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While the CBO was busily figuring out the cost of the Pelosi version of Obamacare the democrats were busily adding to the bill. Sources are reporting that the cost of the bill has gone up by approximately $200 billion dollars. The new provisions were meant to hold down insurance costs and to make it easier for the public to access the new programs. Think about this for a second, if the government was able to increase the cost of Obamacare before it even comes to a vote, just imagine what they will do to it once it is passed.

America's economy faces a miserable future, according to an important government report. The media collectively have yawned, and official Washington has barely blinked. The Government Accountability Office recently issued its report to the Congress on the long-term fiscal outlook for the United States. It is a bleak picture. The report opens: "Weakness in the economy and financial markets -- and the government's response to them -- have contributed to near-term increases in federal deficits, which reached record level in fiscal year 2009. While a lot of attention has been given to the recent fiscal deterioration, the federal government faces even...

One trillion, four hundred twenty billion dollars. It’s an astounding number. It’s more than the entire economy of India and enough to give every man, woman, and child in the United States $4700. It is also our country’s federal budget deficit for 2009. That means that in the fiscal year 2009, which runs from October 1, 2008 through September 30, 2009, the federal government spent $1.42 trillion more than it took in. To put this in perspective, last year’s deficit was $459 billion – still an astounding number, but less than half the deficit for this year. When our nation...

Most American’s were ready for Obama to go before his term started. Now after nine month’s in office, the first affirmative action POTUS declares that he is ‘ready to go’. I don’t know where he’s planning to go, but I suspect that it’s not anywhere that the rest of America would care to venture. Let’s review Obama’s performance as CEO of the United States.According to the Associated Press, the Federal Budget deficit has surged to an all-time high of $1.42 trillion as tax revenues plunged while the Obama Administration was spending massive amounts on the way to its undeclared destination....

Hurry While Supplies Last!!!

I sat here this morning and watched my share of the national debt go up so fast that I really can't tell you how much it went up as I wrote this. And this doesn't even add in "unfunded mandates". We all sit and argue over how we will pay for this program or that program; and all of it is VERY important and needs to be discussed. My simple question is this: Today we are over 11 TRILLION dollars in debt. In 10 years we will be almost 20 TRILLION dollars in debt. Forget paying for any new programs....

September 14, 2009, 4:00 a.m. Beyond EconomicsOur massive national debt is more than a financial threat. By Kevin Williamson One hopes Ben Bernanke and the Fed gang are reading the Drudge Report, where the top news items one day last week were: Enlarged U.S. deficits allow Switzerland to displace the United States as the world’s most competitive economy; Obama asks the Senate to raise the debt ceiling beyond its current $12.1 trillion level; the United Nations continues its push for a “global currency� to displace the U.S. dollar as the world’s go-to reserve; and — this will be no...

Whats one more trillion dollars between friends. At least it seems that's what the POTUS thinks. While everybody has their eyes on the Health Care Issue which will add up to one trillion dollars to the national debt, the President has been maneuvering to have the government to to take over the student loan business. Starting next year the President wants to bar private lenders to make government backed, student loans. This take over will add another trillion dollars to the debt over a ten year period.

Since hitting their lows back in March, financial markets have rallied in the wake of last year's financial crisis. The Dow Jones Industrial Average (DJIA) is up 43 percent since March 9. But can it last? It could be all given up with this rate of government spending according to CNBC "Mad Money" host Jim Cramer. Cramer, responding to a viewer e-mail on his Sept.8 program, explained what a higher national debt would mean to the average citizen and investors in the near and long term. He said expect the market to go down and higher taxes eventually. ...more (w/video)...

Former Comptroller General of the United States David Walker has been sounding the warnings of impending Federal bankruptcy for years. The largest problem is Federal health care entitlements — a factor to be seriously considered as Congress debates yet another proposed health care entitlement bill. [Videos]

While the deficits caused by the fiscal stimulus package will end in 2011 and will help to sustain a fragile recovery in 2010, the deficits projected for the longer term are a threat to our economic future. The starting point for controlling those future deficits is for Congress to abandon the administration's health-care plan—a plan that will cost more than $1 trillion. The deficits projected for the next decade and beyond are unprecedented. According to an assessment released in March by the Congressional Budget Office (CBO), the president's budget implies that deficits will average 5.2% of GDP over the next...

