President Bush revealed his new $3.1 trillion budget, which includes a 6 percent increase over his last budget. This new budget supports an increase in military spending to fight the war on terrorism and protects his signature tax cuts.
At least $3 trillion is to be spent in a 12-month period. (This will be the biggest amount spent in this amount of time for the first time in history.) It will squeeze most of government outside of national security. It will also seek $966 billion in savings over the next five years, basically in Medicare and Medicaid.
Democrats and some Republicans are faulting the budget. However, President Bush defends his past record and his new budget. If his policies are followed, he says that there will be a balanced budget by 2012.
Bush predicts that deficits will reach near-record levels of $410 billion this year and approximately $407 billion in 2009. His new budget, which is intended for the 2009 fiscal year (which begins on October 1) and proposes a spending of $3.1 trillion, is projected (by Bush) to help the deficit to begin a drastic decline in early 2010.
The 6 percent overall increase in spending for 2009 reflects a continued surge in spending on the government's huge benefit programs for the elderly, mainly Social Security and Medicare, even with the projected five-year savings of $196 billion over five years. The savings are achieved by freezing payments to hospitals and other health care providers.
While Bush projects that total security funding in the areas of the budget controlled by annual appropriations will go up by 8.2 percent, he also projects only a 0.3 percent increase in discretionary spending for the rest of government.
To achieve such a small boost, Bush would hold hundreds of programs well beyond what is needed to keep up with inflation. He also seeks to eliminate or sharply slash 151 programs he considers unnecessary.
11 comments on Bush and His New Spending Plan
Add a comment
To add comments without entering your email and image verification, you must be logged in. Login or Join Blogster
What do you think about this?
You know, I'm not really sure exactly how I feel about this. I do know that it's an unbelievable amount of money! Then, on top of it all, almost all of it is going toward one thing and other things (which are important) are not being figured so much in this budget.
There are also 151 programs that Bush wants to cut. It's unlikely all 151 will be cut, but I'm going to go look to see what programs he feels are unnecessary enough to eliminate.
Only thing I have to say about this and on how BIG the goverment has gotten is this,If we ran our households such as the goverment has been running the country we'ed be in big deep trouble !!! I could go on and on but I won't.....
Well, a lot of people do run up incredible debts, and have to beg, borrow, or steal to get by, but there distasteful opinions about beggars (and a lot of rejections), a "price to pay" for borrowers that often means big paybacks or favors, and severe punishments for stealers.
The government begs to get what it wants, borrows without necessarily asking, and steals to get more so "We", the people, find it distasteful, need the payback, and expect to see some punishment or correction.
I'd have to look at the budget a little more closely to know how I really feel about it, but it is an awful huge amount of money, isn't it? I'm also interested in seeing what the 151 programs are that Bush wants to cut.
Donna, your comments are excellent. This is exactly why I wanted to know your thoughts. And Jackie, households are being run like the government in many cases. Credit cards are maxed, people are losing their homes--it is so sad.
Oh yes,me too Donna...
Nice post Donna, and I must agree with Magicdragonfly. If we would do what your government does..... I amlucky economics here in our country are doing better and better.
Yeah, but why don't we look a little closer at other countries who are doing better? I realize that our governments...and countries....and people are different, but there may be lessons that can be learned from others. Some of those lessons might be adaptable, maybe serve as influences on new policies or approaches.
Yes Angie,you are right..I see just that in some of my friends.It's sad to me when they get thier paycheck and don't have folding cash money in thier pocket..It's spent before they even get it...And yes it is very sad!!!
Well I only can think of the fact your country spends too much money on Iraq. Is that realy necessary?
Well, now THAT is something that is debated all the time! Yes, by some views, especially if we are going to stay there...we do have to support the needs of the armed forces and "extras" that are there for as long as they are there.....but, no, by some views, if we get the heck out of there. I am not a person who believes that we should just drop everything and leave in haste and waste, but I don't necessarily know if it has to continue dragging on, either. I get so many different views on the war... what is heard and viewed in papers and on tv doesn't always match the first-hand accounts I hear from the people I know who have been there. It is obvious, though, that the huge budget is as big as it is because of the war on terror, which includes Iraq.