$1.4 Trillion Deficit Complicates Stimulus Plans ($21 trillion debt - find your job on the map!)

NY Times ^ | 10/16/09 | JACKIE CALMES

[Libloather]

$1.4 Trillion Deficit Complicates Stimulus Plans
By JACKIE CALMES
Published: October 16, 2009

WASHINGTON — The Obama administration said Friday that the federal budget deficit for the fiscal year that just ended was $1.4 trillion, nearly a trillion dollars greater than the year before and the largest shortfall relative to the size of the economy since 1945.

The number, while lower than forecast a few months ago, underscored the challenges ahead in shrinking the deficit even as the White House and Congress are considering more steps to stimulate an economy that is making a slow recovery. The political hurdles to finding a solution were evident on Friday as each political party immediately blamed the other for the growth of the deficit.

The shortfall for the fiscal year 2009, which ended Sept. 30, translates to 10 percent of the economy, according to a joint statement from the Treasury secretary, Timothy F. Geithner, and the director of the Office of Management and Budget, Peter R. Orszag. For the 2008 fiscal year, the deficit of $459 billion was 3.2 percent of the economy, as measured by the gross domestic product.

**SNIP**

But on Friday, the deficit was front and center. The overall national debt, which is the accumulation of annual deficits, is nearly $12 trillion, and projected deficits for the next decade will add an estimated $9 trillion more. Administration officials say two-thirds of that is due to Bush administration policies — chiefly tax cuts, wars and the Medicare prescription drug benefit — not paid for with other savings.

[Libloather]

U.S. map shows jobs created or saved related to federal contracts by the economic stimulus program, by county

[papasmurf]

If it weren’t so true and painful, I would laugh.

[thirst4truth]

Administration officials say two-thirds of that is due to Bush administration policies — chiefly tax cuts, wars and the Medicare prescription drug benefit — not paid for with other savings.

Sorry whoever is President is to blame, only Obama's fault. If he thought he was going to TRIPLE the deficit with Bushes tax cuts, wars and the Medicare prescription drug benefit then he should have signed an executive order ending them.

[javachip]

he should have signed an executive order ending them.

Exactly. Obama is President, his party controls both houses of Congress. He has the power to implement budget cuts and close the deficit. He has chosen to not do that. He's responsible for every penny of the deficit.

[Elsiejay]

Whether or not one considers this “complicating” depends on one’s intentions regarding the U. S. economy and, moreover, the role and position of America among the nations of the world. Obama’s intentions are that America be weakened, bankrupted, incapable of ever again exerting a primary or dominant role in the affairs of nations. He believes that America’s influence has been counter-productive, even evil, deserving of opprobrium that he is only too pleased to deliver.
There is a reason that the great bulk of the so-called “stimulus” funds, the “creation” of which out of thin air while imposing on Americans an everlasting debilitating indebtedness, will not be expended until mid to late summer 2010, so as to create a false but to some believable aura of well-being and recovery in time to influence the 2010 congressional elections.