I have always wanted to do this so I figured I would put together a little project. Since 1980, the national debt has for the most part risen under a Democrat controlled Congress and fallen under a Republican controlled Congress. I have heard the argument from the libs about Reagan and Bush hiking the national debt and Clinton reducing the debt, but who is in control over making the budgets: Congress: Year Congress President Senate (100) House (435) 2009 111th D D - 55*** D - 256 2007 110th R D - 51** D - 233 2005 109th R R...

A future of poverty and upheaval And so those very same silly sods, who claim to be professionals in the financial world, who never saw this thing, the current economic crisis, approaching, are now the ones who loudly proclaim that the worst is behind us and though the recovery will be difficult, an upswing has now at least begun. There were, of course, a few sane voices out in the wilderness, often ridiculed or simply ignored by CNBC, who warned of an impending implosion. It is these voices we as a people should be paying more attention to, rather than...

We’re about to reach a new milestone on the road to ruin: the national debt will soon pass the $12 trillion mark. If you REALLY want to get exercised over this issue, I highly recommend that you periodically visit the U.S. Debt Clock Online. It’s like riding in an insane taxi with dozens of meters running.

The Obama administration is bracing for a political backlash on Tuesday when it issues national debt numbers showing federal debt rising by $9,000bn over the next decade – significantly higher than the forecast it made earlier this year. The revision, which will add $2,000bn (€1,400bn, £1,200bn) to the White House’s initial projection made in February, comes amid growing public jitters about the scale of US nat­ional debt, with one recent opinion poll showing Americans giving higher priority to reducing deficits than to reviving the economy.

"Obama’s Spending Plans Will Nearly Double the National Debt--White House Leaked the News Late on Friday" Monday, August 24, 2009 SNIPPET: "(CNSNews.com) - In news leaked late Friday to the Reuters news agency, the White House conceded that the national debt will increase by $9 trillion over the next ten years, nearly doubling a national debt that now stands at $11.67 trillion." SNIPPET: "The good news that the White House leaked to Reuters late on Friday is that it is now projecting that this year’s deficit will be $1.58 trillion, down from the $1.84 trillion it earlier estimated. At $1.58...

Hope and Change is really a New Era of Irresponsibility WASHINGTON (Reuters) The Obama administration will raise its 10-year budget deficit projection to approximately $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday. The higher deficit figure, based on updated economic data, brings the White House budget office into line with outside estimates and gives further fuel to President Barack Obama's opponents, who say his spending plans are too expensive in light of budget shortfalls. The White House took heat for sticking with its $7.108 trillion forecast earlier this year after...

Stop me if you’ve heard this before: Government is too big and it spends too much. I know, I know. We’ve been hearing this same old refrain all of our lives. But since the Democrats seized control of the nation’s purse strings in 2007, and with Liberals now in control of both the Congress and the White House, the people we’ve chosen to govern our Republic have turned up the flames fueling this smoldering cauldron of debt even beyond maximum. And now, on Friday August 21, the Obama White House announced that over the next ten years America will spend...

The White House cited an underestimate of the strength of our economy during last fall and winter as the primary flaw in their original projections. Yet, at the time of the original release, economic data was already available from that period of time. In addition, there is no defining legislative or social event that would have occurred during that period that would account for a an additional $2 trillion of US debt. The original deficit projections included both releases of TARP funds and the administrations stimulus package. At this time it appears that President Obama's original projections were full of...

What's really behind the push in the healthcare bill to limit, by government decree, healthcare options? It's because of the government's medicare Ponzi scheme that makes Bernie Madoff look like just a simple short-game grifter. As Gary North points out, Medicare's hospital fund is already bankrupt: This is taken from a March 25, 2008 press release from the U.S. government's Department of Health and Human Services. This year the HI Trust Fund will spend more than its income, and from 2009 through 2017, about $342 billion will need to be transferred from the Federal treasury to cover beneficiaries' hospital insurance...

