2009 Budget deficit to be largest ever

[Charles_Main]

WASHINGTON - The next president will inherit a record budget deficit of $482 billion, according to a new Bush administration estimate released Monday. The administration said the deficit was being driven to an all-time high by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession.

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But the numbers could go even higher if the economy performs worse than the White House predicts.

The budget office predicts the economy will grow at a rate of 1.6 percent this year and will rebound to a 2.2 percent growth rate next year. That's a half percentage point more than predicted by the widely cited "blue chip" consensus of leading economists. The administration also sees inflation averaging 3.8 percent this year, but easing to 2.3 percent next year — better than the 3.0 percent seen by the blue chip panel.

"The nation's economy has continued to expand and remains fundamentally resilient," said the budget office report.

A $482 billion deficit, however, would easily surpass the record deficit of $413 billion set in 2004

Bush administration projects record 2009 deficit - Yahoo! News

Nearly a half of a trillion Dollars

The 75 Billion dollar increase over previous predictions is do largely to the bi-partisan stimulas package, but of course Bush holds much of the blaim for the rest of it. Earlyer this year a 300 Billion dollar suplemental bill was passed by Congress as well. I am not even sure if that figure is included in this. I sure as hell hope so.

We simply must make ending this trend our main goal. No matter who is president, I call on them to make balancing the budget a main goal of their administration!!!

 

[ReillyT]

Bush administration projects record 2009 deficit - Yahoo! News

Nearly a half of a trillion Dollars

The 75 Billion dollar increase over previous predictions is do largely to the bi-partisan stimulas package, but of course Bush hold much of the blaim as well. Earlyer this year a 300 Billion dollar suplemental bill was passed by Congress as well. I am not even sure if that figure is included in this. I sure as hell hope so.

We simply must make ending this trend our main goal. No matter who is president, I call on them to make balancing the budget a main goal of their administration!!!

Oh sure. It sounds bad now, but just wait for the Bush tax cuts to start paying for themselves.

 

[Chris]

Oh sure. It sounds bad now, but just wait for the Bush tax cuts to start paying for themselves.

LOL!!!

How could anyone have been dumb enough to believe that sh*t?

 

[Charles_Main]

LOL!!!

How could anyone have been dumb enough to believe that sh*t?

I Think he was being sarcastic, Those tax cuts, have had all the effect they are going to have. I do believe with out them it would be even worse, but I really do not see any more economic growth coming out of them, what growth they did cause was very hard to see because all it really did was slow the down turn. However I do believe If Obama lets them expire, it will hurt the economy even more than it is hurting now.

we are clearly in a dire situation.

 

[editec]

Oh sure. It sounds bad now, but just wait for the Bush tax cuts to start paying for themselves.

If irony could kill.

Oh wait!..it can.

 

[editec]

The economy will see some recovery assuming the price of oil goes down and nothing bad happens to make it go south again, I think.

Of course the damage already done to a hundred million or so American home economies isn't going to go away anytime soon.

 

[RetiredGySgt]

Bush administration projects record 2009 deficit - Yahoo! News

Nearly a half of a trillion Dollars

The 75 Billion dollar increase over previous predictions is do largely to the bi-partisan stimulas package, but of course Bush holds much of the blaim for the rest of it. Earlyer this year a 300 Billion dollar suplemental bill was passed by Congress as well. I am not even sure if that figure is included in this. I sure as hell hope so.

We simply must make ending this trend our main goal. No matter who is president, I call on them to make balancing the budget a main goal of their administration!!!

Hate to correct you BUT Bush has almost nothing to do with the Budget. All he can do is sign it or veto it and hope Congress can't over ride the Veto.

Congress creates and passes the Budget for the President to sign or Veto. In fact the Budget request the President makes is not even a bill, It still takes a member of Congress in both houses to create a bill and have it run through the process.

Now lets check shall we? Who Controls Congress? Who Controls the Committees that have to approve the Bills? Who Controls the strings that determine if a Bill will even get to committee? Why LOOK, it is the Democrats.
I swear most of you have NO IDEA how our Government works.

If the Budget is half a trillion over income, it is because the DEMOCRATS approved the BILLS for said Budget.

 

[Charles_Main]

Hate to correct you BUT Bush has almost nothing to do with the Budget. All he can do is sign it or veto it and hope Congress can't over ride the Veto.

