» Budget Crisis Cristy Li

Federal Budget Deficit Will Top $1.3 Trillion–Worst In 65 Years

August 19, 2010 — Cristy Li

Just in time for the mid-term campaigns, the Congressiona Budget Office reports today, that the federal budget deficit this year will exceed $1.3 Trillion Dollars.

Measured as a share of the total economy the federal budget deficit is 9.1% of Gross Domestic Product, the second largest budget shortfall in 65 years.

In 2009 the federal budget deficit was a record high of $1.4 Trillion Dollars or 9.9% of GDP

CBO forecasts projected deficits totaling $6.2 Trillion for a decade starting in 2011

Remember when Obama campaigned on the pledge to restore fiscal discipline instead the Democrat-Socialists who control Congress along with Obama have blown up the deficit which ran about 3% during George Bush’s last year as President.

During Obama’s Watch—Unsustainable Federal Budget Deficit Government Debt held by the public has gone up from 40% of GDP during Bush’s last year as President to 63% of GDP today and is anticipated to be 90% of GDP by 2020

Related Post: The ObamaCare Disaster—American Spectator

Posted in Barack Obama, Budget Crisis, Democrats, Economy, ObamaCare. No Comments »

Obama’s Summer Of Recovery? Economic Growth Slows

July 30, 2010 — Cristy Li

While Obama traveled to Michigan today to cheer all of his accomplishments, one may want to take a breath and stop to reflect upon what he has done to kill jobs and opportunities.

Thanks to Obama and the Democrat-Socialists that control Congress:

2010 Gross Domestic Product fell to 2.4% in the 2nd Quarter

Michigan Unemployment has risen from 12% in 2009 to 13.6% losing 112,000+ jobs

The Government Job Creation Myth Via Real Clear Politics

The federal deficit has quadrupled during Obama’s Watch

Federal Budget Deficit is on an Unsustainable Path

A Bleak Picture of Government Debt, by Thomas Sowell Via Real Clear Politics

Consumer Confidence falls to the lowest level since February

Obama is still failing the Gulf of Mexico States

Posted in Barack Obama, Budget Crisis, Economy, Socialism. No Comments »

Obama, In Over His Head?

June 21, 2010 — Cristy Li

Democrats expect voters not to notice or care if they do notice, that legislators have not passed a budget for next year’s federal spending.

The Pelosi-Reid Leadership Team have gone off the grid of congressional practice and not even pretended to care about spending targets and deficit projections. Humming, “que sere sere” whatever will be will be, they twirl toward Summer Vacation and the November Elections beyond.

President Obama and his Congressional allies expect to be assisted in their casual shuffling off the most basic of Article 1 duties by a Manhattan-Beltway media elite, quick to assure their dwindling audiences that the abandonment of budgeting isn’t completely without precedent. Lefty pundits can and will point to a year or two where the pressures of business ended the hope of a formal budget.

The President’s Pals in the Press will be hard-pressed though, to find any years in which the effort wasn’t even begun and there is no example of a year wherein a deficit like the one the country faces today went unaddressed by a national budget plan.

Rest here by Hugh Hewitt Via The Washington Examiner

Posted in Barack Obama, Budget Crisis, Nancy Pelosi, Sen. Harry Reid. No Comments »

Obama’s $54 Billion Dollar Bailout Guarantee For The EU

May 11, 2010 — Cristy Li

The U.S. Federal Budget Deficit is about $13 Trillion Dollars give or take a hundred million or so.

Since Obama became President despite all of his (broken) promises that he would cut the federal budget deficit the national debt has Quadrupled during Obama’s watch.

With nearly a 10% unemployment rate less revenue is going going into the U.S. Treasury.

Democrat-Socialists love spending other peoples money and have now promised the European Union that the U.S. will guarantee $54 Billion of their debts obligations why are the American Taxpayers now bailing out Europe?

We don’t nearly have enough money to pay our own debts that are bankrupting our nation.

Posted in Barack Obama, Budget Crisis, Economy, Socialism. No Comments »

Despite Record Federal Budget Deficits, Democrat-Socialists Congressional Majority Spending Spree Continues

May 6, 2010 — Cristy Li

Despite a record $1.4 Trillion Dollar Federal Budget Deficit during Obama’s watch the Treasury plans to borrow an additional $78 Billion Dollars that future taxpayers will be saddled with.

Democrat-Socialists that control Congress have the Power of the Purse and continue to waste taxpayers money.

California Congressional Democrats Rep. Jerry McNerney and Rep. Dennis Cardoza request $243 Million in Congressional earmarks in the 2011 Budget for such projects as $1 Million Dollars for an after school program in Manteca and $200,000 for a Stockton based gang outreach program.

California Democrat Rep. Lynn Woolsey and Rep. Mike Thompson want the taxpayers to pay $80 Million Dollars for salmon restoration in California; Rep. Mike Honda, D-CA requested $593,000 for a shark research project at San Jose State University.

