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Obama Vows To Restore Fiscal Discipline

From Obama’s not yet expunged campaign website:

Plan for Restoring Fiscal Discipline

The Problem

Increasing Debt: Under President Bush, the federal debt has increased from $5.7 trillion to $8.8 trillion, an increase of more than 50 percent.

Irresponsible Tax Cuts: President Bush’s policies of giving tax breaks for the wealthy will cost the nation over $2.3 trillion by the time they expire in 2009.

Barack Obama and Joe Biden’s Plan

Restore Fiscal Discipline to Washington

    * Reinstate PAYGO Rules: Obama and Biden believe that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.
    * Reverse Bush Tax Cuts for the Wealthy: Obama and Biden will protect tax cuts for poor and middle class families, but they will reverse most of the Bush tax cuts for the wealthiest taxpayers.
    * Cut Pork Barrel Spending: Obama introduced and passed bipartisan legislation that would require more disclosure and transparency for special-interest earmarks. Obama and Biden believe that spending that cannot withstand public scrutiny cannot be justified. Obama and Biden will slash earmarks to no greater than year 1994 levels and ensure all spending decisions are open to the public.
    * Make Government Spending More Accountable and Efficient: Obama and Biden will ensure that federal contracts over $25,000 are competitively bid. Obama and Biden will also increase the efficiency of government programs through better use of technology, stronger management that demands accountability and by leveraging the government’s high-volume purchasing power to get lower prices.
    * End Wasteful Government Spending: Obama and Biden will stop funding wasteful, obsolete federal government programs that make no financial sense. Obama and Biden have called for an end to subsidies for oil and gas companies that are enjoying record profits, as well as the elimination of subsidies to the private student loan industry which has repeatedly used unethical business practices. Obama and Biden will also tackle wasteful spending in the Medicare program.

Make the Tax System More Fair and Efficient

    * End Tax Haven Abuse: Building on his bipartisan work in the Senate, Obama will give the Treasury Department the tools it needs to stop the abuse of tax shelters and offshore tax havens and help close the $350 billion tax gap between taxes owed and taxes paid.
    * Close Special Interest Corporate Loopholes: Obama and Biden will level the playing field for all businesses by eliminating special-interest loopholes and deductions, such as those for the oil and gas industry.

Barack Obama and Joe Biden’s Record

    * PAYGO: Obama voted in 2005, 2006, and 2007 to reinstate pay-as-you-go (PAYGO) federal budget rules.
    * No-Bid Contracts: Obama has introduced and helped pass bipartisan legislation to limit the abuse of no-bid federal contracts.
    * Against Raising the Federal Debt Limit: In 2006, Obama voted against misguided Republican efforts to raise the statutory debt limit at the same time the Republicans were pushing through massive debt-financed tax cuts for the wealthy.

This was what he was “asking us to believe” just a few weeks ago.

This article was posted by Steve on Monday, November 24th, 2008. Comments are currently closed.

9 Responses to “Obama Vows To Restore Fiscal Discipline”

  1. BannedbytheTaliban says:

    I guess this is what is ment by “fiscal discipline”

    What’s new: Obama & Dems pushing $700B stimulus plan

    The Washington Post — Obama and Democrats moving toward $700 billion economic stimulus package: “Facing an increasingly ominous economic outlook, President-elect Barack Obama and other Democrats are rapidly ratcheting up plans for a massive fiscal stimulus program that could total as much as $700 billion over the next two years. That amount, more than the nation has spent over the past six years in Iraq, would rival the sum Congress committed last month to rescuing the country’s financial system. It would also be one of the biggest public spending programs aimed at jolting the economy since President Franklin D. Roosevelt’s New Deal.”


    Of course spending that money to make sure there is an America is wasteful. But buying votes sure is a sound investment.

  2. Liberals Demise says:


  3. veerite says:

    We are on the precipice of another Great Depression, and I’m so glad we have the new Roosevelt in office to make it a reality. First Gordon Brown said all industrialized nations need to cut all taxes. Of course Obama is too smart for that. Oh no he is going to expand medicare, enact cap and trade, and raise taxes while we are in this mess. Wow we have a winner don’t you think! Better stock up on those canned goods, so you don’t have to stand in the soup line.

    “Obama has proposed increases in every major federal tax. He has proposed to increase individual income taxes, with the top rate to rise to almost 40 percent. He has proposed to increase the top capital-gains tax rate by 33 percent. He has proposed the same for the top tax rate on dividends. He has proposed to increase payroll taxes, with a rate increase of 16 percent to 32 percent for workers earning over $250,000 a year. He has proposed to reinstate the death tax (estate tax), now phasing out under current law, with a top rate of 45 percent. He has proposed several increases in corporate taxes, including a so-called windfall-profits tax on oil.

    Nobel Prize-winning economist Robert Mundell has written that if such tax increases are adopted, the U.S. economy will suffer “a deep recession, a nosedive,” and the dollar will decline further. Amity Shlaes, author of The Forgotten Man: A New History of the Great Depression, claims Obama has proposed the exact same policy mix that led to the depression of the 1930s. During the primaries, Obama railed against free trade, proposing even to renegotiate free-trade agreements with our top two trading partners, Canada and Mexico. He has opposed the Columbian Free Trade Agreement, even though it primarily removes tariffs on American exports to that country, with barriers to Columbian exports to America already almost all removed under the Andean Trade Preferences Act.”


  4. bill says:

    Tell the truth, you knew he was lying to your face then? Right?

  5. proreason says:

    “Obama has proposed increases in every major federal tax”

    Liberals don’t even need tax increases any more. Witness:
    – The CRA forced below market loans to unqualified buyers. Transfer of wealth estimate: 2% mort discount * 150,000 per house * 3,000,000 loans = $9Billion annually (note: that one went a bit awry…ended up costing the country about $15Trillion in lost wealth, so far. ooopsie)

    – The famous tax cut for 95% of Americans. This is actually a tranfer payment from those who pay taxes to those who don’t. Since it is a new transfer payment, it will actually increase taxes. Only in ObamaBizarro world can it be called a tax cut. this one will probably amount to about 1,000 per taxpayer * 95% of American “potential taxpayers” = 1,000 *.95 * 125,000,000 = $119Billion annually.

    – The soon to be Cap and Trade regulations. Companies will be fined for not adhering to “green” guidelines which, if met, would drive the companies out of business. This non-tax will amount to hundreds of billions of dollars of “revenue” to the government per year. But it won’t be a “tax”.

    More “not taxes” to come. They are just getting started.

  6. U NO HOO says:

    Beware of House Negroes, White House (Half) Negroes, that is.

    “Make the Tax System More Fair and Efficient” Enact a per capita tax and get rid of all the others, that would be fair, speaking of a FAIR tax.

    Don’t blame me, I gave you the idea, now work out the details, I don’t want to hear crap from anyone anymore.

    So there!

  7. Colonel1961 says:

    Amen for the per capita tax! The only fair system!

    Thanks, U NO HOO!

  8. Consilience says:

    Let’s just get rid of ALL income taxes! Repeal the 16th Amendment! And get the national government our wallets.

  9. pinandpuller says:

    How about the anti-Jizya? Call it the CAIR tax-only Muslims pay.

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