Obama's real deficit problem: His tax cuts
March 18th, 2011
05:21 PM ET
3 years ago

Obama's real deficit problem: His tax cuts

New York (CNNMoney) – President Obama takes a lot of heat from Republicans for supposedly being a big spender. But when it comes to future deficits, the president's problem isn't spending. It's the tax cuts.

The president's budget request for next year would add $9.5 trillion to deficits over the next decade, which is $2.7 trillion more than would otherwise be the case, according to a preliminary analysis released Friday from the independent Congressional Budget Office.

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Filed under: Deficit • President Obama
soundoff (17 Responses)
  1. S. In California

    Well, IF that is the case here is the republican solution: CUT SALARIES ON THE MIDDLE CLASS, STRIP ALL NECESSARY PROGRAMS, DEPORT ALL PEOPLE OF COLOR AND REWARD THE TOP 2%. What EMOTIONAL fools they are.

    March 18, 2011 05:25 pm at 5:25 pm |
  2. California Conservative

    What?!?! Obama ADD to the deficit? I thought that was impossible.

    Sarcasm off.

    March 18, 2011 05:33 pm at 5:33 pm |
  3. gt

    obama had it al.... both house and the senate....and he was gutless .... he cave in and gave the million and billionares tax breakes they did not need or want....this monster is his and his alone..... you had them ,,, and let it go..... gutless...

    March 18, 2011 05:41 pm at 5:41 pm |
  4. Four and The Door

    The best thing Obama has done to revive the economy and reduce unemployment is also tax cuts.
    Oh, and by the way, since he has implemented the tax cuts across the board ( all income levels ), unemployment has gone down and the economy has improved. It's very difficult to argue with results like that. An improving economy pays back very quickly in terms of increased revenues.

    The tax cuts were the best decision he could have made with respect to long term debt reduction.

    March 18, 2011 05:44 pm at 5:44 pm |
  5. Anthony

    Is this any surprise? Republicans forced Obama to accept an extension of the Bush tax cuts, which will cost the Treasury 850 billion, then they could not come up with 60 billion in spending cuts. Why couldn't Republicans find spending to cut? The problem is not spending; it is spending while cutting revenues with tax cuts. Do this mental exercise, Tea Partiers: try to cut your own income while you still need to pay the mortgage and put your kids through college. The expenses don't disappear when you cut your income. No, you can't sell your kids.

    March 18, 2011 05:48 pm at 5:48 pm |
  6. Wire Palladin, S. F.

    We all knew the extension of the Bush tax cuts would cause trouble, and add to our debt. We also knew that when the republicans repeal health reform, that will add billions to the debt. But the real story will be how Sarah Palin converted Israel to Christianity, and how Newt is running for president just to meet new women.

    March 18, 2011 05:49 pm at 5:49 pm |
  7. Wire Palladin, S. F.

    The republicans said If he would just cut taxes for millionaires, it would easily be offset by increasing taxes on teachers.

    March 18, 2011 05:53 pm at 5:53 pm |
  8. Mike

    no....it can't be the massive massive massive increase in spending under Obama. it's that Americans arent paying enough in taxes. What a silly article from a silly new organization.

    March 18, 2011 05:54 pm at 5:54 pm |
  9. Four and The Door

    Wire Palladin, S. F.
    But the real story will be ...how Newt is running for president just to meet new women.
    ___________________________________________________________________________
    You must have him confused with John Edwards.

    March 18, 2011 05:56 pm at 5:56 pm |
  10. Kara

    So how come CNN never saw fit to mention this when they were being insisted on by the republicans? No wonder I watch Al jazeera.

    March 18, 2011 05:59 pm at 5:59 pm |
  11. dacianman

    No administration or congress should make projection longer than two to four years. If they're lucky, such projections will be in the ballpark. Any projection that goes ten years out, an entire decade, has yet to prove accurate by any measure. All they're accomplishing is making the numbers sound so fantastically large they're bound to impress. That's not what's needed. They've been so short on reality, they need to stop this BS. 85 billion is something vastly different than 850 billion, and mentally far more manageable within the context of one year. How can anyone be more concerned with nine or ten years from now more than this year and the next? Conditions can change so drastically, long predictions can become nothing all together. Bush's predictions for the income tax totals predicted a ballanced budget by the end of the ten-year forecast. And where did we end up?

    March 18, 2011 06:11 pm at 6:11 pm |
  12. GonzoinHouston

    The GOP filibustered and voted down a tax cut for 98% of the population during the lame-duck session. When Obama threw in the tax cut for the top 2%, they gave him the 98%, an extension on unemployment benefits, a 2-year payroll tax cut and the repeal of DADT. These were all previously, and successfully opposed by the GOP. Are there any more questions about the Republicans' true priorities?

    March 18, 2011 06:21 pm at 6:21 pm |
  13. Proud member of "Global Zero"

    It has already been said by most here. When you hold the hungry hostage....you have to give in. On the other hand...Wire Palladin, S.F. just had to giggle at your post. Made my day!!!

    March 18, 2011 06:35 pm at 6:35 pm |
  14. terry, va

    Interesting twist on how keeping the current tax rates adds to the national debt. Keeping the tax rates has created jobs CNN. Perhaps we are better off spending money on cowboy writing songs in Nevada or the billions wasted in duplicate federal programs. Remember folks, it wasn't tax cuts for the rich. It was tax cuts for ALL THAT PAY TAXES.

    March 18, 2011 06:47 pm at 6:47 pm |
  15. Jilli

    "His" tax cuts – that was ransom paid to the republicans to keep unemployment insurance payments flowing to the millions of unemployed. Given the choice, he had to stick with the millions of unemployed. It's a shame that the republicans were able to hold our goverment hostage to secure big tax breaks for the few in the top 1%. The "fiscally conservative" republicans that are soooooo concerned about the deficit, had no problem adding almost 900 billion directly to the top of the deficits – now they'll cut services to the poor and elderly to the bone. When will the american people wake up and see what the republicans are doing – they're not even trying to disguise the cynicism they feel for the average american worker. I hope they wake up soon before the republicans totally destroy this great nation.

    March 18, 2011 07:05 pm at 7:05 pm |
  16. Donny

    Four and The Door

    The best thing Obama has done to revive the economy and reduce unemployment is also tax cuts.
    Oh, and by the way, since he has implemented the tax cuts across the board ( all income levels ), unemployment has gone down and the economy has improved. It's very difficult to argue with results like that. An improving economy pays back very quickly in terms of increased revenues.

    -

    Bull crap. The unemployment was trending downward prior to the tax breaks. If tax cuts are the answer, then why did we see the greatest loss of jobs under the bush admin – while the bush tax cuts were in place? Instead of creating jobs, the tax cuts caused a hemmorraging of jobs and a rise in unemployment. That's the facts skippy.

    March 18, 2011 07:07 pm at 7:07 pm |
  17. fayse

    The President does not spend money, that is the job of the House. By law, the President must submit a budget. He does have the veto power. People who are so quick to criticize have no idea of how Government works. We truly need our educational system to be improved not stripped.

    March 18, 2011 07:11 pm at 7:11 pm |