Silver
05-11-2009, 04:14 PM
US red ink rising even higher, to $1.8T
US red ink to top $1.8 trillion, 4 times record; gov't borrows 46 cents for every dollar spent
http://finance.yahoo.com/news/White-House-Budget-deficit-to-apf-15199183.html?.v=8
WASHINGTON (AP) -- The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates.
Budget office figures released Monday would add $89 billion to the 2009 red ink -- increasing it to more than four times last year's all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.
The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama's economic stimulus bill -- as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.
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Already Obama cabinet appointee, Budget Director Peter Orszag absolving the Messiah from any responsibility for deficit....4 times over the record...
Liberal crap soup for the masses....GW got blamed for Clintons screwups, his own screwups, and now he'll get blamed for Obama screwups...
US red ink to top $1.8 trillion, 4 times record; gov't borrows 46 cents for every dollar spent
http://finance.yahoo.com/news/White-House-Budget-deficit-to-apf-15199183.html?.v=8
WASHINGTON (AP) -- The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new White House estimates.
Budget office figures released Monday would add $89 billion to the 2009 red ink -- increasing it to more than four times last year's all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.
The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama's economic stimulus bill -- as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.
==========
Already Obama cabinet appointee, Budget Director Peter Orszag absolving the Messiah from any responsibility for deficit....4 times over the record...
Liberal crap soup for the masses....GW got blamed for Clintons screwups, his own screwups, and now he'll get blamed for Obama screwups...