McCain Budget Would Create Largest Deficit In 25 Years

Sen. John McCain promises that, as president, he would "cut taxes and balance the budget." But his current economic plan would create deficits as deep as 5.7% of GDP by the end of a two term presidency -- the highest federal budget deficit in 25 years -- and would accumulate the biggest debt since the second World War, according to a new analysis by the Center for American Progress Action Fund. McCain's current fiscal plan would recklessly exacerbate the fiscal irresponsibility of the Bush Administration further by gutting revenues far below the average level of the past 25 years.

For the past 25 years, deficits have never been more severe than 5% of GDP, with surpluses as high as 2.4% of GDP in the year 2000. Under McCain, yearly deficits would increase sharply, beginning with $505 billion in FY2009 (3.4% of GDP) and skyrocket to $1.2 trillion (5.7% of GDP) by FY2017. In 2018 these deficits would reach 6% of GDP, tied with the largest deficits since WW2 in 1983. Current Bush policies would keep the deficit in 2017 to $660 billion (3.1% of GDP).

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Comments

[UsofA]

I've never been so deeply appalled by the comments of any politician as I was by former Governor Mike Huckabee's today in a speech before the NRA: http://www.huffingtonpost.com/2008/05/16/huckabee-talks-about-some_n_102178.html
It merits immediate condemnation by all Americans. In a healthier world, it would spell the end to his nascent media career.

[Raymondf]

Obama wanting to ask the House and Senate to Change the Second Amendment rights will doom him in November the NRA is planning to run 527 ads in Sept. and Oct. on this very subject. The NRA is one of the most powerful organizations in the country.

[Myshkin57]

Did he ever say he wanted to change the second amendment? I don't think so.

[Raymondf]

McCain is thinking of asking Hillary to be his running mate, just heard that this morning.

[Podewumun]

GREAT!

They'll lose by TWICE as much.

[PrObama29]

Ugh. How could Hillary supporters come to term's with that?!

[globality]

How much is that in beaver pelts ?

[1PALady]

OFF TOPIC - Sorry - But McCain should be rejecting and denouncing what Huckabee said today at the NRA meeting speech and rejecting and denouncing Huckabee if he does not apologize to Senator Obama for what he said! I thought better of him and I am so very disappointed in him. I never would have thought he would have stooped so low!

[obamanation31]

Yes.absolutely.
That was a hateful thing to say.

[Podewumun]

You don't know much about Huckabee then.

[neocon666]

Isn't McCain the one who said, in true George W. Bush fashion, that he didn't know anything about the economy, since he was a military president?

Translation: "I don't know nuthin' bout all them thar' numbers an such. A prezeedent's suppossed to blow stuff up! Let's git them I-ranians that blowed up the World Trade Center"

[Grunty1]

Isn't that a given? He's a member of the GOP, after all.
Their entire economic plan is to steal as much for themselves while trying to get the little guy to finanace it

[ReasonIsMyReligion]

When McSame said he didn't know squat about the economy, he wasn't lying.

[Viper]

So lets get this correct: In the last 40 years the greatest deficts have occured all under Repug presidents and the only surpluses under Democrats. 90% of our country deficits, both budget and trade have occured under Repug Presidents.

McCain will just borrow more money from Communist China (who he wants to kick out of the Economic council... 2nd largest economy in the world). And of course the dollar will contiue to plumment thus wipping out any gain people will get from his tax cuts (just like with BUSH tax cuts)... They will have more money, but it will be worth even less than what thye had before the tax cut.

He is right... he knows nothing about economics! And he also knows nothing about foreign policy... 30 years in the Senate and now he wants Change, what the hell has he been doing? For the last 7 he has been given BUSH a hand job and now he wants to screw the country some more!

Regards

[zendem1]

The same economic policies that created a Depression cannot be used to end one. I thought we learned this 1929.Apparently not. Would someone please explain to Senator McHoover that tax breaks for the rich do not increase economic growth.

[Viper]

actually they can.. if you are not paying for them by borrowin, thus devauling the currency and if they spend the money in the U.S. instead of in 3rd world countries low labor cost where they get a higher rate of return.

Regards

[john85msy]

This Utopia vision of the countries future was drawn up by ELITIST(McBush's staff and advisors) who have no clue as to how much a gallon of milk or a loaf of bread cost.

[DennyCrane]

Huge debt, unending war, rising gas prices, a collapsing credit market, rising health care costs and reduced access, these are minor issues. What matters to voters more than these issues is the color of their President. Bill Maher said it best when he said who's really bitter. It's those of us who knew Bush was an idiot, but too many people like him voted for him so now the rest of us inherit his mess. And so it'll be with McCain, all because some people can't handle seeing a black guy leading the country.

[jsarets]

Denny Crane: Commander-in-Chief. I like it!

[Mike169]

And so it'll be with McCain, all because some people can't handle seeing a black guy leading the country.

And all the time claiming there's no racism in America. Sometimes white people are so funny!

[PrObama29]

No alot of us are just scared and stupid. Look at West Virginia.

[ReasonIsMyReligion]

... or a woman.

[e2008usa]

Its sounds logical --- what you"re saying

So Bush is an idiot and all idiots vote form him
And MacCain is a favourite president to the racists

It means that MacCain/Bush Bush/MacCain is a sample of idiots voting for a racist or a racist voting for an idiot. But if one of them isn"t in the race then you have only one left to take all idiots and all racists for to govern the USA, right!

As a Obama friend, I am pleased to figure out that the majority of whites in the United States of America are more intelligent than you believe because if they were racists and idiots they"d not vote for Obama, right

If you know peoples with colors problem " Just tell them that: The sky is blue, trees are green, earth is brown and there are all kind of colors in a flower but if they don"t appreciate all the beauty of this nature around them then they cannot live in harmony with themselves and cannot deserve to belong to this world.

I believe that even idiots can understand that " Don"t you think so?

[e2008usa]

I"d like to help more but I am neither a poet nor a psyco but you can vote for CHANGE or choose to belong to those idiots and racists if of course you"d not be intelligent. But we just can"t let the idiots lead the all country to bankruptcy " America is beautiful, peoples are passionately sharing the same vision with all their heart why they use their brain for to live in harmony with all around them.

Don't you believe that even idiots can understand that ?

[KillTheMessenger]

Yes! Yes! Yes! President McCain will fulfill the end-of-days-theology of the Christian Right and bankrupt the country. The only problem with this scenario is that the next day 300 million Americans will wake up, notice that they are not in heaven but still in their old apartments and homes and while the financial world has fallen, the bills they have to pay have not.

[Moxo]

the idea of the tax and spend liberals is about as real as fiscal conservative Reagan, who tripled the deficit
===============================
Didn't he also sell arms to our enemy Iran AND talk like an appeaser to the Soviets??

[Chillinout]

He ILLEGALLY sold arms to Iran. Iran contra anyone? Ollie North?

[HippieChick]

"He ILLEGALLY sold arms to Iran. Iran contra anyone? Ollie North?"

Ah yes. I remember it well.

[donballz]

Proof positive that we need to end the last kingly right of the president, the power of veto. It has been abused too many time. Jefferson was opposed to it and so am I.

[rixxk]

Wishy-washy John isn't worried about the future of this country, as his life-expectency makes the end of the year, long term planning. As the Bush administration proved, there is nothing worse than a spend it, even if you don't have it, Republican.

[ReasonIsMyReligion]

... spend it -- even if you have to borrow it from China -- Republican.