Obama to convene fiscal summit at White House

[dbackjon]

President Barack Obama is bringing together dozens of advisers and adversaries to discuss how to curb a burgeoning federal deficit laden with Social Security, Medicare and Medicaid obligations.

Obama's summit at the White House on Monday is the first meeting toward a strategy to address the long-term fiscal health of the nation. The gathering also comes as Obama prepares ambitious plans to cut the federal deficit by half within four years.

"It will require doing all we can to get exploding deficits under control as our economy begins to recover," Obama said in his weekend Internet and radio address. "That work begins on Monday, when I will convene a fiscal summit of independent experts and unions, advocacy groups and members of Congress to discuss how we can cut the trillion-dollar deficit that we've inherited."

Even before it began, some of its 130 invited participants cautioned against overinflated expectations.

http://news.yahoo.com/s/ap/20090223/ap_ ... ma_economy

[HI54UNI]

I wish him well but I fear this is just window dressing. How many times has this been done in the past? Doesn't every new president to convene a group to do this?

[Col Hogan]

The last line of the attached article is so disingenuous it angers me no end...and shows the bias of the writer...

He inherited a deficit of about $1.3 trillion from his predecessor, President George W. Bush.

In and of itself, a true statement...But it does not take into account the impact of the Stimulous package on the deficit...and the bank bailout...and the auto bailout...

So, when the Obama Administration says it wants to cut the deficit in half...and take it to $533 Billion...the math is dishonest...

When all is said and done, the deficit will be in the $2.5 Trillion range...to half that is $1.25 trillion....

Now, one could say what's $700 Billion among friends...

Just let's be honest with these numbers......

[Appaholic]

Now, one could say what's $700 Billion among friends...

A couple of months in Iraq?

[Col Hogan]

Now, one could say what's $700 Billion among friends...

A couple of months in Iraq?

Couple of years...but who's counting...

[Appaholic]

A couple of months in Iraq?

Couple of years...but who's counting...

I believe you're right.....I'm so used to hearing big numbers being thrown around since October, that it doesn't even register anymore....

[BigApp]

Obama leading a "fiscal responsibility summit" is akin to Billy Carter hosting an AA meeting.