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Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO).
Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July. …
Tax revenue for the first three quarters of 2009 has fallen by approximately $350 billion, or 17 percent compared to the same period last year, due mostly to the effects of the recession on payroll, income and corporate taxes. A third of the decline is due to tax breaks in the stimulus, including the middle-class tax cut that President Obama campaigned on during last year’s election.
Call me crazy, but in my household if revenues decrease, spending does as well.
So, revenue decreased by 17% but spending went up by 21% - what's wrong with this picture?
To the OP:
Did you ever really believe that the American People would allow the GOP fat cats to loot the economy via Wall Street, then do NOTHING in response as to insisting that those same rich PAY FOR what they did?
Obama's spending is unprecedented. His deficits will be more than all other presidents combined. Something to be proud of for the Left - remember when they worked themselves into a frothing rage about $400 Billion deficits - obama will more than quadruple that number. Doesn't seem to bother them so much nowadays.
Same thing again, spending is bad when the Democrats do it...even if it's money already pushed through for the war efforts in Iraq and Afghanistan well before he took office.
It's OK to bankrupt the nation by "war" spending, just not if it's going to directly aid American citizens.
Are you out protesting the war NOW? If not WHY? Tell Obama to get out. Funny how when Obama came into office all the horrible war stories stopped and the war protesters went home. What is the difference? He is continuing the war so go protest against Obama and be sure to tell him that he has blood on his hands.
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