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

[JRK]

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?

 

[Dr.Drock]

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.

 

[JRK]

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

 

[Dont Taz Me Bro]

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

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

You are aware that 150k means 150 THOUSAND, right? No biggie. You were only off by $162.8 billion.

 

[Dr.Drock]

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.

 

[Truthmatters]

the republicans love to beat on people for cleaning up their messes

 

[8537]

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...

 

[sinister59]

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?

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 .

 

[JRK]

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

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

You are aware that 150k means 150 THOUSAND, right? No biggie. You were only off by $162.8 billion.

oops

 

[Robert]

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...

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.

 

[JRK]

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?

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 .

08 was GWB last budget
he would not sign the one for 09
we also know that 09 had the "stimulus" added to it as well as 1/2 of tarp that was not used like Bush used his 350 billion

I am asking a serious question
Reagan
Bush-1
Clinton and Bush 2 kept us in the game and we got really close to turning the worm in 07

its to late now
and what did it get us?

 

[Truthseeker420]

Tax cuts for the rich, stimulus for the rich, wars for the rich.......

 

[8537]

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...

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.

The job market was shedding 750,000+ jobs in Jan 2008. It's now creating about 200K per month.

The economy has grown every quarter for five straight quarters. It's now larger than it was at the onset of the recession in December 2007.

 

[Truthmatters]

They crash the economy for the second time in one lifetime and piss all over the guy whos left to clean up their mess.


Its just how the right rolls

 

[JRK]

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...

I thought the revenues plummeted also
they increased from 07-09 allot
Total receipts

Estimated receipts for fiscal year 2009 are $2.7 trillion (+7.1%).
$1.21 trillion - Individual income tax
$949.4 billion - Social Security and other payroll taxes
$339.2 billion - Corporate income tax
$68.9 billion - Excise taxes
$29.1 billion - Customs duties
$26.3 billion - Estate and gift taxes
$47.9 billion - Other


Total receipts

Receipts for fiscal year 2007 were $2.4 trillion. FY2007 on-budget receipts were $1.7 trillion. FY2007 off-budget receipts were $608 billion. Off-budget receipts include Social Security and Medicare payroll taxes, as well as the net profit or loss of the U.S. Postal Service.
$1.1 trillion - Individual income tax (43.9%)
$869.6 billion - Social Security and other payroll taxes (34.7%)
$370.2 billion - Corporate income tax (14.8%)
$65.1 billion - Excise taxes (2.6%)
$26.0 billion - Customs duties (1%)
$26.0 billion - Estate and gift taxes (1%)
$47.2 billion - Other (1.9%)
Source: preliminary FY2007 year-end estimate from the U.S. Treasury Dept.
The IRS estimated that there were about $345 billion in uncollected taxes, which is sometimes referred to as the "tax gap.".[1]

 

[Dr.Drock]

They crash the economy for the second time in one lifetime and piss all over the guy whos left to clean up their mess.


Its just how the right rolls

You don't fix a mess by taking a dump on it.

 

[edthecynic]

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.

BULLSHIT!!!!!
Bush had a deficit of over half a trillion dollars in fiscal year 2007. The other $338 billion in deficit spending was OFF BUDGET. That's Right, 2/3 of Bush's deficit spending was off budget!!!!!!!

Only CON$ are stupid enough to believe that off budget DEFICIT SPENDING is not DEFICIT SPENDING!

Government - Historical Debt Outstanding - Annual 2000 - 2010

09/30/2007 - $9,007,653,372,262.48
09/30/2006 - $8,506,973,899,215.23

 

[VaYank5150]

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

Hmmmm....I don't see the costs of the Iraq invasion/occupation/surge or the Afganistan invasion in there anywhere?

 

[beowolfe]

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

Do you guys post this stuff w/o really knowing the truth or do you simply keep the lie rolling?

A Texas-size Whopper | FactCheck.org

It’s true that deficits have grown under Obama, but not even close to as much as Hensarling claimed. The simple fact is that Obama inherited a federal deficit of $1.2 trillion on the day he was sworn in last year. Barely two weeks earlier, the nonpartisan Congressional Budget Office issued its regular "Budget and Economic Outlook" document, stating:

CBO, Jan. 2009: The federal fiscal situation in 2009 will be dramatically worse than it was in 2008. Under the assumption that current laws and policies remain in place (that is, not accounting for any new legislation), CBO estimates that the deficit this year will total $1.2 trillion, more than two and a half times the size of last year’s.

That $1.2 trillion projected deficit — the result of bills signed by Republican President George W. Bush — grew substantially after Obama signed his stimulus bill and submitted his own budget. But even so, by the time the fiscal year ended Sept. 30, the actual deficit was $1.4 trillion, CBO said.

Don't you guys know that Bush never placed the costs for Iraq and Afghanistan in the budget? So, whatever you've been brainwashed to believe was the deficit in 2007, add that year's cost of Iraq and Afghanistan (plus interest since he borrowed the money) to your figure and you get much closer to reality.

 

[VaYank5150]

So, JRK....why don't YOU tell us what happened?