrealistic onus on Congress to focus narrowly on finding spending cuts, he said, concluding, "I don't think it's politically realistic."
Bush's budget contains nearly $1.2 trillion in tax reductions over 10 years, most of which are designed to make permanent his first-term tax cuts."
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Whew!! I surely hope the 1%ers are enjoying their tax-cut bonu$-buck$........and appreciate the fact they won't have to participate in FINANCING the maintenance of the country, where they're doing all their partying!!!!! :mad:
"With his 2006 budget, President Bush delivered Congress a tall order, asking for at least six significant governmental reorganizations and an unprecedented five-year freeze in domestic spending to get control of the federal budget deficit.
Under the president's proposal, lawmakers would have to scrap much of the farm law they passed in 2002 to realize the $8.2 billion in cuts Bush expects from farm subsidies over 10 years. The federal student loan program would need to be restructured to find $10.7 billion over the next decade.
Bush hopes major changes to Medicaid, the federal health plan for the poor, will shave $45 billion from the program through 2015. He is counting on significant changes to the federal program that ensures private-sector pensions for a 10-year savings of $31 billion.
Beyond those changes, the president has proposed trimming domestic spending at Congress's annual discretion from $391 billion this year to $389 billion next year and then freezing it at that level for five consecutive years. White House budget director Joshua B. Bolten suggested there was a precedent for such a request in the 1990s, when Republicans first took control of Congress. But domestic spending declined in only one year of that decade: 1996. Indeed, since 1962, domestic spending has never held steady or declined for two years in a row, let alone five, according to the Congressional Budget Office.
But many analysts doubt that Congress will fully embrace the president's recommendations, and the greetings from Wall Street economists yesterday were not encouraging.
"Clearly their deficit numbers are not credible -- haven't been for the last few years and they shouldn't be looked at with much seriousness now", said David Greenlaw, an economist and fiscal policy expert at Morgan Stanley.
Edward McKelvey, an economist at Goldman Sachs, noted that all presidential budgets ask a lot from Congress. But by resolutely standing by his tax cuts, Bush has put an unrealistic onus on Congress to focus narrowly on finding spending cuts, he said, concluding, "I don't think it's politically realistic."
Bush's budget contains nearly $1.2 trillion in tax reductions over 10 years, most of which are designed to make permanent his first-term tax cuts."
*
Whew!! I surely hope the 1%ers are enjoying their tax-cut bonu$-buck$........and appreciate the fact they won't have to participate in FINANCING the maintenance of the country, where they're doing all their partying!!!!! :mad: