Posted on 10/16/2009 2:00:28 PM PDT by NormsRevenge
WASHINGTON – The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.
The imbalance for the budget year ended Sept. 30, more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken.
As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to government data released Friday.
President Barack Obama has pledged to reduce the deficit once the Great Recession ends and the unemployment rate starts falling. But economists worry the government lacks the will to make the hard political choices to cut spending and raise taxes to get control of the imbalances.
(Excerpt) Read more at news.yahoo.com ...
We spent $3.52 trillion, up 18.2 percent over 2008.
Vote DemocRat and kiss your financial future asta la vista , Baby!
How do you reduce the deficient while adding debt of a couple of trillion....
Are you seeing stars 'Czars' yet?
Like Obama said yesterday, he’s just getting started!
I hear they’re giving out $250 checks to Senior...ought to buy some bread!
And Circuses! We need some Circuses!
I saw that ,, what’s next, a Little Depression?
Just a little itty bitty one.
It’s not like 3.5 million people losing their jobs is much of a hit for such a big economy, huh?
The proletariat need to bow down to the ‘one’. Feds are printing money right?
By Janet Hook and Peter Nicholas
Washington Bureau
February 26, 2009
WASHINGTON — As President Barack Obama presents his first budget Thursday, the most daunting goal he sets may not be the ambitious proposals for economic recovery, health-care reform or revamping the nation's energy policy. Big as those challenges are, they may be child's play compared to his promise to slash the federal budget deficit in half by the end of his term.
Two problems already are apparent if he is to cut the $1.3 trillion deficit to $533 billion. First, many of the methods he says he will use have often fallen short in the past—cutting waste, imposing new budget rules, curbing defense outlays and raising taxes on the affluent.
Second and potentially harder to overcome: There is fresh evidence that, for all the talk of fiscal responsibility, Congress is not ready to mend its free-spending ways.
Well, duh! Mmm mmm mmm, he IS MAGICAL!!!!
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