2007 budget, 150 k from even. 2009 1.5 trillion, what happened liberals?

Discussion in 'Politics' started by JRK, Apr 25, 2011.

  1. JRK
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    JRK Senior Member

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    Same for 2010 and more for 2011
    GWB got tarp in his 2008 budget
    Iraq was wide open in 2007
    its done 2010

    can someone explain to me why we cannot live off of the 2007 budget?
     
  2. Dr.Drock
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    Dr.Drock Senior Member

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    150 k from even? Can I get a link for that?


    Obama is a trainwreck, but let's not try to hide the trainwreck that was the liberal Bush budgets.
     
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  3. JRK
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    JRK Senior Member

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    U.S. 2007 Budget Deficit Falls to $163 Billion (Update1) - Bloomberg

    U.S. 2007 Budget Deficit Falls to $163 Billion (Update1)
    By John Brinsley - October 11, 2007 12:46 EDT

    Oct. 11 (Bloomberg) -- The U.S. government posted the smallest budget deficit in five years as tax revenue reached a record and spending rose at the slowest pace in George W. Bush's presidency.

    The deficit narrowed to $162.8 billion in the fiscal year that ended Sept. 30, the third straight annual decline and lowest since $158 billion in 2002, the Treasury Department said today in Washington.

    Total spending rose 2.8 percent for the year, compared with an average annual increase of 6.8 percent since 2001, the year Bush took office. Revenue in 2007 increased 6.7 percent, helping to reduce the annual budget gap more than one-third from $248.2 billion last year.

    ``This year's budget results demonstrate the remarkable strength of the U.S. economy,'' Treasury Secretary Henry Paulson said in a statement. ``We must keep taxes low and restrain federal spending.''

    For the month of September, the government posted a surplus of $111.6 billion, almost double the $56.2 billion surplus from the same month in 2006, the Treasury said.

    Economists expected the annual shortfall to total $162.5 billion, according to the median of eight estimates in a Bloomberg News survey. The Congressional Budget Office on Oct. 5 predicted a $161 billion shortfall.

    White House budget chief Jim Nussle predicted last week a 2007 budget deficit of between $165 billion and $170 billion. The administration in July predicted a $205 billion shortfall.

    Profit Taxes

    Corporate tax receipts grew by 4.6 percent during the 12- month period, a fraction of the 39 percent pace on average in the past three years.

    Slowing growth in tax revenue from corporate income may stem from weaker profits, Bank of America Securities LLC said this week, and slower economic growth may threaten Bush's goal of balancing the budget by 2012.

    ``The real question is how long is this expansion going to Last,'' said Richard Kogan, senior fellow and budget analyst at the Center on Budget and Policy Priorities, a research group in Washington. ``The rate of growth in corporate tax receipts could be one of many leading indicators of a slowdown or a recession.''

    Spending totaled $2.731 trillion for the fiscal year, compared with revenue of $2.568 trillion. While both figures were records, they fell short of White House projections. In July, Bush's budget office forecast 2007 revenue of $2.574 billion and spending of $2.779 billion.

    Military Spending
     
  4. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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  5. Dr.Drock
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    Dr.Drock Senior Member

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    k means thousand, deficit was $165-$170 billion according to your article.

    Obamas budget (that republicans agreed with mostly) is a disaster I agree, but no fiscal conservative would downplay a $170 billion shortfall.
     
  6. Truthmatters
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    Truthmatters BANNED

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    the republicans love to beat on people for cleaning up their messes
     
  7. 8537
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    8537 Senior Member

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    K's...B's...T's...no biggie.

    So what happened? The economy crashed, revenues plummeted, both administration spent money to prop up the economy, taxes were cut and automatic stabilizers got far more expensive.

    But of course, this has been explained to the OP numerous times...
     
  8. sinister59
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    sinister59 BANNED

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    those ae repig years in power
    up until 09 ,
    bush raised the debt a trillion in just 1 term then went nuts on his last .

    what happen neo-cons ?

    but really why 07 / why not 98 ? under the dems we had prosperity .
    with Obama we will again .
     
  9. JRK
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    JRK Senior Member

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  10. Robert
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    Robert Really nice Guy

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    And still we're all left wondering just what exactly did we get for +5 trillion added to the Deficit ? Which the way is only part of the Problems next we talk about unfunded mandates.

    Job's....ummm No
    Fewer Homeless....Ummmm no
    Stability of Energy cost......LOL ya how about no
    A better economy.......Don't even need to go there do we

    And the Deficit just keeps growing.
     

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