Debt ceiling deal details

Have any of you checked out the budget estimations at whitehouse.gov? For this year, they expect 2.1 trillion in revenue. For 2012, they expect $2.65 trillion in revenue and for 2013, they expect $3 trillion in revenue. It only gets more and more ridiculous from there to 2016.

They expect a 50% growth in revenue in the next two years? Even during the tech boom in the 90s revenue didnt grow that much. It took 5 to 6 years to grow their revenue by 50%. In fact...in the year 2000 the government revenue was $2.05 trillion. In 2010 it was $2.16 trillion. What is even more hillarious is that they are saying by 2016 revenue will hit $3.8 trillion...basically almost double what it is today. (And even with those numbers, they still expect a 600 billion dollar deficit!!!!)

The only time in history when government revenue increased that much in such a short amount of time was WW1 and WW2. In WW2 revenue tripled, but debt soared 10 times normal. WW1 revenue increased 5 fold over 2 years, but debt increased 13 fold over the same amount of time.

I dont know...maybe our leaders are hinting another world war to increase revenue.

 

inflation?

 

Peil is right. I looked at the CBO projections and it's fantasy-land.

200 Billion in cuts per year, is about the expected rate of increase over the same period. AFAICT, this "plan" essentially knocks off anticipated spending increases...

 

No spending cuts `til 2013. Will the TPers go away with a whimper or return stronger than ever?

http://news.yahoo.com/white-house-expiry-bush-tax-cuts-spur-reform-021437154.html

WASHINGTON (Reuters) - White House officials said on Sunday the spending cuts laid out under a new deficit deal would not take effect until 2013 and the expiry of Bush-era tax cuts for the wealthiest Americans would spur broad tax reform.

Speaking to reporters after President Barack Obama outlined the deal, White House officials said Obama would veto an extension of the cuts enacted under former President George W. Bush if tax reform were not implemented.

The deal sets up a congressional committee that would explore tax reform as well as other deficit-cutting measures by the end of this year.

 

Thank you sir, may I have another. Are we to be awash in gratitude that the muggers didn't shoot us? They're only going to continue stealing our money. Happy Days!

 

The deficit for 2007 was about ~500Billion. I don't know where people are finding these numbers that lowball the deficit...