• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!

Deficit grew by $181 billion in July

C

celticlord

Well-known member
Joined
Jan 10, 2009
Messages
6,344
Reaction score
3,794
Gender
Undisclosed
Political Leaning
Undisclosed
TheHill.com - Deficit grew by $181 billion in July

Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO).

Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July.
Click to expand...

The independent budget scorekeeper has projected the deficit to reach $1.8 trillion by the end of the fiscal year, Sept. 30. The deficit in 2008 reached $455 billion, which was a record at the time.
Click to expand...
Some of this is due to the poor response of the Bush Administration last fall to the financial crisis, but the ongoing bailouts of Government Motors, AIG, and banks are all on the current Administration.

Dear Leader is spending faster that Helicopter Ben Bernanke can print. Dear Leader needs to get help for his shopalism and soon, before Bernanke runs out of ink for printing greenbacks.
 
You must log in or register to reply here.
Back
Top Bottom