Wall Street wasn’t the only one using off budget spending, Bush and GOP Congress hid $2.7 trillion deficit.

Bush: I make it rain!

Bush: "I make it rain!"

The federal budget for fiscal year 2010 is due next week. The Obama Administration announced today the president has banned the use of four accounting tricks widely used during the Bush Administration to hide the size of deficit projections.

But prepare yourself – revealing the true deficit might stop your heart.

The four tricks include

– Removing the revenue from the Alternative Minimum Tax reform. Despite the yearly and almost certain Congressionally authorized “patch” to the AMT, the White House would always presume the AMT would not be corrected for that fiscal year, overstating revenue.

– Excluding the cost of the Iraq and Afghanistan wars.

– Not counting as spending the Medicare reimbursements to physicians

– Failing to include expenditures related to disaster response and relief. The Obama Administration estimates those changes will result in budgets that are $2.7T deeper in the red over the next ten years. “The president prefers to tell the truth,” (Office of Management and Budget director Peter Orszag) said, “rather than make the numbers look better by pretending.”

http://www.examiner.com/x-243-Progressive-Politics-Examiner~y2009m2d20-Obama-to-ban-budget-gimmicks

One Response to “Wall Street wasn’t the only one using off budget spending, Bush and GOP Congress hid $2.7 trillion deficit.”

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