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October 17, 2009
Obama's Budget Deficit Hits Record More Than Triple from Last Year
Obama team makes it official: Budget deficit hits record. By a lot.
The Obama administration has released new deficit numbers, and they are not pretty.
The deficit for Fiscal Year 2009, which ended Sept. 30, came in at a record $1.42 trillion, more than triple the record set just last year.
In addition, future deficits are currently projected to total $9.1 trillion in the coming decade.
The political lines are being drawn.
Republicans cited record deficits as another reason to oppose Obama's health care plan and other big projects. "No more spending money we don't have," said Senate Minority Leader Mitch McConnell, R-Ky.
Rep. John Spratt, D-S.C., countered that, "today's figures are a result of the policies of the Bush Administration, along with the cost of actions needed to address the recession and prevent even deeper economic problems."
A year ago, as the financial crisis hit and the Bush administration prepared massive bailout plans, the deficit was $455 billion.
The Obama administration's stimulus also contributed to the near $1 trillion higher deficit, as did lower government revenues in the wake of the recession.
"This year's deficit is lower than we had projected earlier this year, in part because we are managing to repair the financial system at a lower cost to taxpayers," said a statement from Treasury Secretary Timothy Geithner. "But future deficits are too high, and the President is committed to working with Congress to bring them down to a sustainable level as the economy recovers."
Budget Director Peter Orszag said: "It was critical that we acted to bring the economy back from the brink earlier this year. As we move from rescue to recovery, the President recognizes that we need to put the nation back on a fiscally sustainable path."
An analysis from the Office of Management of Budget pointed out that the deficit is "roughly 24 percent lower for the year than when the budget first set the forecast for 2009, a fact due largely to the economic stabilization and recovery."
Wild Thing's comment...........
Right out of the communist playbook. Destroy the economy as fast as you can. . . take over private sector business, institute socialized medicine, then amnesty, then gun control, reparations. . right on schedule.
.... Thank you Jim for sending this to me.
Posted by Wild Thing at October 17, 2009 03:47 AM
Comments
"Budget Director Peter Orszag said: "It was critical that we acted to bring the economy back from the brink earlier this year. As we move from rescue to recovery, the President recognizes that we need to put the nation back on a fiscally sustainable path."
It appears that rather than bringing the economy back from the brink they are trying to push us over the ledge. Everything that many of us suspected and posted prior to Obama's election is coming true. Congress needs a house cleaning in 2010 and the Administration no later than 2012, if they have not completely destroyed our nation before then. They seem to be on a fast track to do so.
Posted by: Bob A at October 17, 2009 10:54 AM
From THE GREATEST GENERATION to the HANDOUT GENERATION OF DEGENERATES, eh? Later I tell you how I REALLY feel!
Posted by: darthcrUSAderworldtour07 at October 17, 2009 11:15 AM
Geitner is over his head. His statement of spending money is silly, insane. Next year the Bush tax cuts expire. I am expecting the Dems to raise taxes a least back to the Clinton rates. I have already begun to do what I can to protect my assets from taxes. Expect over the next few years for thedeficits to really rise as spending continues and taxpayers seek tax shelters thus decreasing govt revenue.
Posted by: TomR at October 17, 2009 12:50 PM
I guess 2+2 really equalls 5 now, huh? When Bush's tax cuts expire they'll probably say that they're gonna raise taxes on the rich, even though the Bush tax cuts raised taxes on the rich. But, who cares what the facts are especially the kids who believe the tax cuts were evil and Lincoln was a democrat (yes they teach that in screwels now), and that capitalism is evil (yes kids believe and are taught to believe Capitalism, the Free Market, the Second Amendment, and everything traditionally American is evil).
You will have to excuse me if I have no confidence in people, especially when it comes to where Capitalism the Constitution and Liberty are concerned. All people want anymore are free gubmint checks; (it's my cynicism talking, my faith in the people was shattered on 5 November, 2008).
Posted by: JohnE PFC U.S. Army at October 18, 2009 12:47 AM
