Posted on 06/12/2011 8:20:12 AM PDT by NRG1973
The federal budget deficit is on pace to break the $1 trillion mark for a third straight year. Record deficits are putting pressure on Congress and the Obama administration to come up with a plan to rein in government spending.
Already, the deficit through the first eight months of this budget year is $927.4 billion, according to the latest report from the Treasury Department released Friday.
Three years ago that would have ranked as the highest ever for a full year. Instead, this year's deficit will likely exceed last year's $1.29 trillion imbalance and nearly match the $1.41 trillion record reached in 2009. The budget year ends on Sept. 30.
For May, the monthly deficit was $57.6 billion. That compared to $135.9 billion deficit for the same month last year. But much of that improvement came from a $45 billion write down in the estimated cost of the financial bailout program.
The latest Treasury report does show that more people are working and paying taxes this budget year, a positive sign. Government revenues have totaled $1.48 trillion for the eight months ended in May, a 10.3 percent increase over the same stretch in the previous budget year.
Still, government outlays totaled $2.41 trillion through May. And one of the fastest growing parts of the budget is the interest on the national debt. That rose 13.6 percent to total $165.3 billion.
(Excerpt) Read more at finance.yahoo.com ...
It takes spending to cut spending, build an eighteen hole golf course on the White House grounds and save trillions in travel costs in the next two years alone!
The focus on the economy is the slippery slope that is allowing the Turks to create a north american caliphate. It is only a matter of time till a D.C. mosque is bigger than any cathedral in the Northern hemisphere.************* - http://charterschoolscandals.blogspot.com/2010/06/gulen-charter-school-network-update.html
i think gop will make a deal for $2 trillion cut over 20 years and call it a victory
Any cuts that extend past the next 24 months are pure bullshit.
“The latest Treasury report does show..........”
The way the government lies, the way they cook the books how can anything we read be trusted?
I’m to the point I don’t believe anything government documents are the base of information reported.
....and then there’s the AP Yahoo thing on top of that!
These levels of spending can only be described as “high treason”.
The GOP already showed their colors when they voted for the current Obama budget, and tried to trick the public into thinking they were making cuts.
Wow, guess that’s better than 2 trillion. Surprised the Kenyan hasn’t said “The recovery continues”
IMPEACH NOW, not tomorrow. There are enough crimes to-date. Grow a pair GOP. You had Kookcinich out there for years bringing up privileged impeach resolutions for GWB and the EVIL DARTH VADER.
Agreed. However, there’s no one in the House to draft the impeachment articles...and there are not the votes in the Senate to impeach. Sigh....the nation is leaderless - turned herself over to a lawless individual whose agenda is to plunder her and spread chaos throughout the earth.
but this Obama admin appears to be deliberately trying to destroy the USA
GOP is just the "socialist lite" party, so no hope there
Psalm 121
Oh come on, Dubya' may be far from being a good POTUS in the opinion of many however Kermit the Frog would be better than Obama by pure logistics and history!
Yep, another soul who has been around long enough to see what always transpires.
Two of us anyway.
The strangest part of this deficit is, it is on the head of the Republicans. All of the promises of reining in spending, getting back to a smaller govt are lies. It has been nearly 6 months and nothing has been cut, govt is bigger, and I blame Republicans. Mark my words, Democrats will spin this in the next election cycle that the Republicans are free spenders, and could not get a handle on overspending. The truth is, it is 100% true. I am giving up on the political process, and concentrating on getting ready for economic armageddon. The only things that are going to matter will be the same things that did so during the first “great depression”.
I've already got a plan. It's simple. Don't raise the debt ceiling. That's all that needs to be done.
This will not end well for the “little people”...
Aw, and the Dems were going to have party hats and noisemakers in Time Square when they hit the big T.
Bush averaged about $250 billion dollar yearly deficits. That hardly compares to $1.5 trillion dollar yearly deficits. And the last Republican Congress budget was fiscal 2007 which was only $160 billion dollar deficit.
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