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Thread: Budget deficit sets record in February

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    Budget deficit sets record in February

    Budget deficit sets record in February

    By MARTIN CRUTSINGER (AP) – 17 hours ago

    WASHINGTON — The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.

    The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.

    The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.

    The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year's $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country three straight years of $1 trillion-plus deficits.
    The Associated Press: Budget deficit sets record in February

    3 years, $4T more debt.
    How long did it take GWB to add $4T to the national debt?
    7 years, 9 months --- almost his entire term.
    But, the Obamanation will give Him a pass.
    Last edited by Goobieman; 03-11-10 at 09:47 AM.

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    Re: Budget deficit sets record in February

    Perspective:

    The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.
    This is one-month figure is more than the deficits in each of FY2001, 2002 2007 and is almost as much as in 2006

    The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.
    This five-month figure is 42% greater than the highest FY deficit under GWB (FY2008, $458.5B)

    The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year's $1.4 trillion total.
    This two-year figure exceeds the total budget deficts for the GWB administration.

    But, the Obamanation will give Him a pass.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Goobieman View Post
    Perspective:


    This is one-month figure is more than the deficits in each of FY2001, 2002 2007 and is almost as much as in 2006


    This five-month figure is 42% greater than the highest FY deficit under GWB (FY2008, $458.5B)


    This two-year figure exceeds the total budget deficts for the GWB administration.

    But, the Obamanation will give Him a pass.
    It is absolutely horrible

    The Obama admin should not have cut taxes, nor provided the stimulus to the economy.

    It should cut the military and other programs to balance the budget
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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    Re: Budget deficit sets record in February

    Okay it's time for me to come clean about my attacks on Obama's treatment of the economy.

    Bush has no excuse because his college degree is in Business and Obama's only experience with economic reality was when the price of a happy meal confused hell out if him while he was coming down from a crack high.

    Last week.
    Last edited by Councilman; 03-11-10 at 03:12 PM.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Lord Tammerlain View Post
    It should cut the military and other programs to balance the budget
    Cutting defense spending to $0 would reduce the deficit by about 1/3.
    Not until you cut entitlement spending will you achieve meaningful deficit reduction.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Goobieman View Post
    Cutting defense spending to $0 would reduce the deficit by about 1/3.
    Not until you cut entitlement spending will you achieve meaningful deficit reduction.
    Notice I said "and other programs"


    As Social Security is self funded it does not need to be touched


    So overall with a deficit of 1.2 trillion (est) and expenses of 3.5 trillion for 2010

    Each and every program excluding SS should be cut 38%

    Including the military
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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    Why so serious?

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Lord Tammerlain View Post
    It is absolutely horrible

    The Obama admin should not have cut taxes, nor provided the stimulus to the economy.

    It should cut the military and other programs to balance the budget
    Providing for a national defense is required by the Constitution. What "other programs" did you have in mind?
    "I believe in a Spinoza's God who reveals himself in the harmony of all that exists, but not in a God who concerns himself with the fate and actions of human beings."

    --Albert Einstein, 1929

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    Re: Budget deficit sets record in February

    Cut social security and medicare and you can actually have a balanced budget, and maybe even a decent government.

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Moon View Post
    Providing for a national defense is required by the Constitution. What "other programs" did you have in mind?
    All programs outside of SS should be cut 38% for the 2010 year
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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    Re: Budget deficit sets record in February

    Quote Originally Posted by Gray_Fox_86 View Post
    Cut social security and medicare and you can actually have a balanced budget, and maybe even a decent government.
    Social Security is self funded, you cut social security the government would not see the SS revenue, leaving the same budget deficit (actually a bigger one)
    Happy Hanukkah Cheerfull Kwanzaa
    Happy Christmas Merry New Year Festivus for the rest of us

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