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Archive for Tuesday, May 12, 2009

U.S. red ink rising even higher, to $1.8T

May 12, 2009

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The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates.

Budget office figures released Monday would add $89 billion to the 2009 red ink — increasing it to more than four times last year’s all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.

The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama’s economic stimulus bill — as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.

As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says. The deterioration reflects lower tax revenues and higher costs for bank failures, unemployment benefits and food stamps.

Comments

ArumerZwarteHoop 4 years, 11 months ago

this is a good way to enslave an entire country, but who cares?, look at what michelle obama is wearing!

I am leaving this country.

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Andrew Stahmer 4 years, 11 months ago

Despite how incredibly horrible this administration is doing; I don't wish kidney failure, or heart failure or strokes or cancer on any of them.

Some of us have something called 'character'--no matter how much we may disagree/dislike someone; we don't ordinarily wish them bodily harm.

(...and I don't think anything will ever be funny about 9/11.)

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madmike 4 years, 11 months ago

Tom, don't you know that you can borrow your way out of debt? Just ask "the chosen one"!

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Tom Shewmon 4 years, 11 months ago

Get ready for an economic meltdown, compliments of this clueless, arrogant and socialist administration and congress.

The beginning of the end?

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