Congress creates and passes the Budget for the President to sign or Veto. In fact the Budget request the President makes is not even a bill, It still takes a member of Congress in both houses to create a bill and have it run through the process.

Now lets check shall we? Who Controls Congress? Who Controls the Committees that have to approve the Bills? Who Controls the strings that determine if a Bill will even get to committee? Why LOOK, it is the Democrats.
I swear most of you have NO IDEA how our Government works.

If the Budget is half a trillion over income, it is because the DEMOCRATS approved the BILLS for said Budget.

There is blame to go around of course. I am well aware that Congress holds the purse strings, but we can not ignore the costs of the war in Iraq bud.

Bush could have vetoed some of those bills, if he was a fisical conservative he would have. Hell he just signed a 300 billion dollar bail out bill which he had early said he would veto. NO BACK BONE. He shares the blame and I will not let my conservative partisanship blind me to that fact.

 

[RetiredGySgt]

There is blame to go around of course. I am well aware that Congress holds the purse strings, but we can not ignore the costs of the war in Iraq bud.

Bush could have vetoed some of those bills, if he was a fisical conservative he would have. Hell he just signed a 300 billion dollar bail out bill which he had early said he would veto. NO BACK BONE. He shares the blame and I will not let my conservative partisanship blind me to that fact.

No you stated he "holds MUCH of the blame". That is simply not true. He is a lame Duck president in the election year to replace him with a Congress full of democrats and Republicans cow towing to the masses. He knows he can not veto everything because he would lose.

I do not even think it is 50 50. The Democrats and the cowardly Republicans voting with them are to blame for most of the coming deficit.

 

[Charles_Main]

No you stated he "holds MUCH of the blame". That is simply not true.

Sorry I simply can not agree. Bush has only used his veto powers 12 times. That is the least amount of times Since Harding. He could fight then on spending if he wanted to.

 

[editec]

Bush is half the problem

Congress the other half.

And just to show you truly monumentally large the problem really is, the PEOPLE OF THE USA are the THIRD HALF of the problem.

Some problems are just so large they can only be described by irrational metrics.

 

[Paulie]

And just to show you truly monumentally large the problem really is, the PEOPLE OF THE USA are the THIRD HALF of the problem.

I see you've changed your tune a bit. You used to argue with me over that, specifically when I tried to point out how fiscally irresponsible the American people are as a whole.

 

[editec]

You assume that I am saying that the people's third half of the problem is their fiscal irresponsibility, Paulitec?

Not really my point.

Their share of the responsibility for this mess is their political naivete.

Look at how many people on this microcosm of our nation (this board) buy into the myth that liberalism, or conservatism is the root source of the problems this nation faces.

There are many people who take the simply way out (blaming their fellow citizens, just as they've being brainwashed into doing) rather than following the money (my simplistic way of saying looking at the complexity of the problem) to see who really benefits from the problems this nation is facing.

You are doing that right now to some extent, aren't you?

Ironically, the thing that makes this nation great-- the people's faith in the system, a system they have been mislead to understand works one way, when it really works in another way -- is also the tool that the masters of our universe are manipulating to rape the nation of its wealth.

When the ship of state is sinking, Paulitec, blaming the crew who did their duty faithfully is rather silly, in my opinion.

In a society of honorable men, it's the captains (of industry and government) and the officers who accept responsibility for the outcomes of their leadership.

In this society, the leadership class creates scapegoat classes for their mistakes.

Pick a problem you think the PEOPLE are responsible for, and I can probably show you how the people were forced or mislead into becoming tools or dupes of the leadership class.

Usually, I can show you which part of that feuding leadership class benefitted from making those problems happen, too.

 

[Paulie]

You assume that I am saying that the people's third half of the problem is their fiscal irresponsibility, Paulitec?

Not really my point.

Their share of the responsibility for this mess is their political naivete.

Look at how many people on this microcosm of our nation (this board) buy into the myth that liberalism, or conservatism is the root source of the problems this nation faces.

There are many people who take the simply way out (blaming their fellow citizens, just as they've being brainwashed into doing) rather than following the money (my simplistic way of saying looking at the complexity of the problem) to see who really benefits from the problems this nation is facing.

You are doing that right now to some extent, aren't you?

