Posted on 09/11/2009 12:38:57 PM PDT by NormsRevenge
WASHINGTON – The federal deficit surged higher into record territory in August, hitting $1.38 trillion with one month left in the budget year.
The soaring deficits have raised worries about the willingness of foreigners to keep purchasing Treasury debt. The Chinese, now the largest foreign owners of U.S. Treasury securities, have expressed concerns about runaway deficits. Treasury Secretary Timothy Geithner and other administration officials have sought to address those concerns by insisting that once the recession is over and the financial system is stabilized, the administration will move forcefully to get the deficits under control.
However, Republican critics contend the administration does not have a credible plan to address future deficits. Private economists worry the country could face the grim prospect of seeing interest rates soar in future years and the dollar weaken as foreigners dump their U.S. holdings.
(Excerpt) Read more at news.yahoo.com ...
and this is with the dems only in control of the Hill for 3 years.. wow.
imagine what they can do in the next 3 .. 8-o
are there any good colors on that chart? yikes!
I like red white and blue myself.. but lately it’s all black and blue. ;-}
It is said that the $900 Billion that will be used for Health Care will only be for 6 years, not 10. The following 10 years it will cost $3 Trillion. We have fools for politicians.
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In God China We Trust
In God China We Trust Hope
R’s and D’s. They make an incredible team spending your money.
R’s and D’s. They make an incredible team spending your money.
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They put drunken sailors to shame,, and that takes some doing..
” They put drunken sailors to shame,, “
And that’s the end of the line — NOTHING shames a politician.... ;)
‘tis but a scratch!
reuters
We are all on this roller coaster, and the ride has only just started. We have not even banked into the first turn yet, and there is a loop-the-loop ahead.
Disney World was never this much “fun”. There, at the end of the day, you can go home, and lick your wounds. No such reprieve on this adventure, unlike Lara Croft or Indiana Jones. The punches just keep on coming.
“However, Republican critics contend the administration does not have a credible plan to address future deficits.”
It’s called massive tax increases on income, consumption and benefits. The coming debates over Obama’s earth moving deficits and how to pay for healthcare reform will make the debate over a public option look like a walk in the park. Stay tuned.
Bush’s fault.
Tiny Tim the TAX CHEAT makes some really problematic assumptions. He says: Once the recession is over and the financial system is stabilized and Will act to get deficits under control. Now from an “economic” technical point the recession may come to an end, somedaY. BUT THAT IN NO WAY SUGGESTS GROWTH, PARTICULARLY IN LIGHT OF THE FACT THAT REVENUES HAVE DROPPED FOR 16 CONSECUTIVE MONTHS!!!What great thing is going to happen to increase revenues? Increased job growth? The “positive” impact of increased personal income taxes? The increases in spending? The inflationary impact of cap and tax? Rising interest rates due to the inflated money supply or to meet the needs of those who might buy our debt? This is what happens when you elect disciplined dedicated marxists who appoint elitist morons who have lived and worked within the sheltered life of leftist bureaucracies and try to operate on theories which have NEVER succeeded. You get not only ineptitude, but people who don’t even understand the nature of the problem . Amazing, truly amazing. The BO brigade think bring everyone down to their level is an “improvement” or some form of restitution. Be afraid, be very afraid.
“Republican critics contend the administration does not have a credible plan to address future deficits”
They have a plan: spend more. Or by “address” did you mean solve? No, they don’t have a plan for that. But then again, “we owe it to ourselves,” so who cares? Let’s party!
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