US Budget Deficit Tops $1 Billion for the First Time Ever

[Mu-Meson]

Well, they did say it would be an Historic Presidency if Obama won. I guess they were right.


WASHINGTON — The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.
The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.
The soaring deficit is making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could also force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.
"These are mind-boggling numbers," said Sung Won Sohn, an economist at the Smith School of Business at California State University. "Our foreign investors from China and elsewhere are starting to have concerns about not only the value of the dollar but how safe their investments will be in the long run."
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 $1.09 trillion. The administration forecasts that the deficit for the entire year will hit $1.84 trillion in October.

http://news.yahoo.com/s/ap/20090713/ap_on_bi_go_ec_fi/us_economy_deficit

That is $3 billion in deficit EVERY SINGLE DAY in June. :cantbeli:

EDIT: Could a Mod please change the title to "$1 Trillion". $1 billion is just wishful thinking.

[Jobu]

And it's only June.

How high will it be by the end of the year?

[BigDukaroo]

Well, they did say it would be an Historic Presidency if Obama won. I guess they were right.


Do you honestly believe that the current deficit is his fault, even though the budget was passed long before he was even inaugurated?


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 $1.09 trillion.

[FullMetalJackass]

Do you honestly believe that the current deficit is his fault, even though the budget was passed long before he was even inaugurated?


I honestly believe it is the fault of congress and the president who signed it, see I don't like any of them. And the obama regime will continue to increase it after his congress gives him a spending bill. What percentage of GDP is government spending now? 45%?

[Alpheus]

Do you honestly believe that the current deficit is his fault, even though the budget was passed long before he was even inaugurated?

http://1.bp.blogspot.com/_L6pDyjqqsvY/Si-V0JzXnyI/AAAAAAAAcAg/LXEUD7djfs4/s400/obama+deficit.jpg

And the budget that was passed in October was passed by, you guessed it, a Democrat Congress.

Do you honestly believe that the current deficit would be so big if that abortion of a failed stimulus bill hadn't been passed?

[sinophile]

Do you honestly believe that the current deficit is his fault, even though the budget was passed long before he was even inaugurated?

Yes. I do.

[Zarak]

**** yeah, lets see if we can make the national debt equal our GDP before Obama's first term is over.

[WarriorMonk]

holygoddamnsunofabitch!

[MaverickCowboy]

its the Americans fault. they didn't cut back spending and buying SUV's and killing the environment. we have to make everyone poor and raise taxes so that the government can fix things. they know how to fix it better than we do. thats why we elected elitists after all.

[NineLine]

god damn Americans...

[PH961]

The rest of the world should toughen up on America and demand it to stop it's irresponsible behaviour and cut it's spending.

For the moderators: I was banned for 2 weeks because I wrote a critical post about America. However I have read far more provocative posts here written about other countries such as Russia, Iran, China and Venezuela without the poster responsible being banned. I would like to ask if there are different rules about America in this forum than for the mentioned countries? I would hope that same standards are used for each country, meaning that same tone of language and same kind of criticism can be used about America than about Russia/China etc. without being banned.

I posted this question for moderators here because I could not find any thread/forum dedicated to questions for moderators.

[vryhpyammoadded]

Embrace the suck people. It’ll feel fantastic later on hunting the managerial elite crooks down to repatriate stolen wealth while building a new nation off the freshly cleaned and scrubbed Constitutional foundation.

[dttk0009]

The rest of the world should toughen up on America and demand it to stop it's irresponsible behaviour and cut it's spending.

For the moderators: I was banned for 2 weeks because I wrote a critical post about America. However I have read far more provocative posts here written about other countries such as Russia, Iran, China and Venezuela without the poster responsible being banned. I would like to ask if there are different rules about America in this forum than for the mentioned countries? I would hope that same standards are used for each country, meaning that same tone of language and same kind of criticism can be used about America than about Russia/China etc. without being banned.

I posted this question for moderators here because I could not find any thread/forum dedicated to questions for moderators.
There are, read the faq and 'posting rules' thread or whatever it's called.

[sinophile]

I'd hold off on the obituary. The proposed spending is appalling, but much of it hasn't yet been spent. They're trying to get the timing just right for the November elections. Probably a lot of money going to be allocated to projects in the Pelosi, Rangel and Waters districts.

[deagle]

its its gonna keep growing right ?

[MaverickCowboy]

The rest of the world should toughen up on America and demand it to stop it's irresponsible behaviour and cut it's spending.

