2012 Deficit to be $1.3 TRILLION

These numbers are cartoonish.

[link to www.sooeveningnews.com]

Washington — President Barack Obama’s new budget predicts a $1.3 trillion deficit for the ongoing fiscal year but that would drop to $575 billion in 2018 if the president gets his wish to raise taxes and if policymakers can live within tight restraints on the Pentagon and other Cabinet agency budgets, the White House said Friday.

After four consecutive years of trillion dollar-plus deficits, next year’s budget shortfall would drop to $901 billion under the administration’s tax and spending policies.

In his budget submission on Monday, the president will also call for a “Buffett Rule” — that would guarantee that households making more than $1 million a year pay at least 30 percent of their income in taxes. Billionaire financier Warren Buffett has made headlines proposing the idea, saying that it’s unfair for him to pay a lower tax rate than his secretary.

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Last Edited by jailarson on 02/12/2012 10:12 PM