February's Budget Deficit Larger Than Entire 2007 Deficit!

[get_involved]

U.S. sets $223B deficit record - Washington Times

Deficit for Fiscal 2007 Slides - Real Time Economics - WSJ

 

[jeffrockit]

U.S. sets $223B deficit record - Washington Times

Deficit for Fiscal 2007 Slides - Real Time Economics - WSJ

Unfortunately, when faced with facts, you can't really expect a liberal response or at least an intelligent one.

 

[waltky]

Ya can't pay down a deficit with tax cuts for the rich...

Obama's real deficit problem: His tax cuts
March 19, 2011 -- President Obama takes a lot of heat from Republicans for supposedly being a big spender. But when it comes to future deficits, the president's problem isn't spending. It's the tax cuts.

The president's budget request for next year would add $9.5 trillion to deficits over the next decade, which is $2.7 trillion more than would otherwise be the case, according to a preliminary analysis released Friday from the independent Congressional Budget Office. The main reason? Obama's budget would reduce revenue by a net $2.3 trillion over the next 10 years.

As a result, the amount of interest owed on the national debt would go up by another $519 billion. And that interest is the reason spending as a whole would rise under the president's budget. "Outlays would be greater ... in each of the next 10 years, primarily because the proposed reduction in revenues would boost deficits and thus the costs of paying interest on the additional debt that would accumulate," CBO wrote.

Deficit hawks point to interest payments as one of the reasons the U.S. debt situation is unsustainable. With or without the president's proposals, interest payments will start to grow rapidly. For instance, in 2021, the CBO estimates that under the president's budget, the government will have to pay $931 billion in interest alone. Currently interest is projected to be $807 billion, hardly a small amount.

On the tax side, Obama's 2012 budget proposes extending or expanding a bevy of tax breaks -- mostly for individuals -- and calls for killing or limiting several business tax breaks. The main hit to revenue results from two of his proposals: to make permanent the 2001 and 2003 tax cuts for the majority of Americans; and to protect middle- and upper-income earners from having to pay the Alternative Minimum Tax.

MORE

 

[sealybobo]

U.S. sets $223B deficit record - Washington Times

Deficit for Fiscal 2007 Slides - Real Time Economics - WSJ

Unfortunately, when faced with facts, you can't really expect a liberal response or at least an intelligent one.

What about Trump's Deficit?

Treasury: Budget deficit swells under Trump to largest in 6 years

 

[g5000]

Ya can't pay down a deficit with tax cuts for the rich...

Obama's real deficit problem: His tax cuts

Oh wow.

Talk about irony!