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« Guess How Many Millionaires Get Unemployment Bennies | Main | World's Richest Man Gets Richer Supplying 'Obama Phones' »
Wednesday
Oct172012

IT'S OFFICIAL: Deficit Tops $1 Trillion For 5th Straight Year

Debt Party USA - $17 Trillion Now in Sight

The finals numbers for fiscal 2012 have been reported.

(Reuters) - The United States government reported a budget surplus for the final month of the 2012 fiscal year, but the tiny bump in revenues did not prevent the country's deficit from exceeding $1 trillion for the fourth year in a row.

The 2012 budget gap was $1.089 trillion, narrower than last year's deficit of $1.297 trillion because of higher corporate income tax receipts and less spending, the Treasury Department said on Friday.

The deficit equaled 7.0 percent of U.S. economic output, down from 8.7 percent last year, the department said. Economists generally consider deficits exceeding 3.0 percent of gross domestic product to be unsustainable in the long term.

The year-end budget report comes in the final weeks of the presidential election campaign, where the massive budget gap and President Barack Obama's economic policies have dominated the debate.

After the budget data was released, Obama's Republican challenger Mitt Romney reiterated criticisms that the Democratic administration's reckless spending has racked up the deficit and pushed the national debt over $16 trillion.

Obama and his Democrats have said spending was necessary to pull the economy out of the recession they inherited from the previous Republican administration.

The Obama administration spent $3.538 trillion in the 2012 fiscal year, 1.7 percent less than last year due to the expiration of stimulus provisions, a stronger economy, the end of military operations in Iraq and the continued drawdown in Afghanistan, the Treasury said.

Payments for the Obama administration's troubled housing foreclosure prevention programs fell as well as payments to the government-controlled mortgage financiers Fannie Mae and Freddie Mac. The administration's stock sale of bailed-out insurer AIG also helped reduce overall outlays.

Strong tax collections from Americans and businesses pushed receipts up to $2.449 trillion in 2012, up 6.4 percent from last year, according to the Treasury Department.

"We are seeing the stimulus spending fading and we are seeing some of the effects of the investment incentives," said Lou Crandall, chief economist with Wrightson ICAP.

The government posted a September budget surplus of $75 billion mostly because monthly benefit payments were made in August due to a holiday weekend. That surplus topped analyst expectations for a surplus of $42 billion and marked only the second month in the fiscal year ended September 30 that the country was in the black.

Reuters

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The next generation speaks about the national debt:

Six-year Old Cody understands the generational debt issues which he demonstrates with righteous anger.

 

 

Land of the Free and Home of the Broke

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Reader Comments (10)

Cleveland Bus Driver Suspended After Decking Unruly Female Rider With Brutal Bolo Punch

http://www.thesmokinggun.com/buster/viral-video/cleveland-bus-punch-736901

Video is pretty intense.
Oct 13, 2012 at 12:07 PM | Registered CommenterDailyBail
White House: Obama and Biden were never aware of requests for more Benghazi security

http://thecable.foreignpolicy.com/posts/2012/10/12/white_house_obama_and_biden_were_never_aware_of_requests_for_more_benghazi_security

Biden pissed me off during the debate with this lie.
Oct 13, 2012 at 12:09 PM | Registered CommenterDailyBail
DB,
They have all managed to piss me off.
Are they born assholes or did they go to school to learn the knack?
Oct 13, 2012 at 2:02 PM | Unregistered CommenterTR
TR

I've had an idea for awhile.

1) We force all living Presidents to go to Camp David for a Deficit Summit (since they are ultimately responsidble for 4 decades of unpaid-for bullshit)

2) They get 2 weeks of food and water and after that they are not allowed any more. Nor are they allowed to leave until their task is completed.

3) They have to come up with a legitimate plan to cut $1 trillion in annual govt. spending over a 4 year period. In other words, a 4 year plan to a balanced budget.

4) When the plan is decided upon, they then have to present it to the American people and also publicly apologize for and take the blame for overpromising, over-warring, and overspending for 4 decades.

Something along those lines.

And then we get to take turns berating them in public and calling them assholes in a live pay per view event.
Oct 13, 2012 at 2:51 PM | Registered CommenterDailyBail
more than a few ( fill in the blank) need serious prison time with their bunk mate bubba. Congress makes the mafia a candidate for sainthood.
Oct 13, 2012 at 5:01 PM | Unregistered Commenterponomo
With all due respect to all who comment here, if the tax code was fair, the loop-holes non-existent, the government-that's both parties-weren't corrupt, that the "Empires" wars were payed for from tax revenue instead of on the credit card of the present and future generation[s], along with the military keeping in its own backyard, the laws of the land upheld, not made by the Supreme Court, as well as having national service for all without any deferments, etc., etc., etc., then the country wouldn't be in such crappy shape, along with those who sit on their asses drinking the kool-aid while their neighbors are thrown under the bus, . .. .. . . . . . . . . . . . . well, you get the point.
Oct 18, 2012 at 2:03 PM | Unregistered CommenterNorman
Well stated, Norm.
Oct 18, 2012 at 4:07 PM | Registered CommenterDailyBail
DB, I've always advocated a similar plan but it involves locking Congress in a room with no food, water or toilet facilities. Don't let them out until they balance the budget. Maybe don't let them out even if they do.
Oct 31, 2012 at 3:36 PM | Unregistered CommenterMr. Mojo
Mojo

I could agree to that.
Nov 5, 2012 at 1:36 AM | Registered CommenterDailyBail

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