January deficit grows by $50B, on pace for $1.5T, keep spending and spending!!

Discussion in 'Economics' started by S2007S, Feb 10, 2011.

  1. S2007S


    Only way to keep this economy moving along is to keep spending, right? Fools think they can spending, wow do they really have this all wrong.

    January deficit grows by $50B, on pace for $1.5T
    January deficit rises by $50B; tax-cut package puts annual deficit on pace for $1.5T

    Martin Crutsinger, AP Economics Writer, On Thursday February 10, 2011, 2:03 pm

    WASHINGTON (AP) -- The federal government's budget deficit grew by $50 billion in January and is expected to finish the year as the highest in history.

    The Treasury Department says the deficit was one of the highest ever for the month of January, second only to the $63 billion deficit recorded two years ago. For the first four months of this budget year, the deficit totaled $418.8 billion, 2.7 percent lower than the same period a year ago.

    However, this improving trend is expected to reverse in coming months. The Congressional Budget Office is projecting a record deficit of $1.5 trillion this budget year, which ends in September. The estimate was revised upward last month based on a tax-cut package brokered between the White House and Republicans that will add $400 billion to this year's red ink.
  2. i suppose its all obamas fault?
  3. geeze i thought it was all bush's fault
  4. Somebody once told me it was Reagan's fault?
  5. He is the man in charge....
  6. do you really think he wanted to extend tax cuts for the rich that cost 400 billion? the republicans had him by the balls and forced him to give a tax cut.
  7. TARP, Cash for clunkers, Medicare, ARRA.......

    Deficit is not being created by government growing its taxrevenue at a slower rate. Deficit is being created because government does not reduce cost.
  8. tarp was a success and cost very little. cash for clunkers was a huge success and cost about 2 weeks worth of war spending. medicare is on auto pilot. neither side will touch it.

    the point of this op is that the deficit will be higher than expected because of the tax cut.

  9. I bet that next years total taxrevenue will be bigger than this years total taxrevenue, dispite any taxcuts. The problem is goverment spending NOT the citizens paying the government to few dollars.

    In Denmark the taxrate on the last earned Danish Kroner is 71%, you dont want to go there.
  10. There is nothing wrong with tax cuts. The only problem with tax cuts is when you don't reduce spending to compensate for the reduced revenue.

    Less government, less waste. That is what this world, and the USA in particular, is in desperate need of.
    #10     Feb 10, 2011