Posted on 10/07/2009 7:40:04 PM PDT by NormsRevenge
WASHINGTON (Reuters) – The U.S. government spent a record $1.4 trillion more than it collected in the fiscal year ended September 30, congressional analysts said on Wednesday, in their final estimate before the official numbers are issued.
Bank bailouts, stimulus spending and declining tax revenues due to a deep recession led the government to post a deficit that amounts to 9.9 percent of the U.S. Gross Domestic Product for the 2009 fiscal year, the Congressional Budget Office said.
The Treasury Department will report the actual deficit later this month. The deficit for fiscal 2008 was $459 billion.
The $1.4 trillion estimate is less than the budget office's estimate of $1.58 trillion issued in August, but the discrepancy arises from differences in calculating the costs of bailing out mortgage giants Fannie Mae and Freddie Mac, not any sudden change in economic conditions, CBO said.
The government took in $2.1 trillion in fiscal 2009, a 16.6 percent drop from the previous year as the recession led to sharp declines in individual and corporate income taxes, CBO said.
On the other half of the ledger, outlays increased 17.8 percent to $3.5 trillion, CBO said.
(Excerpt) Read more at news.yahoo.com ...
That’s a number that I can’t even imagine. I wouldn’t want a trillion of anything that’s good, let alone that much debt. While Bush isn’t blameless, the Obama administration is really selling our future down the river.
In other business news..
Gold price hits record high on report to ditch dollar
http://news.yahoo.com/s/afp/20091006/bs_afp/commoditiesgoldmetalsprice
LONDON (AFP) – The price of gold struck an all-time high Tuesday as the dollar fell on a news report of a plan by Gulf states to stop using the greenback for oil trading.
Gold hit 1,045.00 dollars per ounce on the New York Mercantile Exchange in late trades.
Hours earlier on the London Bullion Market, gold surged to 1,043.78 dollars beating the previous record high of 1,032.70 dollars an ounce struck in March, 2008.
Barclays Capital precious metals analyst Suki Cooper said dollar weakness appeared to be related to reported secret talks about oil being priced in a basket of currencies including gold rather than the dollar,
This “has added to concerns about the future role of the dollar in international financial markets,” Cooper said.
The dollar’s future as the world’s top currency was thrown into doubt on Tuesday as a report said Arab states had launched secret moves with China and Russia to stop using the greenback for oil trading.
Its just play money to those a$$ hats in Washington anyways
Foreclosures mark pace of enduring U.S. housing crisis
http://news.yahoo.com/s/nm/20091008/us_nm/us_usa_housing_foreclosures
MIAMI (Reuters) - Every 13 seconds in America, there is another foreclosure filing.
I predict future happiness for Americans if they can
prevent the government from wasting the labors of the
people under the pretense of taking care of them.
Thomas Jefferson (1743 - 1826)
We must not let our rulers load us with perpetual debt.
Thomas Jefferson (1743 - 1826),
letter to Samuel Kercheval, July 12, 1816
The democracy will cease to exist when you take away
from those who are willing to work and give to those
who would not.
Thomas Jefferson (1743 - 1826)
The U.S. government spent a record $1.4 trillion more than it collected in the fiscal year ended September 30
glad they didn’t listen to Limbaugh, higher tax rates decrease collections and have made the deficit worse, thus souring Ocarter even more, hope he’s happy dishing out his ‘economic justice’, right back at ya buddy
Malpractice!
Treasury, this week, is trying to sell $162 billion in bonds...annualized, that is just under $8 trillion. Who can think that the world has the means, or even wants to keep up the pace?
$162 billion this week: http://www.freerepublic.com/focus/f-news/2356120/posts
That is how it will be played in the State Run Media while Obama will be treated as the Victim. Bet on it.
But we must shut down F-22 fighter production lines ASAP.
And cancel the missile shield !!!
No money!
Wonder why!
***
If you were raised for 8 years, from the age of 10 to 18, by a card carrying Communist from Chicago with a 601 page FBI file, what kind of Community Organizer would you be?
One who prefers “Marxist professors”, so that you wouldn’t be a “sell-out”???
Is it any wonder no college records have been released, or ever will be?
HIs first pol, to whom he was “chief of staff”, flew often to Moscow for the Party Congress and came back praising the Soviet Union. He didn’t quit and he didn’t protest.
When he cheated her by getting her kicked off the re-election ballot (using legalistic tricks, just like he does now), SHE never protested, nor would accept an interview.
Can you say “Party Discipline???
I mean, his mother met his “father’ while studying Russian for God’s sakes -— in 1959!!!
Have you never read in a history book that the Russians look for future agents in Russian Language classes? Of course! Where else to look?
Please read this, and tell everyone:
Then ask yourself, and everyone around you:
Why do the President’s two daughters both have Russian names???
Ever met ANYONE who has two children, both with Russian names???
I haven’t.
Mmmm mmmmm mmmmmm.
Phew. That’s a relief. For a minute there, I thought it was going to be a number we couldn’t afford.
THERE IS NO BAUCUS BILL
The internet is alive with the sound of people analyzing the CBO’s “scoring” of the Max Baucus aka Senate Finance Committee Health Care Bill. Before everyone gets too deeply into their thoughts, please keep in mind the following (get ready, all CAPS, bold, indented signifies a really important concept):
THERE IS NO BAUCUS BILL.
The CBO scored the concepts described by the Baucus Committee. There is no legislative text. None. Baucus and his Democratic colleagues refused to reduce their concepts to actual legislation prior to a vote. Here is the CBO’s disclaimer:
CBO and JCT’s analysis is preliminary in large part because the Chairman’s mark, as amended, has not yet been embodied in legislative language.
The Baucus Concepts are disasterous, but that’s for another post. For this post, let me get across a simple concept: THERE IS NO BAUCUS BILL.
Your esteemed Senators on the Senate Finance Committee will not be voting on legislation because THERE IS NO BAUCUS BILL.
Your esteemed Senators have so little respect for you that some of them are willing to vote in favor of legislation which does not exist because THERE IS NO BAUCUS BILL.
The actual legislation will be drafted in secret by Harry Reid and a few other people, including staffers whose names and political connections you never will know, and the resulting legislation will be rammed through the Senate and House before anyone gets to read and analyze it.
Months of debate mean nothing. It’s all smoke and mirrors by people who think you are too stupid to realize what is going on.
Have I made myself clear on this? THERE IS NO BAUCUS BILL.
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