Budget deficit tops $1 trillion for first time

[TGregg]

Here's some change you can believe in:

WASHINGTON – Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.

The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There's also concern about trying to reverse the deficit — by reducing government spending or raising taxes — in the midst of a harsh recession.

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.


http://news.yahoo.com/s/ap/20090713/ap_on_bi_go_ec_fi/us_economy_deficit

 

[ByLoSellHi]

 

[cstfx]

It's all Bush's fault. Obama "inherited" this deficit.

 

[TGregg]

Quote from ByLoSellHi:

That's almost 10 grand in 2030 dollars

 

[ByLoSellHi]

Quote from TGregg:

That's almost 10 grand in 2030 dollars

It's better to melt it down and store it.

It can be used as amalgam to fill cavities by back alley dentists in the new American economy.

"One cavity, $9.99; Two for $17."

 

[stockcapo]

Lol

 

[texrex2002]

Quote from TGregg:

That's almost 10 grand in 2030 dollars

LOL!!!

 

[runningman]

"You know, Paul, Reagan proved deficits don't matter"-Dick Cheney

 

[TGregg]

By MARTIN CRUTSINGER, AP Economics Writer Martin Crutsinger, Ap Economics Writer – 1 hr 9 mins ago

WASHINGTON — The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.

http://www.nashuatelegraph.com/apps/pbcs.dll/article?AID=/20090714/BUSINESS/307149978


Meanwhile, the libs want another stimulass package.

Here's Krugman:

To head off this outcome we'd need to get another round of fiscal stimulus under way very soon.

http://www.charlotteobserver.com/406/story/831773.html

 

[runningman]

"Nine months into the fiscal year"

As much as you hate Obama, he's only been President for 6 months. This is the budget Bush proposed and signed. If the Bush Admin had included war costs in their budgets their deficits would have been even bigger. Bush spent more than every president before him-- COMBINED. Don't let him of the hook so easy.