The Federal Reserve Bank of New York bought $7.248 billion in Treasurys on Wednesday, the first of two operations this week. Dealers submitted $17.913 billion in debt maturing between 2013 and 2016 to the Fed. The central bank is more than two-thirds of the way through the $300 billion in U.S. debt it promised in March to buy in an effort to keep borrowing costs, particularly for companies and homebuyers, affordable. When the Fed bought from this maturity range a month ago, it purchased $7 billion. Treasury prices remained higher, pushing yields on the 10-year note down 3 basis points...

As President Clinton’s campaign mouthpiece James Carville put it so succinctly in the 1990s, “It’s the economy, stupid!” It was true then, it is true now. People may be temporarily seduced by intriguing figures and rosy promises but, bottom line, they still have to support their families and pay their bills. When the novelty of this or that politician has worn off and his or her pie-in-the-sky promises prove just so many hollow words, reality sets in. I am no economy expert, except for seeing every day that Americans are both depressed and terrified about their rapidly devolving savings and...

As is often the case on Monday nights, I am getting these daily news diggs to you late. Nonetheless, there are some serious headlines that ought to grab your attention. http://diggsandburies.blogspot.com/

If you visit the Debt Clock at http://www.usdebtclock.org/ and watch the many dials as they update at dizzing speed, ask yourself which of the ticking counters represents the most critical reading? An airplane for example, has many gauges, some representing airspeed, others altitude and direction of flight, etc. But despite the fact that they all monitor critical systems there is usually one among them that the pilot in a given situation worries about the most. In the case of the US economy, which is the one to watch? Is it the total national debt, the estimated credit and currency derivatives,...

They deliberately twist and use that class-envy reaction under the big lie of fairness, to gain even more control of the economy and then use that control for their ends and best interests, not the nation's. So this is why flat tax, Fair Tax, works. This arbitrary setting of rates based on what Obama thinks is rich, leads to even further diversions and divisions in the country among the population. Plus it doesn't raise any money! You know, the fascinating thing? If you were listening yesterday and you heard me say you didn't want to listen and you didn't want...

On display in the Louvre museum in Paris is the earliest known legal proclamation in antiquity written in cuneiform on a foundation brick for a local temple. It wasn’t until 1972 that Maurice Lambert was able to translate its inscription. The text says that in 2400 BC Babylonian King Enmetena made a decree. The translation reads, “Enmetena instituted liberty in Lagash. He restored the child to its mother and the mother to her child; he cancelled interest.” Enemetena was the ruler of the Sumerian territory and resided in the city of Lagash. Lagash is modern al-Hiba, Iraq. I first read...

Was anyone else just listening to Hannity? Some idiot lib called in and told Hannity that the "deficit was "3 trillion dollar" deficit when he left office. The fact is that Reagan left a deficit of 155 Billion. (see:http://www.nytimes.com/1988/12/02/us/washington-talk-the-deficit-reagan-debt-legacy-his-trap-for-democrats.html Apparently, the lib doesn't know the difference between the deficit and the national debt. And even there, the lib had it wrong. The national debt was under 2 trillion when Reagan left office.

(CNN) Celebrity News Network - Now with More Holograms! - August 13, 2038 He was the first black President of the United States, and he also became its last President when in 2019, after his term in office had been extended indefinitely by HR:0666 or “The Hope and Faith in Obama’s Everlasting Presidency Act” (Holo-Link), he was forced to leave office because the government had run out of money to pay for itself. Though he lived a very public life, few could agree on even the basic facts of his life, such as where he was born, who his father...

Now that a billion dollars is “chump change” in Washington, DeeCee, the subject of the national debt looms large in the average citizen’s list of things to worry about. How much do we owe? In this article, a brief guide to national debt clocks, from simple to complex.

* we still have record levels of debt to pay down; * we have no economic model in place in the U.S. to provide the jobs to pay off this debt (our GDP is 30% based on a financial sector, which was built on a house of derivative cards) and fully two thirds of our GDP is based on consumer spending, which is a bit circular in terms of helping to support further consumer spending; * we have an aging population of baby boomers that just lost 40-50% of their retirement and significant home value but they are going to...

