May 19th, 2010
12:15 PM ET
4 years ago

Federal budget: $59 billion here, $300 billion there ...

New York (CNNMoney.com) - Congress is finally close to checking Wall Street reform off its to-do list. Then it will turn to a bevy of spending and tax measures. Individually, the measures may not inspire sticker shock, but together they add up.

In coming weeks, Congress will consider measures that combined could increase the deficit by close to $500 billion over 10 years. And that doesn't include the big kahuna on this year's agenda: extending the 2001 and 2003 tax cuts, which could cost anywhere from several hundred billion dollars to more than $2 trillion.

While it is expected that many measures will be paid for with revenue-generating provisions, the total cost of all that's on the table would not be fully offset. That's in large part because several measures are exempt from the new "pay-as-you-go" law.


Full story on CNNMoney.com


Filed under: Congress • national debt
soundoff (7 Responses)
  1. Liberalism is a mental disorder

    Pay GO....another BHO lie! Just keep adding to the list as he drives us further and further toward Bankruptcy!

    May 19, 2010 04:04 pm at 4:04 pm |
  2. Randolph Carter, I'm no expert, but

    Why are we extending tax cuts? Taxes are the lowest they've been in 50 years. The teabagging morons can't seem to understand this or see that they're being squeezed because real wages haven't gone up in 30 years, around the time that deregulation and union busting started. Wanna get rid of the deficit? Take away the social security tax ceiling. A senate report that came out this week found that this would more than fund social security through 2075. Funny, no mention of that in the neocon controlled media. End the wars for carbon. The military industrial complex will never allow this to happen, though, because they make way too much money. End corporate tax loopholes and tax profits hidden in foreign accounts. Impose a tax on large financial transactions which seem to have replaced any actual productive economic activity as the basis of our "growth." Enact single-payer healthcare. This would save so much money it's ridiculous. The problem is that there is no left in American politics any more Obama is a centrist and something of a corporatist but is labeled a socialist because he's not way out there on the far right like most of our so-called leaders these days. The problem is one of perspective. But just keep believing what your corporate masters want you to believe, consumerbots. Have a nice day!

    May 19, 2010 04:26 pm at 4:26 pm |
  3. REG in AZ

    Some refer to the constitution and what they really mean is only their slanted interpretation of the constitution. One of the main things about the constitution is that it is literally 'for the people' and that is where the current Republican Party fails as their mindset is totally not 'for the people'. What they demonstrate and what needs to be recognized as their departure, covered by manipulative subterfuge, is that they are arrogantly and totally focused on their political ambitions above all else and that they are belligerently heavily biased towards Special Interests and the select few, their strong overt and covert supporters. The 'Grand Ole Party' with its moderately conservative concentration on being 'for the people' is regrettably a thing of the past.

    Maybe what is happening across the country, the 'throw the incumbents out' mentality, is really a good thing. At least as long as it can be accomplished selectively and is then aimed directly at those who are controlled by their Party (Republican/Democrat) and/or by their Special Interests supporters (the money) then there could be hope. What may just be a limiting influence though could be the 'more for me for nothing' mentality that has infected society as well as politics. If voters unrealistically seek an easy way out of the drastic problems or want preferential treatment for their individual interests, then sound judgment isn't likely to occur. Anyway, it is an uphill battle against strong and powerful obstructions yet we really can still hope.

    May 19, 2010 04:35 pm at 4:35 pm |
  4. joe smith

    look, there is no end to the give away..and there certainly is no one who will put their foot down..ala, poor mr. souder ( Indiana ), wonder who dropped the dime on him?? not nice to play it alone with someone elses' money..mr. souder found out the hard way..ever notice, you don't hear of broken knee caps anymore, just poor slobs being exposed for dumb decisions..point made.

    May 19, 2010 04:35 pm at 4:35 pm |
  5. one voice

    The tax cuts for Corporate America, big oil and the rich should be stopped. They had a free ride under the Bush Administration and it's time for them to pull their weight.

    May 19, 2010 04:37 pm at 4:37 pm |
  6. one voice

    The reconsiliation act of 2001 and 2003 was the biggist blow to the Average Americans in history. Thanks for ramming it down our throats Republicans!!!

    May 19, 2010 04:41 pm at 4:41 pm |
  7. Randolph Carter, I'm no expert, but

    Gee, do you think they'll further dismantle the social safety net while doing nothing to military spending? Judging from the way the narrative is being shaped by our corporate propaganda-spewing media, I wonder how much the coming invasion of Iran will cost? Probably all of social security. Have a nice day!

    May 19, 2010 05:02 pm at 5:02 pm |