Bush submits $2.9 trillion budget

#1

US President George W Bush has submitted a $2.9 trillion (£1.5 trillion) budget to Congress including almost $700bn in new military spending.

Much of the money is earmarked for the war in Iraq and Afghanistan.

The 2008 budget also sets out plans to curb domestic spending, including $66bn savings over five years from Medicare.

It is the first budget Mr Bush has presented to a Congress dominated by Democrats, who have been strong critics of his fiscal policies.

If congress did approve the request, the US would have spent $661.9bn on combat in Iraq and Afghanistan since the war began, the administration said.

Another area of spending was oil - with $168m to be spent filling strategic stockpiles of crude.

As well as the cuts to Medicare - the health insurance program for 43 million retirees and disabled people - Mr Bush's proposed savings also include $12bn from reducing eligibility to Medicaid - a health program for children and the poor.
http://news.bbc.co.uk/2/hi/business/6332555.stm

more to iraq, less to helping the less fortunate in the us...

comments?

#2

QUOTE(Brains @ Feb 5 2007, 02:46 PM) US President George W Bush has submitted a $2.9 trillion (£1.5 trillion) budget to Congress including almost $700bn in new military spending.

So, basically the budget was increased .13 trillion dollars more than last year's submission of 2.77 Trillion. Not bad 13 billion dollar increase easily offset by the fact he cut the deficit in half three years before his projected 2009. Not bad considering he leveled the challenge to Congress to cut out 9 billion dollars in Pork spending.

So, what's that? 4 Billion dollars, after record job growth for 41 months straight? Oh, and he pledged 1.7 Billion of that to help in Africa.

QUOTEMuch of the money is earmarked for the war in Iraq and Afghanistan.

235.1 Billion dollars of 716.5 Billion dollars is earmarked for Iraq and Afghanistan operations. Diplomatic discretionary spending ramps this up to a total 245 Billion dollars. 32.8% of our defense budget.

Our entire defense budget is 9.06% of the budget. Pretty conservative in a time of war, actually.

QUOTEThe 2008 budget also sets out plans to curb domestic spending, including $66bn savings over five years from Medicare.

Oh yeah,.. They are cutting down on the programs most corrupt. Like cutting out the 23 Billion dollars in Medicare fraud from personal home care firms who bill Medicare an average of more than 7,808 dollars per patient annually to cover BMW payments for "company cars" and the patients still end up hospitalized in personalized care! Also, he makes provisions for people to not be able to pass their medicare benefits on, which will prevent the nightmarish boarding houses that kill seniors and claim their checks.

Everyone knows we have issues with medical care in the states, but throwing money at people just makes our seniors easy prey. It also audits people who had "friends and family" give them benefits, despite the fact they never paid into the social security or Medicare system.

QUOTEIt is the first budget Mr Bush has presented to a Congress dominated by Democrats, who have been strong critics of his fiscal policies.

If congress did approve the request, the US would have spent $661.9bn on combat in Iraq and Afghanistan since the war began, the administration said.

again, this would be an inflated number, based on the notion that all the equipment was brand new, and we would have no investments in the area besides. Also, keep in mind, a ship that leaves San Diego for the Middle East carrying food for troops is part of that budget. "spent" money in defense budgeting is expending materialized assets. Some of this "war" budget also includes Construction battalions at work in the Middle East.

much of this is stuff we already had, and only was put into circulation from stock,.. though at that point, it is considered accrued. Thus, most of our planned defense budget is to replenish, at a lower production cost in a stronger economy...

QUOTEAnother area of spending was oil - with $168m to be spent filling strategic stockpiles of crude.

and that is needed to replenish the reserves we tapped in times of emergency... besides, the Federal Energy Reliability Commission's proposed budget is 255,400,000. Did you read the budget at all?

QUOTEmore to iraq, less to helping the less fortunate in the us...
comments?

Actually read the budget proposal instead of a online article based on a democratic commentary on the proposal.

http://www.whitehouse.gov/omb/budget/fy2008/

#3

QUOTE(raum @ Feb 7 2007, 03:02 AM) So, basically the budget was increased .13 trillion dollars more than last year's submission of 2.77 Trillion. Not bad 13 billion dollar increase easily offset by the fact he cut the deficit in half three years before his projected 2009. Not bad considering he leveled the challenge to Congress to cut out 9 billion dollars in Pork spending.

So, what's that? 4 Billion dollars, after record job growth for 41 months straight? Oh, and he pledged 1.7 Billion of that to help in Africa.
what about this: http://www.rense.com/general75/nuking.htm

how wrong is that?

edit: and this:

(says source is bls, but well... the net can say whatever, no?)

and no thanks, I'll skip reading that budget. I am not an economist, so I will just have to rely on savy guys to assess this...