Grim milestone: Budget deficit hits $1 trillion
Woo-hoo! Feel the Hope and Change:
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.
The deficit has been propelled by the huge sum the government has spent to combat the recession and financial crisis, combined with a sharp decline in tax revenues. Paying for wars in Iraq and Afghanistan also is a major factor.
The country’s soaring deficits are making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.
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Trackbacks
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- Federal Budget TOPS 1 TRILLION | Generic Rant - NOT usually Politcally Correct!
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Yay us!!!
As someone once said You ain’t seen nutten yet
Is the spending ever going to stop? Are they just trying to wear us out so we quit caring? Well not me. I will never stop fighting this marxist/commie.
WHERE are those damned sparklers…?!??
so… will the lapdog media praise President BroBama for this glorious milestone, or will they condemn former President Bushitler for this terrible, terrible milestone?
A truly
historicalhysterical Presidency.I’m having a flashback to a snack chip commercial, and the voice of the spokesman smiling and saying “spend all you want; we’ll print more!”
Thank you Mr. Obama and all your socialist democrat buddies. Way to go, your legacy is shaping up just as we conservatives predicted.
Aren’t cha glad we elected Duh One? Ain’t socialism great?
Talk about your grim milestones…
Did any of you watch Glenn Beck tonight? If not, catch it on re-run! He covers this subject very well. It is a run toward global currency. No longer just a conspiracy theory…it is happening.
More pain? Bah! Just look on the bright side. It will take a 1967 to get us a 1980. Of course, there’s no guarantee that will happen. And when the vote was split from Bush Sr and Clinton and Perot, we got 8 years of Clinton, and not a more conservative president after only 4 years of Clinton. So, look on the bright side. At least we kept captain McTraitor out of the whitehouse so he couldn’t enact shamnesty. And that’s all that mattered. Right?
happy #10
There was an article on Bloomberg about the global currency that was introduced to the G-8 summit meeting in Italy. I’m really pressed for time, otherwise I’d look it up for you. But, yep, Glenn was right again. Running to the store for more tylenol, before they ban it OTC.
That’s more like a millstone.
Exactly backwoods. We are so screwed.
Backwoods said:
Perfect!
So how are our masters thinking right now? And what will they be saying?
We gotta have socialized medicine, to bring these deficits down.
We gotta cut defense spending, to bring these deficits down.
We gotta raise taxes, to bring these deficits down.
Even though I’m not a believer in big guvment, we gotta have more power to bring these deficits down.
And so it goes brothers and sisters, for as many refrains as you can possibly want.
Welcome to the United States of Zimbabwe.
The good news is Colin Powell is really, really upset about this.
Having trouble with the huge deficit?
The future look bleak for you, your kids and grandkids?
Check this out, it can make you feel better:
http://www.youtube.com/watch?v=9cqr-OcJ_CI
In the Democrat’s institutional memory, FDR and the depression was just yesterday. This time they won’t let it go.
Prediction: 35% unemployment, stock market tanked (bah-buy 401k’s, ira’s, roth’s; hello, winners: government pension stiffs), energy taxed economic collapse, will give food for your ungreen autos…
The point is Debtocraps want a depression, are planning on it, forcing it to happen, and can hardly wait. This time there will be only one party. This time all those other voices will be silenced.
Can anyone tell me how to make a torch?
I already have a pitchfork.
Only Colonel Obama and his pug nosed Latina can save us.
I watched Glenn and he said this was going to happen several years ago. I guess I need to get my wheel barrow full of wothtless dollars to buy my ‘daily bread’. The only thing that is keeping me going is, I have read the Bible and know what is gonna happen. I am sad for our once wonderful Republic. My God knows how to deal!
L
*That’s chump change compared to the national debt come 2050; Try 60 trillion unfunded for Social Security, Medicare, and Medicaid; All of it is knowable, but for very few in D.C. is it doable with the staus quo.
*Expect various massive taxes and surtaxes proposed by the Dems; That is their goal, to let us bleed like a stuck pig, then offer us that as the only remedy.
*As for the GOP, they should grab hold of the FairTax and ride it hard until it becomes law; You’ll see 8 to 12 trillion dollars come back home to the USA with 18 months; But they won’t, because they are too busy trying to be Democrats.
*This revolution will be televised!
What else did you expect with the Democrats in charge of the Executive branch and both Houses?
They named their budget “A New Era of Responsibility: Renewing America’s Promise.” This is Owellian newspeak for “tax and spend.” The only promise they have renewed is the promise that they will pass the bill on to our children.
Now that I think about it, the Left’s idea that you can be “responsible” by acting irresponsibly is actually doublethink: a simultaneous belief in two contradictory ideas.
I guess I should run down to the local hardware store to buy a new wheelbarrow before I can’t afford one after inflation starts to kick in. I will need something to carry all the worthless paper the US Treasury keeps printing provided I can find or afford a loaf of bread in the coming Obama/Weimar Republic economy.
Perhaps you were thinking of the current economic thinking of Warren Buffet?…
Yup.
