US government records $904.2B deficit through June

[Nova78]

US government records $904.2B deficit through June | General Headlines | Comcast

WASHINGTON — The U.S. budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year.

Through the first nine months of the budget year, the federal deficit totaled $904.2 billion, the Treasury Department reported Thursday.

President Barack Obama is almost certain to face re-election having run trillion-dollar-plus deficits in each his first four years in office. That would likely benefit his opponent, GOP presumptive nominee Mitt Romney.

Good job,you have fucked us all................

 

[Mr. H.]

The kind of people who will vote for Obama don't give a rat's ass about the deficit.

 

[waltky]

4th straight year of trillion-dollar deficit, CBO also warns new recession is likely

Budget analysts project $1.1T federal deficit this year
August 22, 2012 - Prepare for another year of $1 trillion-plus deficits.

The nonpartisan Congressional Budget Office projected Wednesday that the deficit for 2012 will run $1.1 trillion, the fourth year in a row the shortfall will exceed $1 trillion. The projection is down a bit from an earlier estimate pegging the deficit this year at $1.2 trillion. The report also warned that a new recession is likely if an ongoing stalemate over tax and spending cuts continues between Democrats and Republicans. In its annual summertime report, the budget office said Wednesday that letting decade-old tax Bush tax rates expire and sweeping spending cuts occur in January -- which will happen without congressional action -- "would lead to economic conditions in 2013 that will probably be considered a recession."

If that happened, the economy would contract by 0.5 percent -- a gloomier projection than the budget office made earlier this year when it envisioned slight growth under that scenario. Unemployment would rise to around 9 percent by late next year if the standoff persists, the analysts said. The budget office's latest warning came amid a presidential and congressional election year in which neither President Obama nor congressional Republicans have shown any signs of giving ground in their protracted battle over taxes, spending and the budget. The lethargic economy and massive federal deficits are top-flight issues in this year's campaigns.

Obama wants to renew expiring tax cuts for everyone except individuals earning over $200,000 and couples who bring in above $250,000. Republicans are demanding that all tax cuts be extended. The two sides also have made no progress over how to prevent budget-wide spending cuts from taking effect. These automatic cuts were sat in motion by the failure of lawmakers last year to reach a bipartisan debt-reduction agreement.

Letting the tax rates continue and preventing the spending cuts from taking effect would leave a deficit next year of just over $1 trillion. If the reverse occurs, the shortfall would be $641 billion -- in effect sucking roughly $400 billion out of a U.S. economy that is already struggling. Though continuing the tax rates and blocking the spending cuts would produce higher economic growth over the next two years, "it would reduce output and income in the longer run and is ultimately unsustainable," the budget office warned. It also envisions an economy recovering at only a modest pace the rest of this year, growing at an annual rate of 2.25 percent.

Source

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Risk of double-dip recession rises: S&P
Tue, 21 Aug, 2012 > The odds the United States will slip back into recession next year have risen, ratings agency Standard & Poor's said, citing risks from the European debt crisis and budget tightening at year-end.

The US ratings firm raised the chance of the US falling into recession to 25 percent, up from a 20 percent chance estimated in February, as the world's largest economy struggles to recover from a severe 2008-2009 slump. It also pointed to the looming possibility of the government being forced by existing law to severely cut spending and increase taxes on January 1, the so-called fiscal cliff that would crunch the economy.

"Economic activity has downshifted sharply from earlier this year," S&P said in a report on North American credit conditions amid global uncertainty, dated August 20. "At the same time, possible contagion from the European debt crisis, the potential so-called 'fiscal cliff', and the risk of a hard landing for China's economy have added greater uncertainty to US economic prospects," it said.

In the second quarter, the world's largest economy grew at a 1.5 percent annual rate, a sharp slowdown from late last year as unemployment remained stuck above 8.0 percent. S&P underscored concern about the impact of a recession in the 17-nation eurozone, whose economy contracted 0.2 percent in the second quarter. S&P forecast a 0.6 percent contraction this year. "A double-dip recession in Europe that transmits financial turmoil to the US could push it into recession," the agency said.

However, S&P said its baseline scenario for the US economy -- remained "modest growth," projecting a gross domestic product expansion of about 2.1 percent for this year. S&P also said it expected that politicians would agree before year-end to change the current severe budget cut and tax hike mandates to avoid the fiscal cliff fate. However, it said, "We do not believe the US and European economies will improve substantially in the next year."

http://ca.news.yahoo.com/risk-us-double-dip-recession-rises-p-171838108.html

 

[GodSaveAmerica]

The economic doomsday clock is ticking.

 

[Mr Natural]

What we need to do is cut taxes to get that deficit under control.

 

[Nova78]

What we need to do is cut taxes to get that deficit under control.

Yea, and get another stimulus package going, an throw a few more million on welfare while we are at it.

 

[Rozman]

What we need to do is cut taxes to get that deficit under control.

Yea, and get another stimulus package going, an throw a few more million on welfare while we are at it.View attachment 20659

I heard quite a few reports on the radio today that another stimulus is being
put together now.Probably will be announced right before the election just
in time to drag Obama across the finish line...

 

[waltky]

Granny says, "Not only are we broke now - we gonna be broke inna future...

CBO: Deficit to Hit $1.17 Trillion So Far in Fiscal Year 2012
September 10, 2012 – The federal deficit topped $1 trillion in the first 11 months of fiscal year 2012, according to the Congressional Budget Office, reaching $1.17 trillion, exceeding CBO’s August projections.

“CBO estimates that the Treasury Department will report a deficit of $1.17 trillion for the first 11 months of fiscal year 2012,” CBO said Monday. The $1.17 trillion figure was $70 billion less than at the same point in fiscal year 2011, CBO noted, driven mostly on higher federal revenues.

“Through the end of August, revenues in fiscal year 2012 were about 6 percent higher and outlays about 2 percent higher than they were through August of last year.” CBO estimated that the government ran a $192 billion deficit during the month of August, up from the $70 billion deficit it ran in July.

In its updated projections, CBO estimated that the government will run a $1.13 trillion deficit in fiscal year 2012, which ends on Sept. 30 of this year. In order to hit that target, the government will actually have to run a surplus during September of $40 billion.

The government ran a $1.3 trillion deficit in fiscal year 2011, a figure the government could once again reach if its September deficit is as large as its August deficit.

CBO: Deficit to Hit $1.17 Trillion So Far in Fiscal Year 2012 | cnsnews.com

 

[EdwardBaiamonte]

What we need to do is cut taxes to get that deficit under control.

Yea, and get another stimulus package going, an throw a few more million on welfare while we are at it.View attachment 20659

Barry has already doubled the number on disability to 11 million
thus removing about 5 million from the unemployment rolls. So real unemployment might be 12%

 

[Nova78]

What we need to do is cut taxes to get that deficit under control.

Yea, and get another stimulus package going, an throw a few more million on welfare while we are at it.View attachment 20659

Barry has already doubled the number on disability to 11 million
thus removing about 5 million from the unemployment rolls. So real unemployment might be 12%

Yea,that barry is the guy...........at spending other peoples money

 

[ScienceRocks]

Did anyone really expect a innovator out of a ----?

 

[Nova78]

Did anyone really expect a innovator out of a ----?