When talking U.S. debt, the number "$104 billion" doesn't mean much to most folks. After all, it usually takes "trillion" to impress anyone these days.

THE worst global economic storm since the 1930s may be beginning to clear, but another cloud already looms on the financial horizon: massive public debt. Across the rich world governments are borrowing vast amounts as the recession reduces tax revenue and spending mounts—on bail-outs, unemployment benefits and stimulus plans. New figures from economists at the IMF suggest that the public debt of the ten leading rich countries will rise from 78% of GDP in 2007 to 114% by 2014. These governments will then owe around $50,000 for every one of their citizens (see article). Not since the second world war...

Real National Debt Unmasked by: Evan Sumortin, June 16, 2009 In his first five months of office, President Obama has initiated an unprecedented spending spree. He signed a $787 billion stimulus bill into law, continued spending from the second half of the $700 billion Troubled Asset Relief Program (TARP) funds authorized by Congress during George W. Bush’s term, proposed a $3.6 trillion budget for the next fiscal year, and created other billion-dollar programs with the intent of stimulating the economy. At the weekly bloggers briefing held at the Heritage Foundation on June 9, Congressman Dan Burton (R-Indiana) spoke out against...

The president suggests trimming federal payments to hospitals by about $200 billion over the next 10 years, saying greater efficiencies and broader insurance coverage will justify the change. Hospitals, especially those with many poor patients, say the proposed cuts are unfair and will harm the sick and elderly. Even if Obama and Congress could hit the overall goal of $948 billion in health care savings over 10 years, it still might not be enough to cover all the nation's uninsured. Outside experts say the 10-year cost could range from $1.2 trillion to $1.8 trillion, depending on factors such as how...

As governments worldwide try to spend their way out of recession, many countries are finding themselves in the same situation as embattled consumers: paying higher interest rates on their rapidly expanding debt. Increased rates could translate into hundreds of billions of dollars more in government spending for countries like the United States, Britain and Germany. Even a single percentage point increase could cost the Treasury an additional $50 billion annually over a few years — and, eventually, an additional $170 billion annually. This could put unprecedented pressure on other government spending, including social programs and military spending, while also sapping...

Like the Texas Hold’em player who pushes every last dime into the center of a poker table, the federal government is now “all in” with its commitment to push the national debt to 50% of GDP. The Congressional Budget Office believes that the Treasury will have to borrow nearly $2 trillion this year. None of that is new news, but what is beginning to emerge is a picture of a government which has narrowed its options for improving the economy down to one. Either GDP turns sharply up next year or the deficit will become an unmanageable burden. The Treasury...

No except allowed, story here .

WILL OBAMANOMICS DESTROY THE U.S. ECONOMY? Jonathon Moseley "Will the economy get better soon?" every household and businessman is urgently wondering. People's fears and hopes are emotionally invested, and people need to plan for whatever lays ahead. Short-term, the U.S. economy will continue its natural cycle of recovery over the next 18 months. Had Bush and Obama left things alone, the inevitable business cycle would have rebounded on its own. It would have been painful, but the economy inevitably ebbs and flows like the tides. Nothing can hold back the moon-driven tides and nothing can prevent the ripples of...

Early yesterday I wrote about the current crisis in the U.S. Fiscal system in the areas of unemployment and our national debt, and how they are leading indicators towards a major financial collapse. Today, there are several pieces of news that add credence to that theory. First, the April retail sales and foreclosure numbers were released today, showing far worse performance than expected and leading to market declines. Second, Social Security and Medicare are now dangerously close to being insolvent.

I subscribe to the The Heritage Foundation's Morning Bell. Each morning, I have an accurate breakdown of the day's hot topic from a conservative perspective. If you aren't already subscribed, I highly recommend you sign up. Here is The Morning Bell's breakdown of Obama's proposed $17 billion cut: http://conservativebrawler.blogspot.com/2009/05/17-billion-drop-in-bucket.html

Two stories today paint a rather dire picture of the current economic situation. First, jobless numbers were released today, showing the economy losing another 539,000 jobs in April. Since Inauguration Day, the economy has lost 2,585,000 jobs, bringing the unemployment rate up to 8.9%, the highest in over 25 years. The loss of private-sector jobs, however, is more troubling. In April the private sector actually lost 611,000 in April, only to be offset by a mere 72,000 newly-created government jobs (66,000 of which were temporary census department jobs).

