Deficit Tops $1 Trillion for the First Time

[red states rule]

Way to go Obama. That Hope and Change Express is rolling down the tracks and now it is time for across the board tax increases to try and pay for this party the Dems are throwing.

The $1.1 trillion deficit will continue to grow - the fiscal year continues thru September



Federal Budget Deficit Tops $1 Trillion for the First Time

The Treasury Department says the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.


WASHINGTON -- Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.

The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There's also concern about trying to reverse the deficit -- by reducing government spending or raising taxes -- in the midst of a harsh recession.

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 nearly $1.1 trillion.

The deficit has been propelled by the huge sum the government has spent to combat the recession and financial crisis, combined with a sharp decline in tax revenues. Paying for wars in Iraq and Afghanistan also is a major factor.

The country's soaring deficits are making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could 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."

Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.

Congress already approved a $700 billion financial bailout and a $787 billion economic stimulus package to try and jump-start a recovery, and there is growing talk among some Obama administration officials that a second round of stimulus may be necessary.

This has many Republicans and deficit hawks worried that the U.S. could be setting itself up for more financial pain down the road if interest rates and inflation surge. They also are raising alarms about additional spending the administration is proposing, including its plan to reform health care.

http://www.foxnews.com/politics/2009...trillion-time/

[red states rule]

Now add this to the mix


National debt hits record $11 trillion

The eye-popping national debt surpassed $11 trillion Monday, the largest in U.S. history.

The new Treasury Department figures on the national debt were released as the non-partisan Congressional Budget Office is expected to project that the annual budget deficit will be higher than previously estimated by the White House's Office of Management and Budget. The debt, which refers to the cumulative amount of money the government owes, hit $10.9 trillion on Friday.

The whopping number has major ramifications for President Barack Obama, who is trying to push through a raft of big-ticket bills on health care, energy, education and climate change — while also attempting to stabilize the swooning economy.

Sen. Kent Conrad (D-N.D.), chairman of the Budget Committee, said Tuesday that the numbers could force Congress to make "adjustments" to Obama's $3.6 trillion budget plan.

"It’s very important get a result for the American people and one that has the priorities that have been [announced] by the president in terms of reducing our dependence on foreign energy, that’s in all of our interests, excellence in education, health care reform and dramatic reduction of the deficit,” Conrad told reporters. “Those will be our guiding principles as we go forward, but as I say, we’ve not yet seen CBO’s new numbers. But I think we can all anticipate because they were done substantially later than OMB’s, that they are going to be more adverse. That that’s going to require all of us to make adjustments.”

http://www.politico.com/news/stories/0309/20139.html

[chloe]

Way to go Obama. That Hope and Change Express is rolling down the tracks and now it is time for across the board tax increases to try and pay for this party the Dems are throwing.

The $1.1 trillion deficit will continue to grow - the fiscal year continues thru September



Federal Budget Deficit Tops $1 Trillion for the First Time

The Treasury Department says the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.


WASHINGTON -- Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.

The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There's also concern about trying to reverse the deficit -- by reducing government spending or raising taxes -- in the midst of a harsh recession.
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 nearly $1.1 trillion.
The deficit has been propelled by the huge sum the government has spent to combat the recession and financial crisis, combined with a sharp decline in tax revenues. Paying for wars in Iraq and Afghanistan also is a major factor. The country's soaring deficits are making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could 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."

Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.

Congress already approved a $700 billion financial bailout and a $787 billion economic stimulus package to try and jump-start a recovery, and there is growing talk among some Obama administration officials that a second round of stimulus may be necessary.

This has many Republicans and deficit hawks worried that the U.S. could be setting itself up for more financial pain down the road if interest rates and inflation surge. They also are raising alarms about additional spending the administration is proposing, including its plan to reform health care.

http://www.foxnews.com/politics/2009...trillion-time/

This was a problem prior to the election, Obama's spending is only making it worse. Ron Paul has said why is it up to the USA to fight all the wars and police other countries and we owe them money ? why don't they right off our debts considering all the protection & humanitarian help they have recieved from us over the years? Also we shouldn't have had the bailout in the first place so why even consider a second one?

[red states rule]

This was a problem prior to the election, Obama's spending is only making it worse. Ron Paul has said why is it up to the USA to fight all the wars and police other countries and we owe them money ? why don't they right off our debts considering all the protection & humanitarian help they have recieved from us over the years? Also we shouldn't have had the bailout in the first place so why even consider a second one?

The maga spending will continue. We still have Knee Cap and Tax going thru Congress - and Pelosi and Obama are determined to push Obamacare thru regardless of the cost

The Dems in Congress and Obama need to go. They have stolen our future and we are left holding the very empty bag.

[chloe]

The maga spending will continue. We still have Knee Cap and Tax going thru Congress - and Pelosi and Obama are determined to push Obamacare thru regardless of the cost

The Dems in Congress and Obama need to go. They have stolen our future and we are left holding the very empty bag.

true the dems spending more is not the answer,Im afraid this country is going to go bancrupt and the socialist agenda is going to cause a ron paul revolution.

[red states rule]

true the dems spending more is not the answer,Im afraid this country is going to go bancrupt and the socialist agenda is going to cause a ron paul revolution.

Not a Ron Paul revolution - a second Reagan conservatism revolution