AP source: Deficit to be $1.58 trillion this year

[MikeMike]

AP source: Federal deficit to reach $1.58 trillion for fiscal year

* By Philip Elliott, Associated Press Writer
* On Wednesday August 19, 2009, 8:33 pm EDT

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WASHINGTON (AP) -- The White House plans to announce the federal deficit is about $262 billion less than officials predicted earlier this year -- in part because the administration has provided less aid than expected to Wall Street.

The federal deficit this year will total $1.58 trillion, a senior White House official said late Wednesday. That's three times more red ink than last year. The official spoke on the condition of anonymity to discuss the report before its release next Tuesday while President Barack Obama will be on vacation in Massachusetts.

The nonpartisan Congressional Budget Office is expected to release its mid-session review the same day. It estimated in June that it expected a deficit of $1.825 trillion.

The report for the budget year that ends Sept. 30 also will predict Washington to spend $3.653 trillion this year, the official said. Revenue, however, would reach only $2.074 trillion.

The midsummer report was supposed to have been released in mid-July, but was delayed, leading to speculation the White House was delaying the bad news until Congress left on an August recess. Other administrations delayed releasing their versions of this report during their first year.

Obama's budget had included a $250 billion placeholder for a second bailout of the nation's troubled banks but did not ask Congress for it amid concerns the administration was spending too heavily. The administration also had anticipated more banks failing, but the survival of most banks saved billions for Washington.

The report comes during a rough patch for Obama's presidency. The rancor surrounding the Democrats' proposed health care overhaul came during a monthlong break when much of Washington is in a lull.

The administration earlier this year predicted that unemployment would peak at about 9 percent without a big stimulus package and 8 percent with one. Congress did pass a $787 billion two-year stimulus measure, yet unemployment soared to 9.4 percent in July and appears headed for double digits.

The nation's debt now stands at $11.7 trillion. In the scheme of things, that's more important than talking about the "deficit," which only looks at a one-year slice of bookkeeping and ignores previous debt that is still outstanding.

And the media will spin it as "Deficit to be ONLY $1.58 Trillion, as it comes in under estimates, they will perform fellatio around this number because projections were higher, and show how Obama has succeeded

 

[blackangst1]

God I miss the Bush spending

 

[dmcowen674]

Originally posted by: blackangst1
God I miss the Bush spending

Why, we're still in Iraq

 

[MotF Bane]

Originally posted by: blackangst1
God I miss the Clinton budget

Fixed.

 

[her209]

The administration earlier this year predicted that unemployment would peak at about 9 percent without a big stimulus package and 8 percent with one. Congress did pass a $787 billion two-year stimulus measure, yet unemployment soared to 9.4 percent in July and appears headed for double digits.

And the CBO forecasted that the unemployment would hit 9% in early 2010.
http://www.cbo.gov/doc.cfm?index=9957&type=1

 

[sandorski]

Originally posted by: MIKEMIKE



And the media will spin it as "Deficit to be ONLY $1.58 Trillion, as it comes in under estimates, they will perform fellatio around this number because projections were higher, and show how Obama has succeeded

It would seem they would be correct.

 

[blackangst1]

Originally posted by: MotF Bane

Originally posted by: blackangst1
God I miss the Clinton budget

Fixed.

That too. Although theyre unrelated.

 

[xj0hnx]

Originally posted by: dmcowen674

Originally posted by: blackangst1
God I miss the Bush spending

Why, we're still in Iraq

We have been since 2003, and it STILL hasn't cost us as much as the Obamanation has spent in less than one year.

 

[JS80]

Originally posted by: MotF Bane

Originally posted by: blackangst1
God I miss the GOP Congress budget

Fixed.

Oooh I wanna play.

 

[UberNeuman]

Ah, the attack of the fiscal warriors, circa 2008...

 

[Craig234]

Originally posted by: xj0hnx

Originally posted by: dmcowen674

Originally posted by: blackangst1
God I miss the Bush spending

Why, we're still in Iraq

We have been since 2003, and it STILL hasn't cost us as much as the Obamanation has spent in less than one year.

The Bush administration *is* the source of the deficit this year.

Channel the anger at the deficit into demanding the cause of the problems be fixed.

That means the massive financial industry and other major corporate industries not dominating our economy and political system.

That's been the source - their getting deregulation on derivatives, their getting 'goverment corporate welfare' with things like Medicare drugs - by mostly Republicans, and some Democrats (including Clinton), causing the massive debt that does indeed transfer wealth from the public to the most wealthy, even while right-wing media especially, and corporate-owned media overall, continues to confuse many Americans about what's going on.

As long as they do, the American people will get nothing but more of the same, whether in more drastic measure from Republicans, or in minimizing the damage by Obama.

 

[ilkhan]

Originally posted by: MotF Bane

Originally posted by: blackangst1
God I miss the Clinton revenue

Fixed.

re-fixed

 

[StageLeft]

Today Buffet was saying how the huge deficit right now has the potential, down the road, to cause as big as problem as the current crisis.

