Key Points From The Obama Budget Coverage…

On Friday, the administration previewed the Obama budget to be released this morning. Below, please find some of the key takeaways from this weekend’s coverage. From officially failing to keep his promise to cut the deficit in half to marking the fourth straight year of trillion dollar deficits, the Obama budget demonstrates that the president simply doesn’t care to address the debt crisis in America:

  • "Will Show Mr. Obama Has Failed To Meet His Pledge To Cut The Deficit In Half By The End Of His First Term": But the document’s numbers will show Mr. Obama has failed to meet his pledge to cut the deficit in half by the end of his term, and for Republicans, that will be the bottom line. ( NYT, 2/11/12)
  • "Early Documents Admit To Larger-Than-Expected Deficits": Monday is also the formal release of the budget, but early documents admit to larger-than-expected deficits on the horizon - $1.33 trillion in 2012 and $901 billion in 2013. (Politico, 2/10/12)
  • "The Deficits In Both Years Was Higher Than Those Forecast By The White House In September": The deficit in 2013 would be equivalent to 5.5 percent of U.S. gross domestic product (GDP), down from 8.5 percent of GDP in 2012. However, the deficit in both years was higher than those forecast by the White House in September for a $956 billion funding gap in 2012 and a $648 billion gap in 2013. (Reuters, 2/11/12)
  • "President’s Plan Would Push This Year’s Deficit Above Current Projections": The president’s plan would push this year’s deficit above current projections, with the budget gap growing to $1.33 trillion - slightly higher than last year’s $1.3 trillion deficit and $200 billion more than congressional budget analysts recently projected for the fiscal year that ends in September. ( WaPo , 2/10/12)
  • "Would Mark The Fourth Straight Year Of Deficits Exceeding $1 Trillion": The new projected deficit would mark the fourth straight year of deficits exceeding $1 trillion and would be higher than the $1.296 trillion deficit logged in 2011. (WSJ, 2/11/12)
  • “And Looking Back At Obama’s First Budget In May 2009, He Almost Appears To Be Alice’s Red Queen, Running Hard Just To Say In Place”: Republicans were quick to pounce on the higher deficit numbers, reported earlier in the day by the Wall Street Journal. And looking back at Obama’s first budget in May 2009, he almost appears to be Alice’s Red Queen, running hard just to stay in place. The $1.33 trillion deficit for this fiscal year, ending Sept. 30, is almost identical to the $1.25 trillion deficit Obama predicted then for fiscal 2010. And while administration officials emphasized that the $901 billion deficit now projected for 2013 is just 5.5 percent of GDP, Obama in 2009 predicted that he would have come down to 2.9 percent of GDP by this point. (Politico, 2/10/12)
  • "The Draft Doesn’t Appear To Offer Any New Measures For Deficit Reduction": The draft doesn’t appear to offer any new measures for deficit reduction beyond proposals Democrats and Republicans clashed over repeatedly last year. (WSJ, 2/11/12)
  • "Puts Forward $1.5 Trillion In New Taxes": It also puts forward $1.5 trillion in new taxes, primarily by allowing the Bush-era tax cuts expire at the end of this year for families making $250,000 or more per year. (AP, 2/12/12/)
  • "Seen As More A Platform For The President’s Re-Election Campaign Than A Legislative Proposal": But the latest budget document can be seen as more a platform for the president’s re-election campaign than a legislative proposal for budget debates that will begin next week. ( NYT, 2/11/12)
  • "Administration Officials Acknowledge That The Bulk Of Their Plan Is A Campaign Blueprint More Than Anything": But administration officials acknowledge that the bulk of their plan is a campaign blueprint more than anything-at least until the end of the year. (WSJ, 2/13/12)
  • "Democrats Controlling The Senate Appear Unlikely To Offer A Budget At All, For A Third Straight Year." (AP, 2/11/12)
  • "Senate Democratic Leaders Have Said They Have No Intention Of Adopting A Budget This Year." (WaPo, 2/13/12)
  • “Budgets Only Require 51 Senate Votes For Passage, As Lew - Former Director Of The Office Of Management And Budget - Surely Must Know”: As President Obama prepares to unveil his FY2013 budget Monday, White House chief of staff Jack Lew this morning was asked by CNN to defend the Senate’s refusal to pass a budget in more than 1,000 days. “You can’t pass a budget in the Senate of the United States without 60 votes and you can’t get 60 votes without bipartisan support,” Lew said. “So unless… unless Republicans are willing to work with Democrats in the Senate, [Majority Leader] Harry Reid is not going to be able to get a budget passed.” That’s not accurate. Budgets only require 51 Senate votes for passage, as Lew - former director of the Office of Management and Budget - surely must know. ( ABC News, 2/12/12)