February 5, 2007

Eliminate the deficit in five years?

Posted in Government at 8:23 pm by The Lizard Queen

No problem! Er, but you didn’t want health care with that, did you? ‘Cause we’re fresh out of that…

WASHINGTON (AP) — President Bush sent a $2.9 trillion spending plan to a Democratic-controlled Congress on Monday, proposing a big increase in military spending.

While the budget includes billions more to fight the war in Iraq, the rest of government would be squeezed to meet Bush’s goal of eliminating the deficit in five years.

Bush’s spending plan would make his first-term tax cuts permanent, at a cost of $1.6 trillion over 10 years. …

He is seeking $78 billion in savings in the government’s big health care programs — Medicare and Medicaid — over the next five years.

According to the CNN.com story, the budget for the Pentagon makes up more than one-fifth of the overall budget. Bush’s rationale is that we need “to keep the nation secure from terrorist threats and the economy growing.” The Democrats aren’t buying it. We’ll see what happens.

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