McCain Proposes Balancing Budget by 2013 w/then Non-Needed Iraq Supplementals?

Question

The Budget Deficit is projected to be $400 Billion dollars by 2013. Iraq funding has been approximately $100 Billion per year funded thru Supplemental Re quests (not included in Budget or Debt calculations – see following definition):

“The White House regularly transmits and the House and Senate Appropriations Committees report supplemental bills containing "emergency" spending that is above budget allocations and controls. Because emergency supplementals are introduced following submission of a fiscal year's budget, they are not subject to OMB's budget accounting rules, and therefore not included in deficit and debt projections (Under its own rules, however, CBO does project all discretionary appropriations into future years, regardless of the purpose of the appropriation).”

http://www.ombwatch.org/budget/supplementalbackgrounder.pdf

Answer 1

Here is an example of  just one type of fuzzy math that goes in to McCain's figures - In 2012, the first baby boomers, those born in 1946 will reach their full Social Security Retirement age of 66. As a result of the Social Security Reforms under President Reagan in 1983, the Social Security Trust fund has been running at a surplus every year - In 2012 - the surplus for that year is expected to be about 260 billion dollars, the highest it has ever been, because the baby boomers have been in their peak earning years in preparation for their retirement.  As with previous surpluses, all which came from FICA taxes on workers wages that are earmarked for their retirement - it  will be borrowed by the rest of the government and spent.  McCain's budget figures, treat the surplus as free money which can be borrowed and not paid back when it is needed to pay benefits.

Instead of  focusing on phony budgets which leave out off budget items like the cost of the war and borrowing from the social security trust fund,  pay attention to the year to year growth in the national debt, in particular the amount borrowed by the general fund, which currently stands at about 9.5 trillion dollars.  

See: http://zfacts.com/p/461.html   which shows the true debt of 9.5 trillion dollars, and the net debt which ignores borrowing from the social security trust fund and other government trust funds.  Here you can find a chart showing the year to growth in the national debt: http://www.cedarcomm.com/~stevelm1/usdeb...

McCain should be asked if the National Debt will quit growing in 2013, and if so, how he intends to achieve this.

Answer 2

Anything coming out of Congress or from the President when it deals with spending is all fuzzy math.  It doesn't matter who is in charge they all spin the numbers to make themselves look good.