Morning Buzz: Trillion is the new Billion
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Penny Manis
AC360° Senior Producer
After President Obama’s upbeat speech Tuesday night, we get down to tough realities on paper when we get a first peek at his federal budget proposal to Congress for 2010.
Ed Henry will take us inside the budget to show where the cuts are, the tax hikes, and where that $2 trillion in savings will come from that President Obama has discussed.
Some cuts we’ve heard about are outdated farm subsidy programs to pricey Pentagon weapons programs, amongst the largest and most technically difficult the department has tried to develop. We will also see how much it costs to cover the wars in Iraq and Afghanistan, it should be interesting!
We already know that the budget includes $634 billion to expand and reform the system health coverage, paid for by taxing the wealthy and higher Medicare premiums. The reserve fund created will essentially be a piggy bank to deal with the 46 million people currently without health insurance.
"Have you ever heard of a federal piggy bank with a penny in it?" This was a great line from one of our panelists last night.
How does this all add up? Will the President achieve the goal of reducing the deficit by half by 2013? Ali Velshi is ready to nosedive into this budget proposal the minute President Obama presents it this morning and bring u the latest.
Other news: Michael Ware recently traveled to the border between Mexico and the US to get a close look at the drug war that has triggered serious violence in our neighboring country (and which has affected cities on our own turf too).
This report comes on the heels of Mexico announcing it is sending approx. 2500 troops and federal police to the city of Juarez, Mexico- only a 2 mile drive from El Paso, Texas- to tackle this spiraling violence. That border area is ultra-dangerous right now.
Federal agents have also rounded up 700 suspects in a wide ranging crackdown on Mexican drug cartels INSIDE the US, and there will be a news conference later with details. This reporting tonight will be excellent!
We have so much more planned for you, there are many items swirling on our plate. Make sure you tune in and don't forget in our 11pET hour tonight, we present a new Black in America special, hosted by Anderson and Soledad O’Brien. Join us 10pet-midnight et, c u then!
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Filed under: Penny Manis • The Buzz |
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I keep hearing how this spending is going to cause our children and grandchildren to suffer. In my lifetime, other that a few years, the federal debt and deficit have continued to grow significantly, yet, my grandfathers children and his grandchildren haven't suffered at all. As a matter of fact, each generation has done better than those of the past. In my lifetime, deficit spending has continued to improve the lifestyle of most Americans.
The Bush crew gave tax payer dollars to their friends in the banking industry. Now these bankers foreclose on the very families that through their taxes have allowed these banks to give large bonuses to their executives. The last administration should be ashamed of the legacy of corruption and greed they leave behind.
I have a great deal of hope for our new president.
I just hope the American people can finally see through the smoke and mirrors that politicians on both sides put up in order to justify their corrupt practices.
Good morning,
First of all let me start by staying I am very impressed with yor show(s).
I have a question/ comment I would like to make. I am a proud Canadian and I am very interested in American policy and politics as our countries rely on each other in so many different ways. I have made an observation that maybe I am off base and you guys will be able to set me straight. I ask this witht the best intentions as I feel Canada is making the same decissions.
My question/ comment is
Why would goverments keep pouring money into big business like the auto sector and banks to try and stimulate the economy?? It seems we keep giving and they keep taking and more and more companies keep coming out of the woodwork looking for thier share. If a person is trying to get the economy going would it not make more sense to start with your citizens? My example is if you look at what has been spent some 3 trillion dollars in the states and billions in Canada so why wouldnt we give each individual tax payer $100,000.00 dollars each with paraimeters that 70% of the money has to go towards their individual debt would this not be cheaper than giving it to business?? the people is what will stimulate the economy and if they still do not have the money because they lost thier homes or job they would not be able to put money into the economy, however if they have to use some of this money givin to them to pay thier debt it frees us banks and morgage companies as well as car manufactures and other areas where people have debts, this would put money back into the business through the people getting to the heart of this issue, but would allow people to spend more money because they have concoquered their debts and it would stimulate jobs as companies would start to recover selling products. Just a basterdized observation on my part please enlighten me why this wouldnt work. Thank you for your time.