For the moderators: I was banned for 2 weeks because I wrote a critical post about America. However I have read far more provocative posts here written about other countries such as Russia, Iran, China and Venezuela without the poster responsible being banned. I would like to ask if there are different rules about America in this forum than for the mentioned countries? I would hope that same standards are used for each country, meaning that same tone of language and same kind of criticism can be used about America than about Russia/China etc. without being banned.

I posted this question for moderators here because I could not find any thread/forum dedicated to questions for moderators.

If you don't like it, leave. lol

[TheSteve]

The rest of the world should toughen up on America and demand it to stop it's irresponsible behaviour and cut it's spending.

For the moderators: I was banned for 2 weeks because I wrote a critical post about America. However I have read far more provocative posts here written about other countries such as Russia, Iran, China and Venezuela without the poster responsible being banned. I would like to ask if there are different rules about America in this forum than for the mentioned countries? I would hope that same standards are used for each country, meaning that same tone of language and same kind of criticism can be used about America than about Russia/China etc. without being banned.

I posted this question for moderators here because I could not find any thread/forum dedicated to questions for moderators.
Well this forum isn't exactly a bastion of anti-American ideas, I would use it for military reality questions, and not as an outlet for your political opinions. You'll probably be a happier person that way.

[PALADIN]

The rest of the world should toughen up on America and demand it to stop it's irresponsible behaviour and cut it's spending.

For the moderators: I was banned for 2 weeks because I wrote a critical post about America. However I have read far more provocative posts here written about other countries such as Russia, Iran, China and Venezuela without the poster responsible being banned. I would like to ask if there are different rules about America in this forum than for the mentioned countries? I would hope that same standards are used for each country, meaning that same tone of language and same kind of criticism can be used about America than about Russia/China etc. without being banned.

I posted this question for moderators here because I could not find any thread/forum dedicated to questions for moderators.

Here you go:

4. Remember this is a pro US, pro GWOT board by it's nature and thus some opinions may not be too welcome particularly if the dissenter is hyperbolic or baiting about their beliefs. Posting anything political in RIP threads will be dealt with severely.

From:
http://www.militaryphotos.net/forums/showthread.php?t=1554

[XShipRider]

People are enthralled by the deficit rather than the real problem -- the national debt. Deficits can be turned around with a few strokes of the pen but the debt is squeezing the life out of this country.

[PH961]

Here you go:

4. Remember this is a pro US, pro GWOT board by it's nature and thus some opinions may not be too welcome particularly if the dissenter is hyperbolic or baiting about their beliefs. Posting anything political in RIP threads will be dealt with severely.

From:
http://www.militaryphotos.net/forums/showthread.php?t=1554
Right.

Here is my post that got me banned:



Of course the US should be on that list since the US is by far the single biggest threat to world peace. And this is not my opinion only. Most of the EU citizens think like this.
My post did not contain any vulgar language, insults, threats or dead-wishes. It just stated an opinion (backed by millions of EU citizens according to a poll) that the US is the biggest threat to world peace. And this got me banned?

I have no problem with this forum being pro-US but censoring sober opinions that are critical to the US is not a good thing. You should be able to write "country X is the biggest threat to world peace" without being banned, whether the X is Russia, China or the US.

From now on I have to think before every post whether this and this opinion will be tolerated by the moderators or not. Well, if censorship of opinions is what you want then I guess we have to live that way. It is your forum. But in my opinion my post was not a kind of a post that deserved a ban.

This is not a correct thread to discuss about this so this will be my final post about the subject in this thread.

[Guam_Guy]

Can we hold countries for ransom to pay it off?

Damn in a year or 2 it going to be the French revolution in D.C

[tea drinker]

If you don't like it, leave. lol
Typing stuff on the internet is a tough game... gulp, gulp p-)

[Jobu]

That's over $1 trillion in new debt BEFORE cap and trade and the health care overhaul, mind you.

[vryhpyammoadded]

Damn in a year or 2 it going to be the French revolution in D.C Appropriate quote for Bastille day! I eagerly await…

Then again, I’ll be just as happy with a 91 Soviet like redistribution of Federal power back to the states but with the Republicratic party clean swept into the political ashcan allowing new party growth rather than simple political hat swapping.

[Mackie]

If the crisis hit you hard the problem was structural.
In this case a damn big deficit before and non-existing economical growth.