Yesterday, April 26, was Debt Day, and it was the earliest debt day ever. Debt Day is the symbolic day of the year that Congress runs out of money obtained normally through taxes and revenue, and the day that it has to begin financing its expenditures through debt. This year, it is far earlier than it has been in any time in our nation’s history, a little more than halfway through the government fiscal year which begins every October 1. In contrast, last fiscal year did not see debt day until August 3, over three months later.

Debt Day comes early this year. Unfortunately, it's nothing to celebrate. The symbolic "holiday," which falls on Sunday, marks the point in the fiscal year when government spending exceeds revenue. In other words, the government will stop making money and start borrowing on Sunday. And it's coming earlier than ever, according to House Minority Leader John Boehner, who's pointing to Debt Day as yet another symptom of a government he says is spending too much, borrowing too much and taxing too much. Last year's Debt Day fell more than three months later, on Aug. 5.

In his press conference last Tuesday, Barack Obama said that America must reject the "borrow and spend" policies of the past in favor of a strategy of "save and invest." Sounds good. So why is Obama proposing to borrow and spend more than any president in the history of the republic? Already in the first 45 days of his administration, the federal government has authorized more debt spending than Ronald Reagan did in eight years in office. Then last week the Democrats' own Congressional Budget Office found that the ten-year deficits of the Obama plan will be about $2.3 trillion...

Bill Haling: Where’s the outrage? President Obama has been in office just 60 days and we have tripled the nation’s debt. Wow! All those that voted for change certainly got it — along with the rest of the taxpayers. Everyone knows this depression is Bush’s fault. “Give the stimulus time!” is the response. The Bush depression will take time for the Democrats to rescue this country. How long will it take for our children and grandchildren to pay for the excesses? Any outrage? The news of AIG paying $165 million in executive bonuses has certainly created a lot of media...

The Economist is a weekly magazine whose headquarters is London and which is widely respected for its global coverage of political, social and, of course, business news. It also has a relentlessly liberal outlook which is to be expected given Great Britain’s nanny state mentality. Former Prime Minister, Margaret Thatcher, a conservative and a contemporary of Ronald Reagan, pointed out that the problem with socialism is that eventually you run out of other people’s money. It took from January 17, 2009 to March 28, 2009 for The Economist to lose its virginity so far as Barack Obama was concerned. Like...

President Barack Obama continues to claim that his budget would cut the deficit by half by the end of his term. But as Heritage analyst Brian Riedl has pointed out, given that Obama has already helped quadruple the deficit with his stimulus package, pledging to halve it by 2013 is hardly ambitious. Earlier this week we ran a Washington Post graphic which helps put President Obama’s budget deficits in context. Now we have produced our own graph that shows how Obama’s spending plans will double the national debt.

When you see a car hurtling off a cliff, you can safely say the driver probably went the wrong way. According to the CBO, we are stomping on the accelerator while headed right off a cliff. Deficit Projected To Swell Beyond Earlier Estimates CBO Expects Trillions More in BorrowingBy Lori Montgomery Washington Post Staff Writer Saturday, March 21, 2009; A01 President Obama's ambitious plans to cut middle-class taxes, overhaul health care and expand access to college would require massive borrowing over the next decade, leaving the nation mired far deeper in debt than the White House previously estimated, congressional budget...

With a bit of bookkeeping legerdemain borrowed from the Bush administration, the Democratic Congress is about to perform a cover-up on the most serious threat to America's economic future. That threat is not the severe recession, tough as that is for the families and businesses struggling to make ends meet. In time, the recession will end, and last week's stock market performance hinted that we may not have to wait years for the recovery to begin. The real threat is the monstrous debt resulting from the slump in revenue and the staggering sums being committed by Washington to rescuing embattled...