[kristinn]

Just so this is clear. The $1.6 trillion deficit is for the current fiscal year which began on October 1, 2009. When Obama presented his FY 2010 budget a year ago, he projected a deficit of $1.17 trillion. he was only off by a half-trillion dollars or so.

Obama is proposing a deficit of $1.3 trillion for FY 2011.

[Hoodat]

America’s biggest enemies could never have dreamed of hurting America this badly.

[BP2]

But Obama inherited this mess ...

[Jim Robinson]

Obama is an idiot.

[FlingWingFlyer]

I think this news is what helped drive up BO’s approval numbers among DemocRATS in Rasmussen’s new poll.

[LibLieSlayer]

Hoax and Chains.

LLS

[YankeeReb]

Barkey has no clue about the connection between jobs, economic activity and tax revenues. Like any good Marxist he figures you just raise taxes in the face of unemployment to get more revenue.

[andy58-in-nh]

You might also make note of the fact that Obama's "out-year" deficit reductions are based on a presumed increase in revenue due to the expiration of the Bush tax cuts. In other words, personal income tax, dividend tax, and capital gains rates are set to skyrocket beginning in 2011.

The know-it-alls in Washington are counting on vastly increased revenue as a result - even in the face of mountainous debt and a persistent slump in credit demand. To believe that, you'd have to presume that such higher taxes will not further suppress economic growth, and perhaps that Santa, the Easter Bunny and the Tooth Fairy will help take up the slack.

[eyedigress]

The black-market community is set to make quite a run. Hello America, here comes Chicago.

[ButThreeLeftsDo]

“Tax Revenues Plummet....”

What would Alinsky do?

Step on the gas.

Raise taxes.

[Gapplega]

Where can we go?

[SunkenCiv]

The $1.6 trillion deficit is for the current fiscal year which began on October 1, 2009. When Obama presented his FY 2010 budget a year ago, he projected a deficit of $1.17 trillion. he was only off by a half-trillion dollars or so.

Thanks kristinn.

[Oceander]

Dear embattled President Obama, my five year-old daughter would like to have a word with you:

[eyedigress]

Change has come to America!

[Brugmansian]

It will take another form but here is what happened in Argentina:

In the 1980s, the economy, increasingly disoriented by inflation, declined at a rate of 1 percent per year. Employment continued to grow 1.6 percent per year but the 2.6 percent average annual decline in the productivity of the employed was the clearest evidence that only unproductive activities were expanding. This was especially the case of the public sector but it also existed in the private sector,which continued to be strongly protected from foreign competition and involved in financial speculation. Government expenditure during the 1980s represented, on average, 33 percent of GDP, while the fiscal deficit was about 5 percent of GDP. . . .

The year 1989 was catastrophic. Government expenditure reached 35.6 percent of GDP and the fiscal deficit climbed to 7.6 percent of GDP. From December to December, inflation almost reached 5,000 percent; at the peak of March 1989 to March 1990, it was over 20,000 percent . . . more

[Flavius]

quick tax something

[jsh3180]

The proposed FY 2011 budget has factored into it hundreds of $Billions in cap & trade revenues, of course said revenue is not likely to be forthcoming.

[lainie]

Two liberals in recent weeks have admonished me that I didn't really hear what I thought I did: I must take the context into account. It must be part of the next liberal meme.

Well, here's some context for this deficit:

http://www.pagetutor.com/trillion/index.html

p.s. If he's "off" by 36% again, 2011 will be $1.77 Trillion. or $5 Trillion in three years.

[Ghost of Philip Marlowe]

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

[Tzimisce]

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

[Ben Chad]

It’s like Dresden all over again.