Ironically, the thing that makes this nation great-- the people's faith in the system, a system they have been mislead to understand works one way, when it really works in another way -- is also the tool that the masters of our universe are manipulating to rape the nation of its wealth.

When the ship of state is sinking, Paulitec, blaming the crew who did their duty faithfully is rather silly, in my opinion.

In a society of honorable men, it's the captains (of industry and government) and the officers who accept responsibility for the outcomes of their leadership.

In this society, the leadership class creates scapegoat classes for their mistakes.

Pick a problem you think the PEOPLE are responsible for, and I can probably show you how the people were forced or mislead into becoming tools or dupes of the leadership class.

Usually, I can show you which part of that feuding leadership class benefitted from making those problems happen, too.

I do not disagree that the people have failed in their political duty in this country, but I simply can not give them a free pass on finances.

Pick a problem you think the PEOPLE are responsible for, and I can probably show you how the people were forced or mislead into becoming tools or dupes of the leadership class.

The establishment and the system doesn't force ME into making bad financial decisions, and why should I hold myself in higher esteem than anyone else on that? Why should someone else who made bad financial choices be given the freebie of blaming someone ELSE for their own bad choices?

Keep in mind, I'm not saying that the people ONLY are to blame. I'm saying they've contributed to our economic mess just as much as the leaders they've irresponsibly and ignorantly voted in.

 

[sealybobo]

LOL!!!

How could anyone have been dumb enough to believe that sh*t?

No doubt America needs a facelift after 8 years of neglect, so spending might be high the first few years, but at least the money will be spent in America.

Anyways, I believe Obama will have surpluses by the end of his first term. I really think Pelosi, Reed and Obama won't go wild like Delay, Bush & Hastert did when they controlled all branches of government.

 

[busara]

No you stated he "holds MUCH of the blame". That is simply not true. He is a lame Duck president in the election year to replace him with a Congress full of democrats and Republicans cow towing to the masses. He knows he can not veto everything because he would lose.

I do not even think it is 50 50. The Democrats and the cowardly Republicans voting with them are to blame for most of the coming deficit.

yeah, the dems are responsible for all of the deficits, even the $248 billion '06, $318 billion '05, $413 billion in '04, $377 billion in '03, $205 billion in '02. the fact that there were any dems in congress, even when they didnt have a majority, was enough to cause the debt.

we're really following bushes promise of deficit reduction, leading to a $61 billion surplus in 2012
Bush Budget Projects A Surplus by 2012 - washingtonpost.com


"I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt."
Thomas Jefferson

 

[Paulie]

yeah, the dems are responsible for all of the deficits, even the $248 billion '06, $318 billion '05, $413 billion in '04, $377 billion in '03, $205 billion in '02. the fact that there were any dems in congress, even when they didnt have a majority, was enough to cause the debt.

we're really following bushes promise of deficit reduction, leading to a $61 billion surplus in 2012
Bush Budget Projects A Surplus by 2012 - washingtonpost.com


"I place economy among the first and most important republican virtues, and public debt as the greatest of the dangers to be feared. To preserve our independence, we must not let our rulers load us with perpetual debt."
Thomas Jefferson

In RGS' defense, he did mention the cowardly Republicans that voted with the Dems.

At this point, I don't think there are many people left that think it was only one side's fault. With the exception of posters like Wow, I suppose.

 

[busara]

In RGS' defense, he did mention the cowardly Republicans that voted with the Dems.

At this point, I don't think there are many people left that think it was only one side's fault. With the exception of posters like Wow, I suppose.

but the 'cowerdly repubs' doesnt hold up when the repuds held the majority and still had a large deficit. unless pelosi is really intimidating

both sides are equally responsible. we should take the personal wealth of everyone in congress every year there was a deficit, and put it toward the debt. wouldnt do much to actually lower it, but would send a strong message

 

[sealybobo]

In RGS' defense, he did mention the cowardly Republicans that voted with the Dems.

At this point, I don't think there are many people left that think it was only one side's fault. With the exception of posters like Wow, I suppose.

the Dems from 2000-2006 were virtually shut out of participating in government. Liken it to being sat at the kiddy table at Thanksgiving.

And no GOP politician went against Delay's agenda either, or they too were shut out.

Important to remember that if Dems voted against invading Iraq, they would have been painted as cowards and appeasers.

 

[sealybobo]

And weak on terrorism. We were all duped.