Page 1 of 6 123 ... LastLast
Results 1 to 10 of 53

Thread: Federal deficit higher in July, $1.27T this year

  1. #1
    Banned Goobieman's Avatar
    Join Date
    Feb 2006
    Last Seen
    03-22-15 @ 02:36 PM
    Gender
    Lean
    Very Conservative
    Posts
    17,343

    Federal deficit higher in July, $1.27T this year

    Record federal deficit climbs higher, $180.7 billion in July, $1.27 trillion so far this year
    By Martin Crutsinger, AP Economics Writer

    WASHINGTON (AP) -- The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year.

    The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.

    The Obama administration is projecting that when the current budget year ends on Sept. 30, the imbalance will total $1.84 trillion, more than four times last year's record-high.

    The soaring deficits have raised worries among foreign owners of U.S. Treasury securities including the Chinese, the largest holder of such debt.

    Massive amounts of government spending to combat the recession and stabilize the U.S. financial system have pushed the deficit higher. The cost of wars in Iraq and Afghanistan, along with depleted government tax revenues, also are major factors.

    The July deficit reflected government spending of $332.2 billion, a record amount for any month and up from outlays of $263.3 billion in July 2008. Of that increase, about $25 billion reflected the fact that Aug. 1 was a Saturday this year, requiring many government benefit checks to be sent out earlier and counted as spending in July.
    Federal deficit higher in July, $1.27T this year - Yahoo! Finance

    Did anyone catch this part:

    The Obama administration is projecting that when the current budget year ends on Sept. 30, the imbalance will total $1.84 trillion, more than four times last year's record-high.
    $1.84T is >90% of the TOTAL of the deficts run under GWB.


  2. #2
    Enemy Combatant
    Kandahar's Avatar
    Join Date
    Jul 2005
    Location
    Washington, DC
    Last Seen
    10-15-13 @ 08:47 PM
    Gender
    Lean
    Liberal
    Posts
    20,688

    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Goobieman View Post
    Federal deficit higher in July, $1.27T this year - Yahoo! Finance

    Did anyone catch this part:



    $1.84T is >90% of the TOTAL of the deficts run under GWB.

    Yep, a huge recession will do that.
    Are you coming to bed?
    I can't. This is important.
    What?
    Someone is WRONG on the internet! -XKCD

  3. #3
    Banned Goobieman's Avatar
    Join Date
    Feb 2006
    Last Seen
    03-22-15 @ 02:36 PM
    Gender
    Lean
    Very Conservative
    Posts
    17,343

    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    Yep, a huge recession will do that.
    I wondered how long it would take someone to post an excuse.

  4. #4
    Enemy Combatant
    Kandahar's Avatar
    Join Date
    Jul 2005
    Location
    Washington, DC
    Last Seen
    10-15-13 @ 08:47 PM
    Gender
    Lean
    Liberal
    Posts
    20,688

    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Goobieman View Post
    I wondered how long it would take someone to post an excuse.
    A deep recession means that tax revenues fall off a cliff because individuals/businesses aren't making as much money to tax. It also means that tax expenditures will increase because there are more unemployment claims and more strains on anti-poverty programs...not to mention bailouts and stimuli.

    Hmm. Less tax revenue + more tax expenditure = Bigger deficit. How is this an excuse?

    10th grade economics fail.
    Are you coming to bed?
    I can't. This is important.
    What?
    Someone is WRONG on the internet! -XKCD

  5. #5
    Enemy Combatant
    Kandahar's Avatar
    Join Date
    Jul 2005
    Location
    Washington, DC
    Last Seen
    10-15-13 @ 08:47 PM
    Gender
    Lean
    Liberal
    Posts
    20,688

    Re: Federal deficit higher in July, $1.27T this year

    Oh and by the way, since you insisted on making this a partisan issue instead of a legitimate complaint: The 2009 federal budget was signed by George W. Bush, not Barack Obama.
    Are you coming to bed?
    I can't. This is important.
    What?
    Someone is WRONG on the internet! -XKCD

  6. #6
    Norville Rogers
    Kernel Sanders's Avatar
    Join Date
    Jul 2008
    Location
    Pittsburgh, PA
    Last Seen
    07-23-12 @ 10:20 PM
    Gender
    Lean
    Undisclosed
    Posts
    3,730

    Re: Federal deficit higher in July, $1.27T this year

    One of these days something is gonna give. Too bad Obama's committed to "stay the course" on health care. Our economy needs that burden like it needed two wars and tax cuts. This time around the burden is bigger and we're still carrying our old baggage. If I had a kid that spent like the federal government I'd hack up the damn credit cards

  7. #7
    Walk with me in hell.
    stekim's Avatar
    Join Date
    Jun 2009
    Location
    Atlanta
    Last Seen
    09-21-10 @ 12:09 PM
    Gender
    Lean
    Libertarian
    Posts
    1,106

    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    Oh and by the way, since you insisted on making this a partisan issue instead of a legitimate complaint: The 2009 federal budget was signed by George W. Bush, not Barack Obama.
    Right and wrong. The budget signed by Bush did not include the bailout or the stimulus. Bush supported the bailout and was not around for the stimulus, so they both need to take credit for it. I know the partisans hate to hear that, but tough.
    Wow. Am I awesome or what?

  8. #8
    Banned Goobieman's Avatar
    Join Date
    Feb 2006
    Last Seen
    03-22-15 @ 02:36 PM
    Gender
    Lean
    Very Conservative
    Posts
    17,343

    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    Yep, a huge recession will do that.
    Well, lets see.

    The recession started in December 2007
    It's official: U.S. in a recession since December 2007 - Dec. 1, 2008

    Since 1st quarter of 2008, quarterly GDP growth was:
    2008
    -0.7 +1.5 -2.7 -5.4
    2009
    -6.4 -1.0

    Unemployment 2008 (by quarters)
    4.9% 5.4% 6.0% 6.9%
    2009
    8.0% 9.3%

    Inflation 2008 (by quarter)
    +4.1 +4.4 +5.3 +2.0
    2009
    +0.0 +1.1

    This is a "huge" recession, compared to...?

    And then, explain how a "huge" recession excuses almost $2T (~15% of the GDP) in deficits.

  9. #9
    Banned Goobieman's Avatar
    Join Date
    Feb 2006
    Last Seen
    03-22-15 @ 02:36 PM
    Gender
    Lean
    Very Conservative
    Posts
    17,343

    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    A deep recession means that tax revenues fall off a cliff...
    Because ALL spending is voluntary, falling revenues do not necessitate deficits in any way shape or form, and thus are not an excuse for same.

    We have a $1.8T deficit for no reason other than The Obama and The demns in congress CHOSE to run one.

  10. #10
    Banned Goobieman's Avatar
    Join Date
    Feb 2006
    Last Seen
    03-22-15 @ 02:36 PM
    Gender
    Lean
    Very Conservative
    Posts
    17,343

    Re: Federal deficit higher in July, $1.27T this year

    Quote Originally Posted by Kandahar View Post
    Oh and by the way, since you insisted on making this a partisan issue instead of a legitimate complaint: The 2009 federal budget was signed by George W. Bush, not Barack Obama.
    Yes... and written by a Dem congress, and then further increased upon by The Obama and said Dem congress.

    No partisan points for you -- sorry.

    And the complaint -is- legitimate, partisan point or not.

Page 1 of 6 123 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •