alena06 posted:Bibi Haniffa posted:The President has veto power over all appropriations bills. If congress sends it to him/her and he/she doesn't sign, dem can't buy nothing from China.
Budgets originate and finalize in the President's office.
Yep. Was referring to the military spending MARS referred to, Obama had no cooperation to cut military spending.
In the early years of the Obama Presidency the deficit spending to stimulate the economy raised some concern about the US Federal long-term debt and the rising annual budget deficits.
Well, several factors have tamped down those fears in large part because of the expanding US economy since 2009 and because it is so cheap in historical terms to borrow money.
The annual budget deficit was around 10% of GDP in 2010. It has contracted over the years and is currently at 4%. Remember that Boehner and Obama had some budget deals that included sequestration that cut domestic and military spending across the Board.
The federal debt was around $15 trillion in 2010 and today it is $19 trillion+. Today's GDP is about $18 trillion and was just under $15 trillion in 2010. So percentage-wise it grew from around 100% of GDP to just a little over. The long term interest though has dropped substantially. given incredibly low rates of borrowing (printing US Treasuries).
While Obama's 2012 campaign called for spending cuts at least 7 times in its platform, both Trump (tax cuts) and Clinton (infrastructure spending) talk about more spending. Note that while Entitlements are not part of this discussion actual war spending might be included (someone can check this for us).