President Bush wants to cut funding for teaching hospitals and freeze medical research in a $3 trillion budget for 2009 that is still likely to generate a record deficit once war costs are tallied up.How the bleep are we going to pay down this debt? Well, of course, this is another heaping problem that Bush is loading onto whomever is in charge next. Perhaps it would be good to have McCain win then it would be his mess to clean up. Trouble is the GOP has not demonstrated one shred of fiscal conservatism they proclaim to advocate. Likely, if McCain is elected we would drown further down in the money pit the W, Rove and Co has been struggling to widen via their illustrious freedom spreading experiment in Iraq.
The Bush budget to be submitted Monday would cut the budget for the Health and Human Services Department by $2 billion, or 3 percent. By contrast, the Pentagon would get a $35 billion increase to $515 billion for core programs, with war costs additional.
With tax revenue falling as the economy slows - and with the deficit-financed economic stimulus bill adding more than $150 billion in red ink to federal ledgers over 2008-09 - the White House acknowledges that the budget deficit for this year and next is projected to reach $400 billion or more.
The largest-ever budget deficit, $413 billion, was recorded in 2004. Bush's budget will forecast a deficit for 2009 that's below that, an administration official said. But that assumes costs of $70 billion for the wars in Iraq and Afghanistan, well below the almost $200 billion request for this year.
Think about it. It's a brilliant ploy. Defer expenses and costs. Cut taxes. Increase the debt so that the next democrat in charge has to raise taxes to recover. Then suggest that democrats are fiscally irresponsible for raising necessary taxes. Brilliant.
The question remains for whom is this economy good? Looks like the predators are winning:
Exxon Mobil Corp. shattered its own record as the world's most profitable publicly traded corporation, as rising oil prices helped the company bring in better-than-ever income and revenue for the fourth quarter and 2007.Well, there's no surprises there. W is, after all, an oil man.
Irving, Texas-based Exxon's net income rose 3% to $40.6 billion in 2007, surpassing its 2006 record of $39.5 billion.
Chevron Corp. also posted strong earnings despite lower production and lagging profit from making and selling gasoline. Full-year profit at the San Ramon, Calif.-based oil company jumped 9% to $18.7 billion.