1.8 Trillion Dollar Deficit

Discussion in 'Politics' started by Meister, May 11, 2009.

  1. Meister
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    Meister VIP Member Supporting Member

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    Barry's rosy deficit projection hit a snag and has been bumped up another 89 billion dollars. Worse than expected numbers have come it with food stamps, and unemployment have driven up the deficit. I guess with the 2 stimulus packages already enacted, haven't had much impact with the numbers. With the first emergency....dire straits crisis stimulus package that had to be passed in just days last September, we would have seen some benefits from it by now. Then another stimulus bill was shoved down our throats. IMHO....I really don't have any faith in the stimulus packages, and we're going to pay for it dearly.

    WASHINGTON — With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.

    The deficit for the current budget year will rise by $89 billion to above $1.8 trillion — about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall Street bailout, the cost of President Barack Obama’s economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in.

    As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says. The deterioration reflects lower tax revenues and higher costs for bank failures, unemployment benefits and food stamps
    White House: Budget deficit to top $1.8 trillion - BostonHerald.com


    White House forecasts higher budget deficit
     
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  2. Old Rocks
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    Old Rocks Diamond Member

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    :lol:Don't expect to fix eight years of Conservative incompetance and idiocy in the space of less than four months. Worst of all, for you fellows, if the President does succeed, you will see many more years of good governance.:lol:
     
  3. DiamondDave
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    DiamondDave Army Vet

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    Old Rocks.. the partisan tool

    1) It was not "eight years of Conservative incompetance"... Bush was hardly a conservative
    2) Obama has not shown "good governance" yet
    3) So your answer to the republican/Bush financial issues is to go even more into debt?

    What a tool
     
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  4. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Already a thread on this.
     
  5. Xenophon
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    Xenophon Gone and forgotten

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    3 months of Democratic incompitence have lead to record deficeits.

    And it's getting worse, not better.
     
  6. 007
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    007 Charter Member Supporting Member

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    Under oblahma.... we're fucked. Show me ONE accountant that's looked at our future economy that says different.
     
  7. garyd
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    garyd Senior Member

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    I love how when Bush did it it was bad and when Obama does the same damn thing only more so it's great.
     
  8. Korimyr the Rat
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    Korimyr the Rat Member

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    Last time I checked, you couldn't fix eight years of incompetent governance in any amount of time by staying the course. In addition to the previous eight years of reckless deficit spending, we are now promised four more years of reckless deficit spending combined with determined effort to enact policies which will cripple American manufacturing and destroy millions more jobs.

    I am glad that the President is taking a stand and exerting governmental authority over rogue corporations. But instead of forcing these corporations to operate in a fashion conducive to the public good, he is cheating investors and turning control over these corporations to a different narrow interest group-- the unions, which have no more interest in the public good than the previous investors.

    Forget the wars in Iraq and Afghanistan. Hell, you can even forget about the War on Drugs. Our last two administrations have declared War on the Economy, and they appear determined to fight it to the last man.
     
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  9. Sarah G
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    Sarah G When Nothing Goes Right, Go Left Supporting Member

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    I love it that Bush policy created this trillion dollar deficit and it was all good with Conservative Republicans but when Obama tries to fix the previous administration's failures, you all are so sure he doesn't have any idea what he is doing... :cuckoo:
     
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  10. DiamondDave
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    DiamondDave Army Vet

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    Still waiting to hear how you fix a deficit/debt with more more of a deficit
     

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