Change you can believe in....Deficit grew by $181 billion in July

#1
OrangeEmpire

OrangeEmpire

The White Debonair
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Nov 28, 2005
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#1
TheHill.com - Deficit grew by $181 billion in July

Falling tax receipts and increased spending on bailouts for auto companies and the financial sector and for the economic stimulus package added to the deficit, according to CBO.

Spending through July of 2009 has increased by $530 billion, which is 21 percent over the same period in 2008. The bailout money for Freddie Mac and Fannie Mae accounted for almost half of the spending increase. Unemployment benefits have more than doubled, Medicaid spending has grown by a quarter and Medicare spending has increased by 11 percent.

Tax revenue for the first three quarters of 2009 has fallen by approximately $350 billion, or 17 percent compared to the same period last year, due mostly to the effects of the recession on payroll, income and corporate taxes. A third of the decline is due to tax breaks in the stimulus, including the middle-class tax cut that President Obama campaigned on during last year's election.

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.

The latest deficit projections come as Democrats in Congress and the White House are pushing for healthcare reform criticized by Republicans as too costly.

House Speaker Nancy Pelosi (D-Calif.) stressed during a town-hall meeting in Colorado this week that the healthcare bill won't add to the deficit or restrict benefits and instead will increase access to care. But lawmakers have yet to settle on a way to pay for the bill, expected to cost roughly $1 trillion over the next decade. Pelosi has supported an income surtax on the highest earners, those making more than $280,000, while senators are considering a tax on insurance companies that offer expensive health plans.
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Thoughts?
 
#2
#2
Damn that Bush Administration!

Pelosi's comments are a hoot.
 
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#5
#5
Yippee. The Healthcare plan will be free. Sign me up.
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#6
#6
BigPapaVol said:
Yippee. The Healthcare plan will be free. Sign me up.
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No, you make make too much money.....you have to pay for yours and theirs. Aren't you sick of being prosperous at the little mans expense yet?
 
#9
#9
KB5252 said:
You obviously aren't on board the Obama train then.
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I fired Joe the Plumber. Now I have money that would have otherwise been his to spread around in my bottom up financed startup company. Hasn't paid off yet, but I'm certain it will.
 
#12
#12
BigPapaVol said:
only thing left in my wake has been smoking bodies. No remorse, only money.
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surely you can give up eating lobster every day and maybe cut down to 5 times a week so that poor, and likely starving and barefoot, children with have healthcare. have you no heart?
 
#13
#13
droski said:
surely you can give up eating lobster every day and maybe cut down to 5 times a week so that poor, and likely starving and barefoot, children with have healthcare. have you no heart?
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I have a heart and I'm itching for the gov't to figure out how to care for it.
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#14
#14
How long before we experience inflation like Argentina did, because foreign investors are afraid to invest in our currency?
 
#17
#17
Make no mistake....inflation will hit HARD in about 18 to 24 months.

Geitner asked for the credit limit to be raised yesterday so we can print more money.
 
#18
#18
its funny, the Barackstar promised all of this money for education, yet we have to take furlough days, and are still barely making by on our budgets. We are having to cut some ASP (after school programs)... GA is a red state though, hrmmm
 
#20
#20
GASOUTHERNVOL said:
its funny, the Barackstar promised all of this money for education, yet we have to take furlough days, and are still barely making by on our budgets. We are having to cut some ASP (after school programs)... GA is a red state though, hrmmm
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Cobb County let half the crossing guards go.
 
#21
#21
T-TownVol said:
Cobb County let half the crossing guards go.
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its pathetic. the last thing a normal person would want to do is cut from education, because you want to teach people to be independent and be succesfull, HOWEVER, if you want to be able to control people you cut from education, which will lead them to low end, low wage jobs, then these people will have to rely on the government and basically do what the gov says.
 
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