The Federal Budget/Deficit

seth · **Posted:** Wed Jun 11, 2008 11:49 am

Quote:

The U.S. government says a flood of economic stimulus payments pushed the federal budget deficit to an all-time high of $165.9 billion in May.

The Treasury Department reported Wednesday that the May deficit was more than double the imbalance in May 2007.

That reflects some $48 billion in payments as part of the government's $168 billion effort to give the economy a jump-start and keep the country from falling into recession.

http://www.msnbc.msn.com/id/25100327/

Just as I thought. All this money going out to tax payers isn't actual tax revenue being returned, we are just putting it on the credit tab where those tax payers get to pay interest on that money, along with their children, and with the rate that the deficit is running (jesus, almost $200 Billion in the red for ONE month!), more than likely the children of those children will be paying it back. Crazy shit, and definitely not good.

seth · **Posted:** Mon Jul 28, 2008 8:58 am

Quote:

The next president will inherit a record budget deficit approaching $490 billion, a Bush administration official said Monday.

The official said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the record deficit of $413 billion set in 2004.

http://www.msnbc.msn.com/id/25884806/

I was getting a little concerned about the deficit with all that's going on right now. And this number doesn't even include war spending, as that's all through supplemental bills that isn't recorded in the official budget. Lots of red ink!!

seth · **Posted:** Wed Oct 08, 2008 12:18 am

Quote:

The US government's budget deficit has ballooned in fiscal 2008 to 438 billion dollars (322 billion euros), or 3.1 percent of GDP, as the economic downturn began to bite, according to the Congressional Budget Office (CBO).

The estimate compares to the 162 billion dollar shortfall that represented 1.2 percent of GDP in fiscal 2007, said the CBO, which monitors federal spending on behalf of the Senate and House of Representatives.

"That is about 31 billion dollars higher than the 407-billion-dollar deficit CBO projected this summer, primarily due to lower-than-projected revenues and higher-than-expected spending for defense and deposit insurance," it said on Tuesday.

http://news.yahoo.com/s/afp/useconomybudgetdeficitcongress

We are never going to see anything close to a surplus for a LONG time, if ever again. I suspect these numbers are going to continue to grow and grow as well.

seth · **Posted:** Tue Oct 14, 2008 8:03 pm

Quote:

The federal budget deficit soared to $454.8 billion in 2008 as a housing collapse and efforts to combat the economic slowdown pushed the tide of government red ink to the highest level in history.

The Bush administration said Tuesday the deficit for the budget year that ended Sept. 30 was more than double the $161.5 billion recorded in 2007.

It surpassed the previous record of $413 billion set in 2004. Economists predicted a far worse number next year as the costs of the government's rescue of the financial system and the economic hard times hit the nation's balance sheet.

http://www.msnbc.msn.com/id/27188415/

So they didn't even get the first estimate right!! Damn, almost half a Trillion dollars owed to the Chinese, and a hell of a lot more red ink to come.

seth · **Posted:** Sun Nov 02, 2008 12:23 am

Quote:

It’s the surge you won’t hear anyone boast about.

Never before in U.S. history has the national debt increased as much and as rapidly as it has over the past month.

Since September 30, the day the national debt hit the $10-trillion mark for the first time, the government has run up over $500 billion in new debt.

That’s more than the federal deficit for the entire 2008 fiscal year, which ended September 30. And it’s the most rapid increase in the national debt ever: over half a trillion dollars in less than a month - 23 days to be exact.

http://www.cbsnews.com/stories/2008/10/31/politics/main4562416.shtml?source=RSSattr=Politics_4562416

Wow, $500 billion dollars in 23 days. That is some impressive spending that I believe it just going to continue on and on. The real question is, does the U.S. have a credit limit? We have almost $11 Trillion on the Visa right now, and something in the neighborhood of $54 Trillion in outstanding liabilities, when is China and Japan going to turn off the lending?

seth · **Posted:** Thu Nov 13, 2008 2:14 pm

Quote:

The federal government began the new budget year with a record deficit of $237.2 billion, reflecting the billions of dollars the government has started to pay out to rescue the financial system.

