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Deficit to Hit All-Time High (Tax Revenues Plummet, New FY 2010 Deficit of $1.6 Trillion)
The Wall Street Journal ^ | Sunday, January 31, 2010 | Jonathan Weisman

Posted on 01/31/2010 5:29:42 PM PST by kristinn

President Barack Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year, but would push the red ink down to about $700 billion, or 4% of the gross domestic product, by 2013, according to congressional aides.

The deficit for the current fiscal year, which ends on Sept. 30, would eclipse last year's $1.4 trillion deficit, in part due to new spending on a proposed jobs package. The president also wants $25 billion for cash-strapped state governments, mainly to offset their funding of the Medicaid health program for the poor.

This WSJ article fails to mention the plummeting of FY 2010 federal tax receipts the WSJ reported just a few weeks before:

Year-to-date federal government revenues totaled $487.78 billion, compared to $547.38 billion for the first three months of fiscal 2009. Individual income-tax receipts totaled $207.73 billion, compared to $255.29 billion. Corporate tax revenues were at $33.93 billion, down from $50.37 billion.

Last August, the AP reported that federal revenues were on pace to drop 18%, the worst since 1932.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Breaking News; Business/Economy; News/Current Events; Politics/Elections
KEYWORDS: 111th; 2010; bho44; bhodeficit; bhoeconomy; bhofascism; bhotyranny; budgetdeficit; democrats; economy; fourth100days; fy2010; liberalfascism; obama; obamasfault
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To: tflabo
"That's catchy sounding.... I like it! It's TEA Party banner/poster material. It has that rally cry feel to it. Let's use it....... with your permission Franky baby...! "

That would be "Frankie" baby...and go ahead and use it, I stole it from somewhere on the net anyway. 8^D
41 posted on 01/31/2010 6:43:08 PM PST by FrankR (The ones of us who love AMERICA far outnumber those who love obama - your choice.)
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To: All

In Reagan’s inaugural address he said a stack of $1,000 bills four inches high would make a person a millionaire. He said at that point America’s debt was a stack of $1,000 bills 67 miles high – about a trillion dollars. Today that stack of debt is around 830 miles high and should break 1,000 miles high by the end of this year.

Here they come for your 401(k) and IRA accounts…won’t be long now...


42 posted on 01/31/2010 6:43:38 PM PST by SpitfyrAce
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To: kristinn

Curious: how much longer can this nation be run in to the ground before something gives?


43 posted on 01/31/2010 6:50:00 PM PST by Tzimisce (No thanks. We have enough government already. - The Tick)
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To: kristinn

It’s like Dresden all over again.


44 posted on 01/31/2010 6:51:33 PM PST by Ben Chad
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To: April Lexington

IMHO the two sides are too far apart if we can’t go our separate ways peacefully then let’s decide this on the battlefield. I don’t want to fight them anymore-politically. The battlefield of ideas only goes so far, sometimes it melds into the real thing. Their brains are wired differently from ours. We are just different people. Sometimes there is no solution. This was not depressing to me when I realized this, It is liberating actually.


45 posted on 01/31/2010 6:51:39 PM PST by central_va ( http://www.15thvirginia.org/)
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To: kristinn

The Dems are making a big production of the 21 Billion dollar “cuts,” but when you’re confronted with numbers like 1.6 trillion it’s apparent that the cuts are just a P.R. campaign.


46 posted on 01/31/2010 7:13:04 PM PST by purplelobster
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To: kristinn
These revenue statistics...

Year-to-date federal government revenues totaled $487.78 billion, compared to $547.38 billion for the first three months of fiscal 2009. Individual income-tax receipts totaled $207.73 billion, compared to $255.29 billion. Corporate tax revenues were at $33.93 billion, down from $50.37 billion.

...put the lie to any claim that there is any "recovery" in process. It infuriates me whenever I hear any politician or MSM talking head speak about "the recovery".

With cratering revenues like this,
There is no &^%!&%! recovery!