BJC; a flat tax, a consumption tax, and only 10% taxes on corporate earnings and capital gains would indeed spur a massive return of business to this country. get rid of 2/3 of the gubmints departments and cut in half the remainder, and burn all the regulatory books from the gubmint, and business owners from around the world would flock to the u.s. to run their business. our workers are productive, our environment other than gubmint interference is fine. get 1984 out of the u.s. and tax business as if you want them instead of despise them, and we’ll put our people and half the rest of the world to work. did you notice McD’s moved their european headquarters to switzerland from london due to taxes. many other companies have also. taxes are a cost of business, but onerous taxes are a reason to leave.
As Hope-a-Dope said to some of his big-bucks Hollywood Moron supporters at a fundraiser a few months back:
“You ain’t seen nuthin’ yet!”
The fate of the Republic has come down to a race: Whether the Rubes (i.e., the American People) can figure out that they’re being screwed before Hope-a-Dope, Nancy & Harry can finish screwing them — or whether we can write Hope-a-Dope’s political epitaph before he buries us all under a headstone with the inscription,
U.S.A.
R.I.P.
Frankly, I’m not optimistic. Hope-a-Dope and the donks (that’s a political party, not a punk rock band) have already injected enough fiscal venom into this country that it’s probably a lethal dose; but only now are a lot of people figuring out that they’ve been bitten.
cheapseat:A good example is that in 2 years, Canada’s corporate tax rate goes down to 15%, one of the lowest in the world, while P-BO contemplates raising ours to 39%; Where, might you think, will the jobs go; O Canada! indeed; Foolish, stupid people in D.C. or criminal intent, I’m still not sure which it is; Probably both.
*Everyone should read about and get to know the FairTax; Until we demand the complete overhaul this system would bring about, the tail will continue to wag the dog; This dog, for one, is a tail biter!
They underestimated the mess they inherited – dontcha know?
Oh goody!!! The exploding pink mist in slo-mo!
Let’s see now, the budget deficit hits $1,000,000,000,000.00 and, curiously, Michelle Obama’s FLOTUS budget triples, and the white house refuses to release figures for her recent “European vacation”. Are they still flying in the chef for “pizza night” at the White House”? Why can’t FLOTUS cook?
I think this sort of behavior ignited some widespread unrest in Europe a while back. Wasn’t it called the French Revolution? What did they say? Let them eat cake.
Bush!
cabrerski: No, no, no!; It’s a Tax Revolt, or revolution, and involves ballots, not bullets; Many incumbents will be turned out in 2010; Check your TV listings for early Nov., 2010; People do not take kindly to someone with a hand in their pocket that they are not intimate with; There will be hell to pay.
Viva La FairTax!
For the FED to up hold the Global Market keeping foregin countries from going bankrupt over the US housing socialism experiment, the United States tax payer was robbed.
Old Hickory warned us about a central bank. Now, look at us.
bjc:
Just havin’ a little fun with a play on words…
probably should have used the /sarc off
Put your grandchildren to work early so they can learn the value of a trillion dollar note.
If they let us vote again I assume you mean; the peasants voted once so why bother them again? Maybe ballots, maybe the other. Emmanuel, Axelrod, Holder and Obama are true believers–they will not surrender power easily. No Bill of Negative Rights shall hinder the Revolution of He Who We Have Been Waiting For… not by a long shot.
Reischstag fire or other-they will try to find an excuse.
Keep your powder dry.
If your older like myself you can get all pain killers you want, nothing to help you get better, cause the One and his ilk don’t want us to get better…we’ve served our purpose.
cabrerski: Ok, thanks; I’m a lover, not a fighter, although my wife says I’m an animal.
I’ve asked before, when is enough, enough?
rightisright – Well, by definition enough would be enough. However, when enough is not enough it would be because enough was never really enough in the first place. For Dear Leader et al, enough will never be enough, so enough with him already.
Hope that helps clear things up.
Stick+Rag+Tar
I prefer oxyacetylene with a rosebud tip.Gets much much hotter that way.Plus you can use it to heat the pitchfork to a nice cherry red before using it.
It’s all over. TOTUS is dead.
Dear Leader: May we now please observe a moment of silence…OK, resume nonsense.
But enough about your Saturday night (rimshot)…
Anyone wanna bet on how fast we reach a debt of eleven trillion? Within 4 years if the Dims hold Congress at the midterm.
Just sayin’…
We need to keep fighting the near term fight, because I think that we may be entering a new era.
This sounds potentially nutty as can be but please bear with me.
Tonight I heard on Fox that Sarah Palin has pledged to campaign for ANYONE who believes in the conservative view of limited government, lower taxes, less spending, etc. etc. She did not limit it to Republicans, but also Democrats and Independents.
I think what Palin is attempting to ferment a revolution through the creation of a Conservative Coalition that drives a wedge into both parties. We all know the RINO’s run the RNC. They hate Palin and frankly consider most of us an embarassment. There are plenty of Independents who stand with us but do not want to be labeled with an “R” or “D.”