The Treasury Department said Thursday that the deficit for the first month in the new budget year was the highest monthly imbalance on record. It was far bigger than analysts expected, over four times larger than the October 2007 deficit of $56.8 billion, and more than half the total for all of last year.

http://news.yahoo.com/s/ap/20081113/ap_on_bi_go_ec_fi/budget_deficit;_ylt=AvU5db9svYaoWXWA.IeztFqs0NUE

Wow, $237.2 Billion in the first month of operations huh? In one month, the big gov has already reached 50% of the deficit from last year... So hypothetically, if the government were to stay on this kind of spending pace, which I doubt (they better not!), the '08, '09 budget deficit will reach: $2.846 TRILLION dollars!!

Makes ya feel good doesn't it?

seth · **Posted:** Wed Jan 07, 2009 12:34 pm

Quote:

The U.S. federal budget deficit will hit an unparalleled $1.2 trillion for the 2009 budget year, according to grim new Congressional Budget Office figures.

The CBO estimate released Wednesday also sees the U.S. economy shrinking by 2.2 percent this year and recovering only slightly in 2010, and the unemployment rate eclipsing 9 percent early next year unless the Obama administration steps in.

http://www.msnbc.msn.com/id/28539403/

I still don't know if I agree that the deficit will stay under $1.2 Trill, with escalating wars, flooding the economic system with easy money and debt, Social Security and Medicare beginning to really kick in, and piling on these stimulus packages on top of it all, they will be lucky if they can stay under that figure. The other aspect here is: will our creditors go along with an increase of over 10% to the national debt (currently something like $10.7 trillion)?

seth · **Posted:** Tue Jan 13, 2009 12:49 pm

Quote:

The federal government already has run up a record deficit of $485.2 billion in just the first three months of the current budget year, the Treasury Department said Tuesday.

The deficit is on track to surpass $1 trillion for all of fiscal 2009 and some economists believe it could go much higher.

The deficit for December totaled $83.6 billion, a sharp deterioration from a year ago when the government managed a surplus of $48.3 billion. Wall Street economists surveyed by Thomson Reuters expected a slightly lower deficit of $83 billion.

http://news.yahoo.com/s/ap/20090113/ap_on_bi_go_ec_fi/economy

Impressive spending there guys! Beating out the previous budget deficit record (which just occurred last year) in just 3 months. So taking into account these numbers as one quarter, and factoring in we have another 3 quarters to go before the next fiscal year starts, we are on track for a whopping: $1.94 TRILLION dollar deficit. Now, that's assuming current spending levels stay the same, and do not increase, or decrease. With Obama calling for massive spending programs, I could easily see the spending INCREASE, so that estimate could be too low. Wow, close to two trillion dollars borrowed in just one year. That's adding 20% to the national debt, and that's just this year. I don't see the spending getting any better in the near future. Even in the optimist views of spending our way out of this hole, the time bombs of Medicare and Social security are starting to detonate, which will pick up the slack if the government is actually able to reign in spending. Crazy shit.

seth · **Posted:** Wed Feb 11, 2009 3:49 pm

Quote:

The recession and massive costs for the financial bailout have pushed the federal deficit to an all-time high for the first four months of the budget year.

