February 1st, 2010
06:17 AM ET
5 years ago

Obama maps route to lower deficits

President Obama's new budget will be released on Monday.
President Obama's new budget will be released on Monday.

New York (CNNMoney.com) - In his $3.8 trillion budget for next year, President Obama on Monday will lay out how Congress can lighten the country's debt load.

Specifically, he outlines a plan to reduce the nation's debt by $1.2 trillion over the next 10 years, and to get annual deficits as a percent of the economy down from 10.6% today, to 3% by 2015.

His plan consists of seven main pieces, some of which bank on some big assumptions.

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Filed under: Budget • CNNMoney.com • Peter Orszag • President Obama
soundoff (31 Responses)
  1. hongli

    I can feel in my heart that you LOW-GRADE REPUBLICANS are praying that America gets attacked by the terrorist so you could have your say but I have news for you. It wouldn't happen and you could take that to the bank. All you white bastards who believe that this black President is a coward and doesn't know what he's doing then I say to you "dream on" . Let's go and win DEMOCRATS.

    February 1, 2010 08:16 am at 8:16 am |
  2. Sandy

    Oh Lord our poor children! The cost that they will incur. A INEPT LEADER!

    February 1, 2010 08:16 am at 8:16 am |
  3. If you want something ruined, put a republican in charge

    A great number of economists, outside the right wingnut blogosphere, have indicated that if we do not let the Bush tax cuts for the wealthy expire and pass health care reform, the national debt will skyrocket over the next 10 years.

    February 1, 2010 08:24 am at 8:24 am |
  4. If you want something ruined, put a republican in charge

    Obama is a man with a plan to lower debt, unlike the big three, Reagan, Bush and Bush2, who only knew how to grow debt.

    February 1, 2010 08:25 am at 8:25 am |
  5. Dutch/Bad Newz, VA

    Republicans are making a big fuss about our debt when they are the one's that made it this huge. Such hypocrites.

    February 1, 2010 08:26 am at 8:26 am |
  6. If you want something ruined, put a republican in charge

    If we had pay as you go, we would not have had an unnecessary war in Iraq. Tackling tough issues is not popular, but is necessary for our future.

    February 1, 2010 08:28 am at 8:28 am |
  7. ATL Guy

    And the Republicans say "NOOOOOO!!!!".

    February 1, 2010 08:28 am at 8:28 am |
  8. If you want something ruined, put a republican in charge

    I know that the right wingnuts believed that John McCain had a 'magic pen,' and that would be a better way to reduce the national debt.

    February 1, 2010 08:31 am at 8:31 am |
  9. If you want something ruined, put a republican in charge

    This plan will give another reason for the rotten republicans to oppose Obama: he wants to lower national debt and that will hurt defense contractors monetarily. Listen to the outrage.

    February 1, 2010 08:34 am at 8:34 am |
  10. Scott, Tucson

    And therein lies obama's problem, one hand hand he talks about reducing the deficit and on the other, he's spending tax dollars like a drunken sailor (apologies to all drunken sailors out there).

    He and his democrats can lighted the debt load by freezing their junket trips to zip and have Nancy Pelosi repay the American taxpayers the 1.1 million dollars she charged to us for her little 5-star trip to Copenhagen the other month.

    February 1, 2010 08:34 am at 8:34 am |
  11. If you want something ruined, put a republican in charge

    There is no political party that has a tent big enough to take in the radical right wingnuts.

    February 1, 2010 08:35 am at 8:35 am |
  12. david

    10 years to lower the debt, a tad, what a crock! if that's the best obama can do, we are all hosed. it's about obama now, not bush or any other former administration going back to the 13 colonies. obama can stop the wars, stop giving money away without restrictions and oversight. obama seems to just spend and give money away. 100M to haiti when u.s. citizens are in dire need with many jobless, homeless, hungry, including children. obama escalates the wars, asks for billions more to conduct his wars. millions to move gitmo, millions to provide security for terrorist trial. how is obams controlling spending himself? he's not. he wants you, and you, and you, and me to cut, cut but it doesn't apply to the mighty obama.

