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Federal deficit "revised"

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No Lifer
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Federal deficit to soar to $407 billion
Deficit up by $246 billion in a year.
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Oh snap!

They need to get those revenues up. I say some more bailouts are in order to strengthen some companies and jack tax revenues, ultimately bringing the deficit into minus territory and a balanced budget. That will work, I'm sure of it!

After Big 3, I think next in order are some ravaged home building companies, time to spruce their bottom line with some free cash or unnaturally low-interest loans--but only until they can weather the storm.

What else? Luxury yachts just aren't where they used to be. They could be helped, too. We could go on and on 🙂
 
And McCain wants to keep the current Bush tax-cut-and-spend policies that will add another $4 trillion to our national debt.

More of the same.
 
Originally posted by: jpeyton
And McCain wants to keep the current Bush tax-cut-and-spend policies that will add another $4 trillion to our national debt.

More of the same.
Click to expand...
And Obama wants to spend even more than McCain. Change we can't afford :roll:
 
Originally posted by: ProfJohn
Originally posted by: jpeyton
And McCain wants to keep the current Bush tax-cut-and-spend policies that will add another $4 trillion to our national debt.

More of the same.
Click to expand...
And Obama wants to spend even more than McCain. Change we can't afford :roll:
Click to expand...

And McCain wants to create even larger deficits. More stupid crap we can't afford.
 
It became obvious that the deficit was going to rise once the economy started to slow.

Thank god the Democrats are doing everything they can to cut spending...
 
What we need certainly is not another 4 years of tax-cut and spend. But we don't need 4 years of tax and spend either. What we need is someone who will temporarily tax and cut. Cut, cut, cut and more cut.
 
Originally posted by: ProfJohn
Originally posted by: jpeyton
And McCain wants to keep the current Bush tax-cut-and-spend policies that will add another $4 trillion to our national debt.

More of the same.
Click to expand...
And Obama wants to spend even more than McCain. Change we can't afford :roll:
Click to expand...
McCain's (or should I say Bush's) tax plan adds $1 trillion more to our national debt than Obama's tax plan.
 
Ok... the candidates stance on the deficit.

McCain is talking about a balanced budget, he may be able to do it, but at least he is talking about it.

Obama however does not even TALK about a balanced budget. He has NO plan to balance the budget and NO plan to cut spending. All he has are plans to increase spending.

And before you give me the "Obama is going to eliminate wasteful spending" BS please remember that McCain is saying the same thing, as did Bush, Clinton, Bush, Reagan and everyone else going back to Washington.
 
According to the bills Congress has passed and the bailouts from the Federal Reserve, that yearly deficit should look closer to 1.4 Trillion.
 
Originally posted by: ProfJohn
It became obvious that the deficit was going to rise once the economy started to slow.

Thank god the Democrats are doing everything they can to cut spending...
Click to expand...

Riiiiiiiight, it's the Democrats' fault. It has nothing to do with the Republican President and Congress we had for 6 years.
 
Originally posted by: ProfJohn
Ok... the candidates stance on the deficit.

McCain is talking about a balanced budget, he may be able to do it, but at least he is talking about it.

Obama however does not even TALK about a balanced budget. He has NO plan to balance the budget and NO plan to cut spending. All he has are plans to increase spending.

And before you give me the "Obama is going to eliminate wasteful spending" BS please remember that McCain is saying the same thing, as did Bush, Clinton, Bush, Reagan and everyone else going back to Washington.
Click to expand...

McCain's war with Iran and Venezuela will destroy our economy though. Obama's plan is to INVEST for long term gain.
 
Originally posted by: jpeyton
Originally posted by: ProfJohn
Originally posted by: jpeyton
And McCain wants to keep the current Bush tax-cut-and-spend policies that will add another $4 trillion to our national debt.

More of the same.
Click to expand...
And Obama wants to spend even more than McCain. Change we can't afford :roll:
Click to expand...
McCain's (or should I say Bush's) tax plan adds $1 trillion more to our national debt than Obama's tax plan.
Click to expand...

That right, raise taxes during a slow economic time. Worked well here in Michigan when the dem governor raised taxes. Jobs are only leaving in droves and we have the highest unemployment in the country. But, gosh, we raised taxes so it must not be our fault....
 
Originally posted by: ProfJohn
Ok... the candidates stance on the deficit.

McCain is talking about a balanced budget, he may be able to do it, but at least he is talking about it.

Obama however does not even TALK about a balanced budget. He has NO plan to balance the budget and NO plan to cut spending. All he has are plans to increase spending.

And before you give me the "Obama is going to eliminate wasteful spending" BS please remember that McCain is saying the same thing, as did Bush, Clinton, Bush, Reagan and everyone else going back to Washington.
Click to expand...

Wait a minute, listen to yourself. McCain's plan blows an even larger hole in the budget then Obama's does, but you say that since McCain talks about balancing the budget while he's doing it that makes it better? That's called lying to you. I find it mind boggling that you would prefer to be lied to.
 
