On Whose Back Will The Deficit Be Cut?

[MannyGoldstein]

Yesterday, President Obama said:

"You know, our first job was to get the economy to recover; and, we're now seeing that... I think it is important though to recognize that if we keep on adding to the debt, even in the midst of this recovery, that at some point, people could lose confidence in the US economy in a way that could actually lead to a double-dip recession."

White House Budget Director Peter Orszag says:

"We recognize that the projected medium-term deficits are too high, and as part of the FY 2011 budget process, we are committed to bringing them down."

On whose back (primarily) will the deficit be cut?

[Journeyman]

1. Other: All those without a voice that can be heard in the corridors of power. . .

[Raster]

3. This is the post I want to recommend!

Truth!

[WI_DEM]

2. My guess is that he will take a Clintonesque approach to cutting the deficit.

Which will include taxing higher incomes.

[depakid]

4. Since the administration has thus far refused to accept a financial transfer tax

I think it's fair to assume that it won't be Wall Street (even though the caused a large portion of the problem- and that such a tax would discourage destructive speculation).

[MannyGoldstein]

5. Now Why Would This Be Unreced?

Is thinking now a crime?

[Guy Whitey Corngood]

8. Insecurity and paranoia is my guess (answer to your 1st question). nt

[tularetom]

6. Here's a video of the senate deliberations that shows how it will go down

http://www.youtube.com/watch?v=rYqF_BtIwAU

[Feron]

7. So very true. nt

[quaker bill]

9. The relatively wealthy

and defense contractors. The defense budget is the biggest pot of discretionary money left. It will be tapped. Even a large cut, in the 100s of billions, would still leave us with the largest defense budget on the planet. Lots of room there, we just need to end the wars, begin closing bases, and bring the troops home. There is no good and valuable purpose to having 800 bases scattered all over the planet. We need the money here.

[C_Lawyer09]

10. Are you kidding?

The deficit will not be cut, and its already been acknowledged that the DOD budget will expand by about 25%, CIA budget is still black, we won't be out of Afghanistan, in fact we might be somewhere else in addition to the 720 posts in 130 countries. We're goint to add some kind of healthcare bill, and we still haven't realized the inflation we soon will. This isn't considering supplementals, the two percent fudge factor already allowed, the earmarks(though comparitively small potatoes)and the money that it will take in attempting to address the next weather/climate caused catastrophe.

[timeforpeace]

11. Gosh, that IS a toughie. But of course, he said no middle class tax increases. Another fib?

[cigsandcoffee]

12. It seems like they're trying to do it on the backs of smokers.

Demonize them, and then fleece them.