    February 1, 2010 08:41 am at 8:41 am |
  13. Gary

    How can CNN even put up this Headline....Obama is mapping a path to huge deficits. His plan would add more to the deficit in 4 years than Bush did in 8 (including the wars!)....If Obama gets 8 years, his plan borrows as much money in his first 45years as every other president in history combined!

    February 1, 2010 08:43 am at 8:43 am |
  14. petena

    Let us be reminded that Obama is cleaning up the deficit the Republicans created. Hello???????? But no matter what he does, the party of NO will always be saying, NO, NO, NO, NO, NO, NO, NO. Have we forgotten so quickly who puts us there?

    February 1, 2010 08:45 am at 8:45 am |
  15. Trim

    The best way to trim the deficit would be for this admin and congress to step down and let someone who understands economics run the show.

    February 1, 2010 08:50 am at 8:50 am |
  16. Fed Sez: Cut Our Money Off

    As a Federal manager, it's this simple: give us the money, and we'll spend it. We only know how to spend – in fact, we are rewarded for spending, not saving. If you want to cut spending, Congress and the President must freeze our budgets, and make cutbacks. Don't count on the agencies to cut their own spending – they'll never do it.

    February 1, 2010 08:54 am at 8:54 am |
  17. John D.

    You wouldn't know how to reduce the debt even if the4 solution jumped up and bit you in the butt. You would just ignore that too!

    February 1, 2010 09:09 am at 9:09 am |
  18. Tracy

    The most obvious route to a lower deficit is to vote Mr. Obama and the rest of the big spenders from either side of the aisle out of office.

    February 1, 2010 09:39 am at 9:39 am |
  19. Dar

    So he wants to tax fosil fuels also, guess who is going to pay for that.
    Get ready to pay more for your gas and diesel. Odumbo may not raise your taxes but he is just going through the back door to get us. All in all we the American peoplreare going to pay for it.

    2010/2012 REAL Change is coming

    February 1, 2010 09:39 am at 9:39 am |
  20. Mike1952

    Depending on "big assumptions". Way to go Wingnut, base your entire plan on unacheivable goals. How silly!

    February 1, 2010 09:42 am at 9:42 am |
  21. Mr Right

    Spending our way to prosperity, the new definition of insanity.

    February 1, 2010 09:43 am at 9:43 am |
  22. Mike

    nobama has submitted a massive budget in the trillions, wants to cut less than .001 percent of his spending and now wants to call himself a fiscal conservative. Go figure. This kind of spending he wants to blame on President Bush. Nobama is irrational.

    February 1, 2010 09:59 am at 9:59 am |
  23. Rick McDaniel

    There is only one way to reduce the deficit, and that is stop allowing American Corporations, to produce all of their US sold goods, in China.

    It is that simple, because the problem is that confined.

    February 1, 2010 10:01 am at 10:01 am |
  24. CNN will never print this

    How about this:
    1> Freeze benefits and wages for EVERYONE working for the federal government?
    2> Anyone working in federal government who makes over $50,000 a year should have to pay for their own insurance.
    3> Start follwing the law and hiring more people at INS and ICE and put them to work finding and deporting illegals.
    4> Place a $100,000 fine for every peron or entity that hires illegals...including the individuals in DC who have all the gardeners, housekeepers and nannies
    5>Hire investigators to go over Medicare and Medicaid and trim the fat and find the fraud. Fine the people and entities comminting fraud.
    6>Unless you are conducting business for the US as POTUS pay your own way to your photo ops with campagin stumping, or TV shows
    7>Make people who recieve any kind of federal aid to have a physical every year proving they are not ablebodied. If they have more than one child, they can give up the child for adoption or not get aid for them. Make them work picking up trash or something if they are ablebodied or they must be in school earning passing grades....
    8> Stop talking and start doing

    February 1, 2010 10:19 am at 10:19 am |
  25. Death Assurance Companies

    Eternal Debt is good for us.Both sides are controlled by the World Bank.

    February 1, 2010 10:25 am at 10:25 am |
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