The Treasury Department reported Wednesday that the deficit for October through January totaled $569 billion, more than six times larger than the imbalance during the year-ago period.

http://www.msnbc.msn.com/id/29144295/

Wow, four months into the current budget year, and already the deficit has surpassed any previous record in history by 25%! So at the current pace, since we are 30% through the year, it's looking like the deficit will come in at $1.7 trillion, and I don't believe that's even taking into account the $800 billion stimulus plan, or the $2 some odd trillion the Treasury and Federal Reserve are talking about. Glad you assholes feel so good about spending our money!! My question is when does all this hemorrhaging of money start causing major repercussions?

seth · **Posted:** Thu Feb 26, 2009 1:39 pm

Quote:

President Barack Obama unveiled a multi-trillion-dollar spending plan Thursday that would boost taxes on the wealthy, curtail Medicare, lay the groundwork for universal health care and leave a string of deficits dwarfing any in the nation's history.

In addition to sending Congress his $3.55 trillion budget plan for 2010, Obama proposed more immediate changes that would push spending to $3.94 trillion in the current year.

That would result in a record deficit the president projects will hit $1.75 trillion, reflecting the massive spending being undertaken to battle a severe recession and the worst financial crisis in seven decades.

http://www.msnbc.msn.com/id/29392964/

Those are some DAMN significant numbers they are throwing around!! I don't even know what to say. I guess nothing, as it doesn't really matter anymore. What drives me nuts is now all the Republicans pretend to be "fiscal conservatives" in that they need to balance the budget. Again guys, you added $5 trillion to the national debt over the Bush years and didn't have any problems doing it, now you're bitching about this? All just a big horse and pony show.

seth · **Posted:** Fri Apr 10, 2009 9:25 pm

Quote:

The Treasury Department said Friday that the budget deficit increased by $192.3 billion in March, and is near $1 trillion just halfway through the budget year, as costs of the financial bailout and recession mount.

Last month's deficit, a record for March, was significantly higher than the $150 billion that economists expected.

The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion.

http://news.yahoo.com/s/ap/20090410/ap_on_bi_go_ec_fi/federal_budget;_ylt=AqHM.n3DEjkWfcRk8fpt1eOs0NUE;_ylu=X3oDMTJnY3V1cjM3BGFzc2V0A2FwLzIwMDkwNDEwL2ZlZGVyYWxfYnVkZ2V0BGNwb3MDMwRwb3MDMTAEc2VjA3luX3RvcF9zdG9yeQRzbGsDZmVkZXJhbGJ1ZGdl

The government is hemorrhaging money these days!! God damn!! If we accelerate much past $200 billion a month, we may be pushing the $2 trillion dollar mark this year. Wow!

seth · **Posted:** Sat May 30, 2009 5:24 pm

If you want to see the crazy inner workings of the government in terms of money and deficits, here is a website for you that will freak you out!

http://www.usdebtclock.org/

At this writing, the U.S. debt is at $11.33 trillion dollars and growing and a massive pace!

seth · **Posted:** Mon Jul 13, 2009 8:00 pm

Quote:

The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.

The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.

http://news.yahoo.com/s/ap/20090714/ap_on_bi_go_ec_fi/us_economy_deficit

Damn deficit is running hot! Not as bad as it could be I suppose, but it's bad!

seth · **Posted:** Thu Feb 04, 2010 11:21 am

Quote:

House Democratic leaders faced with a politically excruciating vote are counting on new budget deficit curbs to ease passage of a bill allowing the government to go $1.9 trillion deeper in debt — or about $6,000 more for every U.S. resident.

The measure set for a House vote Thursday would raise the cap on federal borrowing to $14.3 trillion over the next year. That's enough to keep Congress from having to vote again before the November elections on an issue that is feeding a sense among voters that the government is spending too much and putting future generations under a mountain of debt to do it.

http://news.yahoo.com/s/ap/20100204/ap_on_bi_ge/us_congress_debt_limit

I suggest voting it down! It's going to kick off the chain reaction the government and bankers have been attempting to stall, but it needs to happen. Of course, politicians are just fine kicking the can down the road for a few more months. $14.3 trillion. Does anybody have an idea of how large that number is? And how is it that foreign creditors continue to buy into it that we will pay them back? We are broke, broke, broke!

SC4Life

The Federal Budget/Deficit

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