McCain is talking about a balanced budget, he may be able to do it, but at least he is talking about it.

Obama however does not even TALK about a balanced budget. He has NO plan to balance the budget
Click to expand...
So you support a liar? McCain has no chance in hell of balancing it. When was the last time a republican balanced the budget?
 
Originally posted by: dphantom
Originally posted by: jpeyton
Originally posted by: ProfJohn
Originally posted by: jpeyton
And McCain wants to keep the current Bush tax-cut-and-spend policies that will add another $4 trillion to our national debt.

More of the same.
Click to expand...
And Obama wants to spend even more than McCain. Change we can't afford :roll:
Click to expand...
McCain's (or should I say Bush's) tax plan adds $1 trillion more to our national debt than Obama's tax plan.
Click to expand...

That right, raise taxes during a slow economic time. Worked well here in Michigan when the dem governor raised taxes. Jobs are only leaving in droves and we have the highest unemployment in the country. But, gosh, we raised taxes so it must not be our fault....
Click to expand...
Why not eliminate taxes altogether and print funny money like McCain?
 
Total Federal Debt (as of today): $9,670 trillion

At start of this fiscal year: $9,007 trillion

An increase of $663 billion in the Federal Debt so far this year.


LOL @ Bush-McCain Voodoo Economics
 
Originally posted by: dphantom
Originally posted by: jpeyton
Originally posted by: ProfJohn
Originally posted by: jpeyton
And McCain wants to keep the current Bush tax-cut-and-spend policies that will add another $4 trillion to our national debt.

More of the same.
Click to expand...
And Obama wants to spend even more than McCain. Change we can't afford :roll:
Click to expand...
McCain's (or should I say Bush's) tax plan adds $1 trillion more to our national debt than Obama's tax plan.
Click to expand...

That right, raise taxes during a slow economic time. Worked well here in Michigan when the dem governor raised taxes. Jobs are only leaving in droves and we have the highest unemployment in the country. But, gosh, we raised taxes so it must not be our fault....
Click to expand...

I like how this logic goes. If the economy is doing well, we don't want to mess that up by raising taxes. If the economy is doing poorly we can't make it worse by raising taxes. It never seems to come up in this circular line of thought that it's too late for that. We've already spent the money and now we're taxing our future... with interest.
 
I can guess how Obama would handle this.

Barack Obama, Sr.
?What is more important is to find means by which we can redistribute our economic gains to the benefit of all. This is the government?s obligation.?
Click to expand...
?Certainly there is no limit to taxation if the benefits derived from public services by society measure up to the cost in taxation which they have to pay. It is a fallacy to say that there is this limit, and it is a fallacy to rely mainly on individual free enterprise to get the savings.?
Click to expand...
 
Originally posted by: jpeyton
And McCain wants to keep the current Bush tax-cut-and-spend policies that will add another $4 trillion to our national debt.

More of the same.
Click to expand...

*psst* so does Obama until further notice.
 
Originally posted by: ProfJohn
Ok... the candidates stance on the deficit.

McCain is talking about a balanced budget, he may be able to do it, but at least he is talking about it.

Obama however does not even TALK about a balanced budget. He has NO plan to balance the budget and NO plan to cut spending. All he has are plans to increase spending.

And before you give me the "Obama is going to eliminate wasteful spending" BS please remember that McCain is saying the same thing, as did Bush, Clinton, Bush, Reagan and everyone else going back to Washington.
Click to expand...

I hope that you get paid by the lie. You are a rich man if you do.

From a site you never think of checking before posting Obama's proposals....Obama's own website!

Restore Fiscal Discipline to Washington
Reinstate PAYGO Rules: Obama believes that a critical step in restoring fiscal discipline is enforcing pay-as-you-go (PAYGO) budgeting rules which require new spending commitments or tax changes to be paid for by cuts to other programs or new revenue.
Click to expand...
 
I'll mention it again, though it usually just gets ignored. The president DOES NOT set the tax code. That is the job of the legislature. Part of the reason the deficit is skyrocketing is that congress can't get off its lazy collective ass and pass a budget. Thus, government agencies spend whatever they want and just send the receipts directly to China. Stop relying on the president (and those who aren't even president yet) to do the job of congress and maybe we can actually turn things around.
 
Originally posted by: ProfJohn
It became obvious that the deficit was going to rise once the economy started to slow.

Thank god the Democrats are doing everything they can to cut spending...
Click to expand...

You do realize that ending the war would cut spending? Who shot that idea down?
 
Originally posted by: bamacre
What we need certainly is not another 4 years of tax-cut and spend. But we don't need 4 years of tax and spend either. What we need is someone who will temporarily tax and cut. Cut, cut, cut and more cut.
Click to expand...

Its not going to happen. Adjusted for inflation the federal budget has not decreased since 1931
 
Originally posted by: ProfJohn
It became obvious that the deficit was going to rise once the economy started to slow.

Thank god the Democrats are doing everything they can to cut spending...
Click to expand...

Thank God Bush cut the deficit like he said he would. :roll:
 
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