Posted on 08/12/2009 4:58:01 PM PDT by Oldeconomybuyer
To put some context on a new estimate that puts this year’s federal deficit at $1.8 trillion, consider this: That amount had never been spent by the federal government in a single year until 2000, let alone borrowed.
That’s right. As the decade began, the US government spent $1.8 trillion in a year for the first time. Now it’s poised to spend that much in excess of its tax revenues.
The Treasury released the latest figures Wednesday, showing spending of about $3 trillion in the past 10 months, and revenues of only $1.74 trillion.
With two months to go in the fiscal calendar, the Obama administration is projecting that the imbalance will end up totaling $1.84 trillion, more than four times last year’s record-high. The monthly deficit for July, also reported this week, came in a bit above what economists had expected.
The record red ink stems from familiar sources. The government is spending prodigiously on stimulus, to lift the economy out of recession, and on rescuing the financial system from a credit crisis. The cost of wars in Iraq and Afghanistan add to the tab.
Meanwhile, in recessions tax revenues tend to fall, and this one is no exception. Government receipts were down about 6 percent in July from a year before.
(Excerpt) Read more at features.csmonitor.com ...
This just about defies description.
“Inherited” and “Bush’s fault!”
Definately can’t waste a crisis though, huh Rahm, Hillary, etc.?
Yeah, this anti-American makes Carter look like a Boy Scout.....we warned you!!!
The tax shortfall is likely to add $300+ billion to the $1.8 trillion. Corporate taxes are running down about 57%.
Barak Obama has taken the largest deficit that George W. Bush ever ran and multiplied it by four.
Oh no, Obama “inherited” this deficit. And we’re in an economic recession so he had to spend all this money, otherwise unemployment would have been a gazillion percent. It’s true.
Ah, now I know what the green shoots are. Deficit dollars sprouting out of everybodys orfices.
ping
And this in just 6 month
And tax revenue shortfalls will be greater at the state and local level.
About 40 States, including mine are underwater.
Have a beer and f*&k off with your stupid $h!t.
It wasn't compassionate conservative, friend of Ted Kennedy George Bush, and Fatso ‘Coach can I have an highway exit by my farmland’ Hastert, or Hairpiece Lott, and under a Republican President, House and Senate the largest,fast growth BEYOND LBJ.
Not them.
No sir.
Bush, Goldman Sac's Paulson. No Sir!
And the rats that pretend to be fiscons and were outraged at the RINO Bush’s deficits have what to say now?
Thanks Clintonfatigued. Obama and his gang of thugs continue to cut the throat of the US economy, because there can’t be private property (as Obama put it during his campaign, “ownership society”), free markets, or individual rights.
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