I,would like to know the difference between what the middle class pay in taxes vs those that make over $250,000.00. I don,t think these people pay their fare share anyway.doc
att "
the pen is deffinetly mighty ure then the sword.
yes we can'
Good morning everyone. I was sent an article this morning focusing on the bank bailouts. A website "thedirty.com" showcases photos of Edward Jones employees "about 130 of them and wives" partying in Maui as the wives are enjoying spa days. Someone has to stop this.
As the list goes on.
Bank of America: Super Bowl Party
Northern Trust: Throws Party with Band Chicago & Sheryl Crow along with sponsoring golf outings.
AIG- We All Know What They Do
Edward Jones : Party Time In Maui
The direction that Obama and the media are taking this country is really amazing to me.
America and Liberty are dead.
Why should I strive to get ahead if the Government is going to punish me and take my money and give it to a bunch of lazy, High School dropouts?
I have never believed that the Republicans are watching out for the "average Americana" like our friend Joe the Plumber. I tried to tell old Joe many times that the Republicans would forget about him one minute after the election and it looks like I was right. I'd even go so far to say that they have contempt for the common people, and any government programs that might make their lives a little easier. I believe this absolutely, more than anything else in this life. Yes, I also think Obama is better than them, and even many politicians in his own party.
Who is watching out for the average American lost in the middle?
I'm an average American fed up with not being heard from, people who want answers from our local and federal governments. Our Country is heading down a path that I don’t know if I want to be part of. I’m sick of it, and I want answers because Our Country Is too Great to let this happen The world is Changing fast and we need to Stop trying to please everyone. As one no body will listen as a group of Average Americans we can stand together and voice are rights for being tax payers
Border controls are a great use for the military. Controlling things on our soil, now that makes strategic sense.
When President Obama said that they just started going line by line and already cut like a Billion dollars from the budget, I just shook my head. We need receipts I can't imagine where the bulk of this goes. It's almost criminal.
Who is watching out for the average American lost in the middle?
I'm an average American fed up with not being heard from, people who want answers from our local and federal governments. Our Country is heading down a path that I don’t know if I want to be part of. I’m sick of it, and I want answers because Our Country Is too Great to let this happen The world is Changing fast and we need to Stop trying to please everyone. As one no body will listen as a group of Average Americans we can stand together and voice are rights for being tax payers
Join the cause and be heard.
Email us at: averageamericans@gmail.com
President Obama has a full plate there are
no easy choices. Give the man credit, he is
following up on his campaign promises. A
poll says 6 in 10 Americas agree with the
pace of the Obama administration. Kudos
to CNN for actually reading the budget and
not getting wrapped up in the misinformation.
I am looking forward to seeing Mic Wares report tonight! It has been WAY too long since he has been on 360. I was beginning to think that maybe Cooper kicked him off because he is a little jealous of Mic's growing legion of fangurls! LOL Just Kidding!!
But I am very interested to see how things are going in Mexico with the drug wars. It doesn't surprise me that so many deaths are occuring though. I mean where you have a huge influx of drugs you will always have violence following close behind.
Cindy..Ga.
This morning I was flipping channels between CNN and MSNBC. The other guys are still covering the never-ending antics of Octomom! Needless to say, I switched back to CNN and put down the remote. If I never see or hear of Octomom again it will be too soon.
Thanks for covering the actual news that matters!
It's a Keynesian budget with massive deficit spending to stimulate the economy. Under the most optimistic projections, there will be large deficits for years to come, and this shows how long this depression is expected to last. In World War II, we spent even more than the GNP to finally break the back of the Great Depression.
For the time being, the big worry is deflation, not hyper-inflation. The world economy will be able to absorb about as much as we could reasonably spend, and then some.
Have you ever heard of a federal piggy bank with a penny in it?” Have you ever heard of "virtual currency?
This is a pre-curser to hyper-inflation, not seen since the Carter Administration (1977-81) which echoes familiar ,but ambiguous fortunes regarding our future? The positive being higher property values so we can get out from under our current housing crises. The negative news being ,it will cost us alot more to live. Now when you crack a $20 (casual pocket spending money) bill it last you the day, but with future hyper-inflation it will be repaced by a $100 bill! JMHO
Good Morning Penny
I hope for good results in the plan for Obama healthcare reform and jobs .I am looking forward to the story fro Micheal Ware haven't seen him since the frontlines of Iraq . Thanks for the buzz have a great day .