Deficit Numbers Already Horrible For FY 2010: $292 Billion After Just 2 Months
I still can't get used to these numbers. It wasn't long ago (24 months) when $292 billion was our deficit for an entire fiscal year. That's just chump change to the Obama-Reid-Pelosi crew who have no plans to slow down the giant deficit machine in 2010, as they pave their way to mid-term elections that they hope to purchase with your money.
Obama doesn't see it yet, but he will be known by history as the Deficit President -- The man who racked up $6 trillion in national debt in 4 years. The next closest President is Bush who accumulated $1.5 trillion in debt for your children, during his second term. Yes, Obama's deficits = 4X(Bush's deficits), and Bush was the worst on record until Obama.
The numbers don't lie. For the record, it took the United States 216 years from 1776 to 1991 to accumulate its first trillion in national debt. We do that every 9 months under Banks Obama.
I might possibly lose my mind by 2012.
WASHINGTON, Dec 4 (Reuters) - The U.S. government racked up a gaping shortfall in the first two months of this fiscal year after posting a record budget deficit last year, congressional analysts said on Friday.
In October and November, the government spent $292 billion more than it took in, the nonpartisan Congressional Budget Office said.
That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.
The federal budget has been battered by the worst economic downturn since the Great Depression of the 1930s, as tax revenues have plunged and spending on safety-net programs like unemployment insurance have skyrocketed.
The budget deficit was $176.4 billion in October, according to Treasury Department records, and the CBO estimated the deficit for November will have come in at $115 billion.
The CBO gave its figures in billions of dollars and said numbers may not add up to the totals because of rounding.
Receipts totaled $132 billion in November, the CBO estimated, down 9 percent from the same month last year. That was partly due to new legislation that gives increased tax write-offs to corporations.
Outlays were down $23 billion from a year earlier, the CBO estimated, as the government spent less on federal programs to stem the financial crisis.
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Dec 9, 2009 at 4:13 PM
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