The Democrat ranks are starting to fracture as the Blue Bloods and Moderates see Obama running the country into the crapper. 26 of them already announced that Health Care is a “No GO” with them. The $1 Trillion deficit will only make that worse.
I think what Palin is trying to do is draw ALL conservatives together, not under a banner or a label or even a party; but rather under a set of principles. Forget the “R” or the “D” just vote for the candidate who is most conservative.
40% of the country is conservative and 39% is moderate. If you get 90% (36%) of the conservatives and 40% (16%) of the Independents, you have a majority!
Think of conservatives out there who would be willing to challenge for a seat, knowing Palin will stump for them, when normally they would never have had the courage.
It is so crazy, so outlandish, so off the wall, so unconventional, it could work. I think Palin has found the “Schwerpunkt” courtesy of the RNC and Obama. I do not know what the rest of you think, but in the words of the Late Gary Gilmore, “Let’s do it.” It sure beats sitting here watching this nonsense.
I believe all those worthless dollars dipped in oil that we are no longer allowed to use should burn pretty good. Just make sure you buy some carbon offsets first or you may get s visit from the green police.
Hey, this another historic milestone: the first trillion dollar deficit by a black president. Why no CNN special to mark the occasion?
They’re just getting started. Wait until you see the final tab.
Don’t worry, be Hopey.
Barack will fix everything. Barack will fix everything. Barack will fix everything. Barack will fix everything.
Stupid People get the Stupid Government that they deserve and voted for.
When the cost of living becomes out of reach for even the most affluent of Americans, anarchy will follow. Either that, or the New World Order, that all these sycophants who believe that Government knows best, will engineer the ultimate downfall of this country.
Thank God for Hope ‘n Change. All I’m sayin’.
Don’t worry everyone those millions of new or “saved jobs” will make up for it!
Here is a chart showing just how successful our garden variety community organizer has been thus far!
I know there are reams of unread paper pages from bills signed by congress …if you find a way to wrap them around a stick …you are all set!
A trillion here a trillion there, pretty soon we’re talkin real money. Oh wait a minute, we don’t have “real money any longer. Seriously though, it boggles my mind. I live on a pension of 24k a year, and I still end up paying taxes every year, above and beyond, like clockwork every 5/15. I am in a wheelchair, take nothing from the govt. Worked enough AFTER getting in this thing to qualify for another pension, which I am not drawing yet… and I just don’t see where I am getting a even a little break when the Clown-in-Chief spends more on a 5 minute photo op than I am living on for a year. Sorry to rant folks, but I am really getting worried.
Does anyone else remember back when the dems would go all spastic about a mere $200 billion deficit? It was the END OF THE WORLD!!
Of course, now that those same exact dems are bringing us a $1 trillion deficit we’re supposed to look the other way. “Nothing to see here, move along, move along…”
Sure, you get you nearest liberal progressive radical and dip them in a gasoline/styrofoam mix…
just kidding folks.
Now click the heels of your Ruby Red Slippers together 3 times realitycheck
Is the government spending now immoral?
Heard an interesting tidbit this morning. To illustrate just how big a number one trillion is, a radio newscaster said this: “Do you realize one trillion seconds ago, Neanderthals walked the earth?”
(I’m sure he was referring to cavemen, not the current denizens of Washington).
tarpon: It is when it is for things other than things needed to protect your life, your liberty and your pursuit of happiness.
Note, you may pursue whatever makes you happy, but the government is NOT there to make sure you reach that goal. For example, if it takes a Tahitian vacation for you to be happy, the government will provide you a passport and make certain the airline carrying you there operates safely, but it will not pay for your vacation. If you want it, you can earn it, but it shouldn’t be given to you!
How ’bout this one: A Trillion Dollars is a stack of $100 bills… 620… MILES HIGH!!!
tarpon said:
At these levels…and during this economic climate…yeah, pretty much.
Are you sure? I mean about the kidding…
I’ll check back with you on the next trillion dollar mark.
I’m thinking of the Lay’s commercial “Here’s a trillion-dollar bill, betcha can’t spend just one…”
Flyoverman#47: Yes – thank you – great explanation of Sarah Palin’s new PAC idea. I appreciate you spelling out in such logical terms how she could benefit a true CONSERVATIVE movement. I am getting frightened about what is happening monetarily to our country and I am hoping many Americans are too! Then they will awake from their malaise and we can fight the good fight by supporting true conservatives in 2010/2012. Incumbents out.
So how much of this is REALLY left over from Bush? I have to have some figures to shut up my ultra-liberal cousin who still claims Bush got us into all this & the Dems have to spend in order to get us out. Uh huh..
babbledabble: I always go back through Ms. Malkin’s archives looking for old info and have been surprised at how thorough she is in documenting these kinds of issues about spending. It will take some time and work, but I think you will find what you need. Keep in mind that SENATOR OBAMRAMA was in the Senate and voted (when he was around) yes on a lot of the spending that went on during the Bush 2nd term.
Read Thomas Sowell’s comments on the Townhall blog as well. Also,check out Sweetness and Light.com and Rightwingnews.com for more info.