Democrats rejoice! Deficit in July Totals $165.04 Billion

[OrangeEmpire]

The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans.
Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.
The government usually runs a deficit during July, which is the 10th month of the fiscal year. So far in fiscal 2010, the government spent $1.169 trillion more than it made. That figure is about $98 billion lower than during the comparable period a year earlier.
For all of fiscal 2009, the U.S. ran a record $1.42 trillion deficit. Fiscal 2010 might run a little higher—the Obama administration sees $1.47 trillion.
Wednesday's monthly Treasury statement said U.S. government revenues in July totaled $155.55 billion, compared with $151.48 billion in July 2009.
Spending was higher, totaling $320.59 billion. July 2009 spending amounted to $332.16 billion.
Year-to-date revenues were $1.75 trillion, compared with $1.74 trillion in the first 10 months of fiscal 2009. Spending so far in this fiscal year is $2.92 trillion, versus $3.01 trillion in the prior period.
Spending for benefits for the unemployed year to date totaled $121.4 billion; for July, the tab was $9.8 billion, the Treasury statement said.
Years of deficit spending by Washington have led to a mounting national debt. Interest payments so far in fiscal 2010 amount to $185.25 billion; by contrast, corporate taxes collected by the government during the same 10 months were $139.71 billion. Interest payments in July alone were $19.9 billion.

Thoughts other than democrats being happy about this?

 

[rjd970]

I don't think anybody is happy about this, we just have a bunch of politicians with their heads in the ground refusing to really address it. At this point, I don't much trust the repubs to do much better with the exception of lip service to fiscal responsibility.

 

[OrangeEmpire]

You are crazy if you don't think people think this is great...........

There is no difference between a repubican or a dumocrat.

 

[rjd970]

Ok OE, let's take a poll...everybody raise your hand if you think a $165 billion deficit in July is a good thing.

I don't think anybody likes it, just nobody wants to give anything up to achieve a real solution.

 

[OrangeEmpire]

Really, you are asking this forum.

Try the United States and come back to me. Plenty of people believe we are not spending enough.

 

[BeecherVol]

The current compound issue is spending to fix the problem, and the problem is getting worse while the debt grows.

 

[CSpindizzy]

Spend more and more but just tax the rich.....better tax them fast. Buffet, Gates, etc. are giving all of their money to charity!

 

[OrangeYankee]

It's nuts they said spending was double what the revenues were and will be that way for the foreseeable future. Not only that I heard another report out that Fed Employees avg compensation packages were double the average private sector employees 123k vs 60k respectively (this is benefits + income).

 

[CSpindizzy]

Uh oh! Comp packages bigger than the private sector? Better demand the firing of the federal "CEO"....