47 posted on 01/31/2010 7:13:47 PM PST by Zeddicus
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To: Tzimisce
Curious: how much longer can this nation be run in to the ground before something gives?

I don't know about the when but I have a pretty good idea about what the "something" will be.

Eventually this government will no longer be able to fund itself and service its debt. This is a mathematical certainty. We're looking at sovereign default and the utter destruction of our currency.

It's going to be unimaginably ugly.

48 posted on 01/31/2010 7:17:29 PM PST by Zeddicus
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To: Jim Robinson

“No, he’s just an idiot. He actually believes in his B/S Marxism.”

You’re right. He’s chosen to be an idiot by being a blind ideologue who appears to also believe the liberal press clippings about how incredibly and uniquely qualified he is.


49 posted on 01/31/2010 7:28:01 PM PST by pieceofthepuzzle
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To: kristinn

I bet those “blue dog” FRAUD Democrats are going to raise hell over this.....(insert crickets chirping here).

They were correct in scolding Bush for having deficits.....but when their pres_ent has deficits SEVERAL TIMES larger with no end in sight, that is ok. /s


50 posted on 01/31/2010 7:36:07 PM PST by TMA62 (TMA62)
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To: TMA62

nobama knows what he is doing. that is hard for many to stomach and accept. he hates America, the American system and the American freedoms in our Constitution. He knows.


51 posted on 01/31/2010 7:47:37 PM PST by hal ogen
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To: central_va

Amen brother!!!


52 posted on 01/31/2010 7:52:15 PM PST by dcgst4
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To: eyedigress

I am seeing this already; more than ever, the tradesmen I deal with all want cash and if you have it you go to the front of the line for service.


53 posted on 01/31/2010 7:58:38 PM PST by MSF BU (++)
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To: Ghost of Philip Marlowe

“Plummeting tax revenue is the surest proof that there is no recovery.”

I want you to know that I’m doing my part. Changed my withholdings to M-4 last week and increased my pre-tax dollars for my medical slush fund and my 401K at work.

I’ve stopped all discretionery spending in my household budget so I’m paying in less sales tax to my state government and I’m watching my gasoline use like a hawk for the same reason. I’ve started making my own wine to avoid alcohol taxes, too. Wisconsin doesn’t tax food...YET!

I’ll bare-bones it for a while. It’s not much, but it’s another few hundred a month that’s not going into the hands of Government.

However...will this make any bit of difference, or am I just fooling myself?

What’s the tipping point for when it all collapses, and how else can I speed that along? ;)


54 posted on 01/31/2010 8:04:41 PM PST by Diana in Wisconsin (Save the Earth. It's the only planet with chocolate.)
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To: kristinn
Wll done Obama! Standing Ovation for the Worst President Ever.
55 posted on 01/31/2010 8:10:25 PM PST by Chgogal (American Mugabe, get your arse out of my bank, my car, my doctor's office & my elec. utility.)
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To: MSF BU

The market has always been there. I will work in cash as well. Now you know the card. For those who don’t care it’s one thing, for those that do it is something altogether.


56 posted on 01/31/2010 8:13:55 PM PST by eyedigress ((Old storm chaser from the west))
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I missed a word there. Freuidan slip at best :^|


57 posted on 01/31/2010 8:19:08 PM PST by eyedigress ((Old storm chaser from the west))
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To: central_va

Yep, Meet here in Texas ?


58 posted on 01/31/2010 8:22:56 PM PST by Quickgun (As a former fetus, I'm opposed to abortion. Pray for Obama,Psalms109:8)
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To: Gapplega
Where can we go?

Maybe we can get our fellow freedom-lovers in Honduras to take in a few of us reprobates?

59 posted on 01/31/2010 8:27:47 PM PST by The Duke
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To: purplelobster

When attacking President Bush in 2004, John Kerry said reducing a planned increase in the Budget was actually a Cut. That is how Democrats think.

T coin an old phrase, it’s like pissing in the ocean.


60 posted on 01/31/2010 8:29:49 PM PST by Kickass Conservative (There is nothing Democratic about the Democrat Party...)
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