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The federal budget deficit, which hit a record $1.4 trillion last year, will exceed that figure this year and again in 2011, the White House predicted Friday, providing fresh ammunition to Republicans who are hammering President Obama for all the red ink as they campaign to regain control of Congress in November.
The government is borrowing 41 cents on every dollar it spends.
Quote:
"For more than a year and a half, the president and his Democrat allies on Capitol Hill have pushed an anti-business, anti-jobs agenda on the American people while adding trillions to the debt," Senate Minority Leader Mitch McConnell (R-Ky.) said in a statement.
Quote:
But the long-term forecast stayed about the same, with the White House predicting additional borrowing of $8.5 trillion through 2020, a sum that would drive the national debt to more than 77 percent of annual economic output.
Maybe they should think of cutting their budget, so they don't have to borrow?
Amazing considering that for FY2007, the deficit had fallen to $160 billion from a high of $412 billion in FY2004. FY2008 or FY2009 were predicted to show a budget surplus. Instead we hit recession and that $160 billion quickly multiplied to an estimated $1.6 trillion for 2010.
Amazing considering that for FY2007, the deficit had fallen to $160 billion from a high of $412 billion in FY2004. FY2008 or FY2009 were predicted to show a budget surplus. Instead we hit recession and that $160 billion quickly multiplied to an estimated $1.6 trillion for 2010.
Yeah, and you have to look at the fact that deficits were dropping while revenue increasing at the same time Bushs tax cuts were kicking in.. How odd.
The government is borrowing 41 cents on every dollar it spends.
Maybe they should think of cutting their budget, so they don't have to borrow?
Come on now, we all know its the fault of one man, one party. Bush and the GOP. The new rules that took affect in 09 were:
1. If something negative happens at all during the Obama tenure, it is obviously Bush's fault, no matter what.
2. If something positive actually happens, it is the responsibility of the media to give Obama praise for it, and for Obama to accept the praise and take credit for whatever it may be.
Come on now, we all know its the fault of one man, one party. Bush and the GOP. The new rules that took affect in 09 were:
1. If something negative happens at all during the Obama tenure, it is obviously Bush's fault, no matter what.
2. If something positive actually happens, it is the responsibility of the media to give Obama praise for it, and for Obama to accept the praise and take credit for whatever it may be.
Remind me again - which party had the reins of congress (appropriation power) in 2007 and beyond?
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