Posted on 05/11/2009 7:27:58 AM PDT by george76
With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.
The deficit for the current budget year will rise by $89 billion to above $1.8 trillion -- about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall St. bailout, the cost of President Barack Obama's economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in.
As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says. The deterioration reflects lower tax revenues and higher costs for bank failures, unemployment benefits and food stamps.
Under cap-and-trade, the government would auction permits to emit heat-trapping gases, with the costs being passed on to consumers via higher gasoline and electric bills.
(Excerpt) Read more at finance.yahoo.com ...
how long will the public swallow the excuse that this mess was “inherited” and thus, the fault of President Bush?
With the FEDGOV borrowing 50 cents on the dollar, would that put them at 30% of the US economy?
I get sick reading this. And what makes it worse is that 99% of the studid generation (as opposed to the greatest generation) would still vote for Obama’s sloganeering hope and change. What’s a person to do?
Exactly as long as it takes zerO & Co implement their agenda.
Not a moment longer.
Now, that's just the amount we can't actually pay for.
What a difference 10 years makes.
We must we must defeat this man in 2012, or there will be no country in 2016.
1.8, then 1.3, will we ever have any fiscal sanity again?
I can’t believe the last 8 years were such a disaster to allow this man to become President
No wonder the Chinese Communists do not want our Treasury paper
About 40% of workers pay no federal income tax and just L-O-V-E FREE STUFF!.
Jimmy Carter interest rates to follow.
I think you might mean $1.8T.
D’oh!
Or, perhaps worse, what happens if they say "Yes, but only if you do ...."?
And about 80% of Americans pay more in payroll taxes than they do in income taxes.
The Federal Reserve has and will have to *buy* the excess Treasury paper.
Like a snake eating its own tail.
What could go wrong ?
/s
And Obama is pushing full speed ahead with nationalized health care and cap and trade.
To faster destroy the economy ?
nationalized health care and cap and trade ( doubles utility bills )
Oh what the hell, it’s only money.
Surprise, surprise! /sarc
It was amazing to me how 3.9% unemployment and $400B in deficits during Bush was the worst economy since the depression, but now with unemployment at 9-15% and $2T deficits, things are looking up. I don’t understand the math.
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