US Red Ink Tops $1T for First Time Ever(That's Trillion)

CBS News ^ | 7/13/08 | AP

[mdittmar]

Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.

The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There's also concern about trying to reverse the deficit - by reducing government spending or raising taxes - in the midst of a harsh recession.

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.

[mdittmar]

A trillion here,a trillion there,pretty soon we're talking real money.

[stephenjohnbanker]

As Rush said today, Obama’s goal is to destroy the economy.

[DaiHuy]

So why is the stock market climbing over a hundred points today?

[Gaffer]

Zer0's mistake, and the mistake of all the other worthless shirkers and schemer players in this world, is that the value and worth of this country is in some mythical untold gazillion dollar cache of "gettin' paid green" is just there for the whim of the powerati.

What they don't realize is that the true 'cache' and untold value of this once-great nation is in the steadfastness and hardworking perserverence of its taxpaying, working citizens and their belief that it is worth the trouble.

They have sorely underestimated the ire and bile they've aroused - they have turned those 'worth-attitudes' to 'effit' attitudes. So he's going to be left with mounting problems, decreased tax collections, rising resentment and really reduced patriotism and work-ethic. In the end, his house of 'player cards' will collapse around him.

[stephenjohnbanker]

“So why is the stock market climbing over a hundred points today?”

It goes up and down every day....It will continue down, just watch.

[SkyDancer]

That’s one-thousand billion ....

[Rodney Dangerfield]

For once, the media avoids the word “historic” when describing new ground broken by the Obama administration.

[avacado]

$700 billion of that budget deficit has been on Obama’s watch starting in February 2009.

[Clemenza]

Just wait until they decide to bail out Calipornia!

[Mikey]

"...trying to reverse the deficit..."

1). Get rid of the damned FEDERAL RESERVE (which isn't Federal, nor has any reserves) and its collection agency, the IRS,
2). Return to a sound money system via precious medals,
3). Repeal ALL FDR's unconstitutional "new deal" programs and return government back to its original constitutional limitations.

To keep on trying to fix a flawed system is ridiculous to say the least.

[mysterio]

Balanced budget amendment.

[April Lexington]

So why is the stock market climbing over a hundred points today?

The stock market is like a stampede. It goes one way and then another based on emotions of greed and fear. It has little predictive power on a daily basis. Trends are important but daily swings are very unpredictable. Just remember, the DOW was over 13,000 when G.W. Bush was president....

[mountainlion]

National debt or Obama’s budget debt? The National Debt is almost $50 Trillion, Obama’s budget is that what they are talking about at $1T?

[Mikey]

"Balanced budget amendment."

Again, return to constitutional limits, sound money and one doesn't need a "Balanced budget amendment."

[randita]

There's also concern about trying to reverse the deficit - by reducing government spending or raising taxes - in the midst of a harsh recession.

Another choice which (of course) isn't mentioned is CUTTING TAXES. Works every time it's tried.

[randita]

Stock market is up largely on the strength of Financials. Major banks are set to report record first quarter profits.

[Principled]

Take a look at this graph: http://accessnorthgeorgia.com/

Can someone post it????

[paulycy]

Tough to blame bush for that one.

[Tublecane]

“Again, return to constitutional limits, sound money and one doesn’t need a ‘Balanced budget amendment.’”

If the Constitution was viewed according to its original limits, we wouldn’t really need a first amendment, either.

[mysterio]

I think it's needed. Apparently, they need a brick wall that they can't climb over. Congress has proved it cannot handle borrowing responsibly.

Additionally, I'd like to see an end to withholding. It's time people wrote a check for their taxes. Let's see how much they like big government when they have to write a check for it. And with a balanced budget amendment, every time spending went up, that bill would get bigger. That combination would be the best thing that ever happened to small government proponents.

[EGPWS]

Tough to blame bush for that one.

Everything is Bush's fault....Get with the program man!

[paulycy]

Tough to blame bush for that one.

Everything is Bush's fault....Get with the program man!

Oh, yeah. Well, I didn't say it was impossible....! ;0)

[Principled]

THanks paulycy.

I think that graph is better to look at than to hear more of the millions/billions/trillions talk. This pic puts it into context well.

THanks again for posting. I’m so busy working to pay my taxes I haven’t learned to post pics!

[paulycy]

I think that graph is better to look at than to hear more of the millions/billions/trillions talk. This pic puts it into context well.

I was happy to. It's a great chart. I emailed it to my family!

[stevie_d_64]

Since the Fed Gov (administration) has spent an average of 1 trillion dollars a month, over the last 4-5 months...

Why are some surprised by this revelation??? To go from a ressession/borderline depression, to a ineffective deficite spending to push us right into an growing inflationary/printing money like its Christmas condition is obviously not going to do anyone any good in the future...

So why, even when economists work both sides of the political idiocy in this country, why do they create these conditions, knowing this will happen...

All I have to say is I hope the American people get their heads out of their posteriors for the next few election cycles...This all may still be salvagable...But time is running out...

[Mikey]

"I’m so busy working to pay my taxes..."

Amazing isn't it. Americans used to be able (during economic hard times) at least be comforted in the fact that they still had a roof over their heads.

Not now. Now we must chose between Paying tribute (I.E., property taxes, income taxes, etc) to the almighty STATE or,

1). Putting food on the table or,
2). Paying our electric bill or,
3). Getting clothing for our children or,
4). Having enough heating oil, gas or whatever to stay warm in winter or,
5). (in case one has a job) affording fuel for ones vehicle to go to work or,
6). Any one of the other things in life that is necessary to stay alive.

No, today Americans must chose between keeping themselves and or their families alive and well or supporting a bloated wasteful pig known as the Federal / State government fat and happy.

America stop wasting your vote year after year after decade after decade on the same broken promises made by the same republicrats.

Vote for only those who'll support a constitutionally limited government.

Vote Constitution Party

[Mikey]

"Another choice which (of course) isn't mentioned is CUTTING TAXES. Works every time it's tried."

How true.

How about getting rid of ALL taxes not strictly authorized by the constitution.

How about reducing government to its constitutional limitations?

How about abolishing ALL FDR's unconstitutional "New Deal" programs?

How about abolishing the Federal Reserve (which isn't Federal, nor has any reserves)?

How about taking ALL these Anti American constitution hating liberal (and their rino, neocon cronies) and shipping them off to Cuba and other socialistic countries?

“The opposite of love is not hate, it's indifference. The opposite of art is not ugliness, it's indifference. The opposite of faith is not heresy, it's indifference. And the opposite of life is not death, it's indifference.”

Ellie wiesel