Rep. Barbara Lee, D-CA is seeking $2.5 Million Dollars for a new ferry service between Berkeley and San Francisco

Pennsylvania Democrat-Socialist Rep. Chris Carney, should return “Dirty Money” from PMA Group, involved in illegal campaign contributions

Thirty Two African American Republicans Running for Congress in 2010

Asian American Conservative Republican Congressional Candidate Charles Kong Djou

Posted in Budget Crisis, Democrats, Republicans. No Comments »

Obama Administration “Spread The Wealth” For Expo 2010

May 4, 2010 — Cristy Li

How did the Democrat-Socialists Majority in Congress and the Obama Administration authorize spending $61 Million Dollars for Expo 2010 in Shanghai?

Its not their money—USA Pavilion Expo 2010 Expenditures:

Pavilion Costs: $13.248 Million Dollars

One can build an entire high rise in Shanghai for that kind of money.

Finish non-show spaces and VIP Lounge $2.3 Million

Show Construction and Installation: $23.72 Million

Administrative Costs: $2.28 Million

Rest here from Shanghai Scrap

Posted in Budget Crisis, China, Democrats, Obama Administration. No Comments »

Obama’s Fiscal Train Wreck–Runaway Spending

March 28, 2010 — Cristy Li

The fiscal train wreck is happening sooner than we thought a leading bond market traders says, which is why Investors are now telling the U.S. Government it will have to pay more to borrow money.

Bot as much more as Greece but enough to constitute a shot across the Obama bow by what we call the bond vigilantes, investors who try to punish governments that splash to much red ink across national ledgers.

The passage of the health Care bill has focused investor attention on the runaway deficit situation and its long term consequences. The deficit which ran around 3% of GDP in George Bush’s final year, is now exceeding 10%—Government Debt held by the public has gone from 40% og GDP when George Bush was President to 63% now and will hit 90% by 2020

Full article here from The Weekly Standard

Obama & Congress AWOL on Fiscal Restraint Via USA Today

Posted in Barack Obama, Budget Crisis, Democrats, Economy. No Comments »

The Federal Budget Deficit That Obama Owns

March 22, 2010 — Cristy Li

Since FDR’s New Deal, America’s entitlements have consistently grown faster than projected in size, scope and costs. Like unwanted house guests, they cost money that we don’t have and they can’t be kicked out.

Between 1934 the first fiscal year in which FDR and Congressional Democrats had full control of the federal budget, FDR never spent more than 12% of Gross Domestic Product.

Compare that to today, Hoax & Chains will spend 25.4% of GDP this year, 25.1% in 2011 and 23.2% in 2012

In January the CBO released a detailed report on the nations budgetary outlook covering the period from 2010-2020

Key Findings Include:

$6 Trillion Dollars in additional Deficit Spending–$1.35 Trillion that we will see this year;

By the end of 2020 public debt is expected to be 67% of GDP;

Interest payments to service Obama’s Budget Deficits will skyrocket;

Annual spending on interest will triple;

More here and here from Reason Magazine

The Trouble With Bonds Via Agora Vox.com

Bad News for Obama, CNN Weekend Survey Results

Posted in Barack Obama, Budget Crisis, Economy. No Comments »

Obama’s Shifty Budgetary Positions

January 26, 2010 — Cristy Li

Obama plans to announce a 3 year freeze on discretionary non-security spending during his first State of the Union address to a joint session of Congress tomorrow evening according to Senior White House officials.

The shifty policy move is intended to blunt the populist backlash against Obama’s $787 Billion Dollar now $862 Billion Dollar Economic Stimulus program which the CBO says, will cost taxpayers more than originally believed, as more people are collecting unemployment benefits because they’ve lost jobs which the failed bill was supposed to have preserved.

Obama Shifty Budgetary Positions: Obama To Propose Spending Freeze

Obama Campaigned Against Spending Freeze

Posted in Barack Obama, Budget Crisis, Economy. No Comments »

Harry Reid Scheduled 1:00 am Cloture Vote on ObamaCare, Which No One Read

December 21, 2009 — Cristy Li

In order to pass the Senate Health Care bill by Christmas Time which no one could read Senate Majority Leader Harry Reid, D-NV scheduled the cloture vote at 1:00 am

Why did Harry Reid schedule the Cloture Vote at 1:00 am?

Barack Obama loves to blame his failures on Bush, just like the Democrat-Socialists in the Senate blame their challenges on Republicans, despite the fact that Harry Reid along with 58 seat majority and 2 Independents which caucus with the Democrats in the Senate, do not need any GOP votes to do anything.

Obama claimed today that the Democrat-Socialist Health Care bill is Deficit Neutral

Riiight—Promises, Promises, Promises—Big Promises.

Cash-for-Clunkers was only supposed to cost taxpayers between $3500 to $4500 per car but ended up costing $24,000 per car..why would anyone believe what Obama promises?

Remember when Obama campaigned on the promise that he was going to restore fiscal discipline to Washington, ending wasteful government spending but instead quadrupled the federal budget deficit from $459 Billion Dollars in 2008 to $1.85 Trillion Dollars this year.

Posted in Barack Obama, Budget Crisis, Democrats, Health Care Costs, Obama Administration, ObamaCare. No Comments »

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Cristy Li Fiscal Conservative, Pro-Taiwan, Pro-Israel

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