Buffett, however, believes the "invisible" and "latent" threat of inflation could be "as ominous as that posed by the financial crisis itself."

and

With government expenditures now running 185 percent of receipts, truly major changes in both taxes and outlays will be required. A revived economy can't come close to bridging that sort of gap.

Link

 

[Craig234]

Originally posted by: Craig234

Originally posted by: xj0hnx

Originally posted by: dmcowen674

Originally posted by: blackangst1
God I miss the Bush spending

Why, we're still in Iraq

We have been since 2003, and it STILL hasn't cost us as much as the Obamanation has spent in less than one year.

The Bush administration *is* the source of the deficit this year.

Channel the anger at the deficit into demanding the cause of the problems be fixed.

That means the massive financial industry and other major corporate industries not dominating our economy and political system.

That's been the source - their getting deregulation on derivatives, their getting 'goverment corporate welfare' with things like Medicare drugs - by mostly Republicans, and some Democrats (including Clinton), causing the massive debt that does indeed transfer wealth from the public to the most wealthy, even while right-wing media especially, and corporate-owned media overall, continues to confuse many Americans about what's going on.

As long as they do, the American people will get nothing but more of the same, whether in more drastic measure from Republicans, or in minimizing the damage by Obama.

The issue isn't government any more than the issue with a shooting is the gun - it's whose hands it's in and what they do with it. The gun can be quite useful in the police's hands.

What we need is the government in the hands of the public interest, restraining the harmful excesses of the most wealthy and powerful against the public interest.

Too many people now are misguidedly thinking that if they just cripple the government, the corporations will benevoloently fix the problems.

 

[Vic]

Originally posted by: blackangst1
God I miss the Bush spending

This still is the Bush spending. His admin wrote the budget for FY2009.

 

[dmcowen674]

Originally posted by: Vic

Originally posted by: blackangst1
God I miss the Bush spending

This still is the Bush spending. His admin wrote the budget for FY2009.

Hey hey hey, stop with the facts

 

[blackangst1]

Originally posted by: Vic

Originally posted by: blackangst1
God I miss the Bush spending

This still is the Bush spending. His admin wrote the budget for FY2009.

Yes, Im aware. This will be the last year of small deficits for quite awhile Im afraid. If the CBO is right anyway. We'll see what passes in Oct.

 

[brandonb]

Guys keep up the finger pointing, thats what they want you to do.

 

[spidey07]

Originally posted by: Skoorb
Today Buffet was saying how the huge deficit right now has the potential, down the road, to cause as big as problem as the current crisis.

Buffett, however, believes the "invisible" and "latent" threat of inflation could be "as ominous as that posed by the financial crisis itself."

and

With government expenditures now running 185 percent of receipts, truly major changes in both taxes and outlays will be required. A revived economy can't come close to bridging that sort of gap.

Link

Never let a good crisis go to waste?

 

[cubby1223]

Originally posted by: Craig234
What we need is the government in the hands of the public interest, restraining the harmful excesses of the most wealthy and powerful against the public interest.

Too many people now are misguidedly thinking that if they just cripple the government, the corporations will benevoloently fix the problems.

Seriously, Mr. Genius-Craig-Who-Knows-Everything, how exactly do you change government? By electing Obama to President instead of the evil Republicans?

George Soros invests $811m in Petrobras
http://www.bloomberg.com/apps/...01086&sid=aFHPjfeUvtl8

Obama gives $2b to Petrobras to drill for oil
http://online.wsj.com/article/...74346610120524166.html

Or is Soros the one "good" rich guy?


One of these days, yes Craig, you will come to the realization that your dream will never become reality, no matter how smart and determined you are in the voting booth. All power corrupts.

 

[cubby1223]

Originally posted by: Vic

Originally posted by: blackangst1
God I miss the Bush spending

This still is the Bush spending. His admin wrote the budget for FY2009.

If it is Bush's budget, then why was it voted on in February with Obama as President?

 

[Nemesis 1]

When will all see clearly . Dems and Republican Leaders = SAME LIE. What does it take to convince you all? A yoke is that what its going to take?

 

[Firebot]

Even though this year was obviously a fluke year in terms of budget and the strong recession, I don't see Obama and Bush as being very different. Pork is pork. Democrats are not the saviours of America, and Obama can have the best of intentions, but it still doesn't matter that he is backed by a party just as corrupt as the Republicans. They simply cater to different industries.

 

[Vic]

Originally posted by: cubby1223

Originally posted by: Vic

Originally posted by: blackangst1
God I miss the Bush spending

This still is the Bush spending. His admin wrote the budget for FY2009.

If it is Bush's budget, then why was it voted on in February with Obama as President?

I'm sorry, who wrote it again?

 

[Slew Foot]

Wasnt the deficit for the last couple months close to 200 billion each? Thats an annual pace of 2.4 trillion, oof.