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Obama bans some accounting gimmicks

Discussion in 'Political Discussion' started by Patters, Feb 20, 2009.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    The New York Times also covers the story, but this one does a better job summing up the gimmicks.

    Examiner: Obama to ban budget gimmicks

    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....

    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.

    - Including the cost of the Iraq and Afghanistan wars.

    - Count as spending the Medicare reimbursements to physicians

    - 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.
     
    Last edited: Feb 20, 2009
  2. apple strudel

    apple strudel Banned

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    I don't know man, what will the free market think? Gimmicks should be free!
     
  3. ljuneau

    ljuneau Rotational Player and Threatening Starter's Job

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    This is a good thing (wow, I agree with BO about something). Any business that exercised the existing accounting practices of the government would find it's leaders in jail.
     
  4. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    It'll provide the WH an opportunity to publish budget numbers over the last 8 years displaying real costs... at the expense of showing the real cost of the next budget. But never fear, FY10 will be a benchmark year...

    And then we'll know what we mean by "cutting the federal deficit in half."

    (Deficits happen or do not happen each year. The debt is the accumulated debt over 200 odd years. This has been a public service announcement.)

    PFnV
     
  5. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    Can I get some of those accounting gimmicks at the Bush Library gift shop???
     
  6. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    "Yes, sir, it's right through Tomorrowland on the right. Yeah next to the teacups."
     
  7. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    I'll have to think about this.
     
  8. godef

    godef In the Starting Line-Up

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    Of course they should be, cuz they're entitled to it, just like those bonuses. :snob:
     
  9. PressCoverage

    PressCoverage Banned

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    Who's the tard-and-a-half who one-starred a thread like this that we can all agree on?
     
  10. PatsFanInVa

    PatsFanInVa PatsFans.com Supporter PatsFans.com Supporter

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    probably someone who doesn't live in America.
     
  11. PressCoverage

    PressCoverage Banned

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    yeah, that's my guess also...

    he also 5-stars his own irrelevant threads when no one has read or commented on them yet.
     

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