U.S. June budget gap $94.32 billion

Reuters ^ | 7/13/09 | a

[Nachum]

WASHINGTON (Reuters) - The U.S. government rang up a $94.32 billion budget deficit in June, a record for the month, as the price tag for efforts to prop up the economy, banks and automakers mounted while revenues weakened.

The Treasury Department said on Monday that June marked the ninth straight month in which the government had run a deficit. In June 2008, the budget enjoyed a $33.55 billion surplus

[Nachum]

The list, ping

[Oldeconomybuyer]

Uh Oh. Time to get Bush/Cheney, Karl Rove, Sarah Palin, or Rush Limbaugh on the front page again ...

[lonestar67]

I may get flamed for saying it but Bush was effectively leading our economy and budget.

When the Democrats took over Congress in 2007, it was much more difficult to do.

Even the differences between Bush’s TARP 1 and Obama’s TARP 2 are profound in terms of the requirements and fiscal responsibility.

[avacado]

Just for reference the Republican Congress’ last complete budget cycle was fiscal 2007 which only had a $160 billion dollar deficit for a whole year!

[avacado]

"I may get flamed for saying it but Bush was effectively leading our economy and budget."

You are actually correct. Bush and the Republican Congress from fiscal 2001 - 2007 ran a total deficit of $1.6 trillion. Not good, but not bad. The last Republican Congress for their fiscal 2007 budget only had a $160 billion dollar deficit and the deficits were decreasing each year since 2004. We were damn near a balanced budget.

[Boiling Pots]

Should the Government stop dumping money into the National Money Hole?

http://www.youtube.com/watch?v=JnX-D4kkPOQ

[Nachum]

That is too good. :)

[randita]

We were damn near a balanced budget.

Despite the 9/11 aftermath and fighting a war on two fronts.

[avacado]

Exactly! Not to mention tech bubble collapse, corporation scandlas and collapse, and two hurricanes (Katrina, Rita) that wiped out the SE USA... along with a recession to boot!

[griswold3]

2001-2003 the Congress was split. Remember Tom Daschle was Senate Majority leader then.

My memory of those times will be Nancy Pelosi calling a reduction of an increase, a budget ‘cut’. Only in America.

May Obama never face a tragedy like 9/11 or Katrina.

[PugetSoundSoldier]

All you need to know... So simple, even a Democrat can understand it!

[avacado]

Thanks for the correction about the split Congress. What you mentioned about Pelosi reminds me of Obama today jacking up the budget deficit to $2 trillion and then promising to cut it in half.

[avacado]

Excellent chart!!!

[TwelveOfTwenty]

Hmmm, the deficit was going down in spite of the WOT, until...

[PugetSoundSoldier]

Thanks... I've also written a little blog post to go with that chart that adds some extra information. Even have a blog entry that solves the deficit and debt problem in a way that should be acceptable to Republicans and Democrats alike.

But the bottom line, though, is that a GOP Congress is what's needed...

[lonestar67]

Charts like that win elections!

[lonestar67]

Great blog post as well.

[PugetSoundSoldier]

Thanks... It’s fairly new, and I’m going for quality over quantity (which is easier, given that I am a lazy SOB...:).