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Obama Budget Deficit Tops $1 Trillion

From an unfazed Associated Press:

Budget deficit tops $1 trillion for first time

By Martin Crutsinger, AP Economics Writer

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." …

Would this news be presented like this if this had happened during the Bush administration?

Instead, we hear all about Mr. Obama’s noble efforts to save our nation.

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.

That money hasn’t been spent to try to combat the recession. It has been spent to further ‘social justice.’

There’s also concern about trying to reverse the deficit — by reducing government spending or raising taxes — in the midst of a harsh recession.

Don’t worry. Mr. Obama won’t reduce any government spending.  And he won’t raise taxes to reverse the deficit.

He will only raise taxes to have more money to redistribute.

That is ‘Job Won.’

This article was posted by Steve on Monday, July 13th, 2009. Comments are currently closed.

20 Responses to “Obama Budget Deficit Tops $1 Trillion”

  1. Liberals Demise says:

    Almost 7 months ………. not bad for our first Halfrican American President. Now, how much of that time has he actually gone to the office to undo our piece of the world?
    Mike Foxtrot Alpha !!

  2. jobeth says:

    I’ve been waiting for the right moment to put this web site up for you all.

    Some of you may have already have seen this as it is making it’s way around via emails but its perfect for understanding just how much a $Trillion is!


    Remember this is only the DEFICIT…not what we are trying to spend.

    Truly awesome! Aren’t you glad you got up this morning now? = :-O

  3. proreason says:

    Back when the country was affluent, way back in June 2008, before obamy and the boys stole the life savings of 50 million soon-to-be-retirees so he could get elected and cram facism down our throats, way bay then…..the total annual income tax receipts were about $1 Trillion.

    So, the boy dictator, in 6 months, has racked you up a debt equal to an entire year’s taxes, way back when you made some money.

    in 8 days he will have been in office 1/2 of one year.

    And as he proudly said this weekend, his stimulus package is working as designed.

    • jobeth says:

      “And as he proudly said this weekend, his stimulus package is working as designed.”

      That is SO telling. If only we could convince the obomabots to read between the lines.

      Oh Pooh, What am I saying. They don’t have to read between the lines! They only have to LISTEN to what he says!

    • VMAN says:

      As usual Pro you nailed it. They keep talking about the horrible economy they inherited when it was people like Soros and the Sandlers who pushed it into the dumper.

    • proreason says:

      Little Timmy was also bragging last week before the House Agriculture and Financial Services Committee that 9.5% unemployment isn’t really anything to worry about. It’s “a very necessary and healthy adjustment as (Americans) go back to living within their means”.

      Living within our means?

      I don’t know about you all, but I wasn’t flying pizza chefs in to the proreason abode. I wasn’t dashing off to France, and Africa with the whole family in tow, and to New York and Chicago for weekend dates, and to Hawaii for much needed vacations after doing no work whatsoever for 2 years. I wasn’t taking the neighbors for fly-by’s of the Statue of Liberty. Haven’t bought Mrs. Reason any $50,000 necklaces recently either, and haven’t bought the kids $5,000 playsets. And Mrs. Reason has been passing of the $500 sneakers and the $5,000 clutch bags.

      On the other hand, I didn’t take hundreds of thousands of dollars out of my house by refinancing, and I haven’t run up tens of thousands of other debts. And I wasn’t cheating on income taxes in the tens of thousands a year, and I didn’t pull money out of bank stocks the day before the MM run like our esteemed Senators did.

      So maybe the problem wasn’t that Americans weren’t living within our means, but perhaps that the criminals and thugs running the country aren’t living within the countries means.

    • TwilightZoned says:

      It’s “a very necessary and healthy adjustment as (Americans) go back to living within their means”.

      As usual, it’s do as I say, not as I do. Did this moron even think about what was coming out of his mouth? (Rhetorical question folks.)

  4. Anonymoose says:

    I find it interesting in the graphic at top right that the deficit was actually decreasing in the last years of Bush.

    I thought he wasted all the Clinton Surplus fighting two wars, and put us deep into the hole? Instead things only really sunk in ’08, and the market tanked in September.

    So if Bush was such a terrible president and manager of money, how is it we were doing better year after year from about ’03 on?

    Never mind, we know the answer…..

    • bronzeprofessor says:

      The key is, keep your eyes on who was controlling Congress….. The deficit spiked as soon as Pelosi & Reid came to power in 2007.

  5. Rusty Shackleford says:

    => Keep your eye on the pea. If you can.

  6. Stingerstein says:

    Hate to bother y’all with, ya know, facts, but the fact is that the fiscal year runs from October to October and Obama has only been in office since January 20th. Guess who ran up over 500 BILLION of the budget deficit before leaving office… Bush: http://www.disillusionedwords.com/?p=1556

    But I am sure y’all can find a way to still blame the Dems for the entire one trillion.

    UPDATE: It is pretty amazing that someone who controls this blog has now removed all my responses to the replies. Apparently debate is not wanted, just name calling and Conservative “yes-men”.

    • Steve says:

      “Hate to bother y’all with, ya know, facts, but the fact is that the fiscal year runs from October to October and Obama has only been in office since January 20th. Guess who ran up over 500 BILLION of the budget deficit before leaving office.”

      It really is a shame that civics is no longer taught in schools.

      Otherwise, you might know that it is Congress who writes and passes every budget, every spending bill.

      And guess who has controlled Congress since 2006?

    • proreason says:

      Uh, wasn’t there an uh, 787 Billion “stimulus” package passed by the Moron with his Democrat collaborators in February?

      – and I could have sworn it was a “fact” that they promised no more than 8% unemployment with that Stimulus, which because we are now at 9.5% unemployment, help me here Stinger, because you have a really good grasp on this stuff, I think might be contributing to the 50% drop-off in tax revenues. Again, help me genius….doesn’t that like, uh, contribute to the deficit? I kind of thought income tax receipts were about $1 trillion in FY 2008, and they are about 1/2 that now. So since The Moron has been in office 6 months, that’s a chunk of change. But you would know the precise facts on that, Stinger, I’m sure.

      – and uh, wasn’t there an uh, 3 Trillion budget passed by the same Moron and the same dimwit collaborators a few weeks later? Help me Stinger……could a huge increase in the federal budget be contributing to the deficit? I can’t figure out how that works. I watch the Moron’s fingers waving and I just feel so good about emplyment that I can’t think about the deficit.

      – and who, uh, passed the 700 Billion TARP monstronsity. I could have sworn the Democrats controlled Congress, but you have command of the “facts”, so let us know, ok? Because if Congress passed it, were Pelosi and Reid acting as Dubya’s lackeys on that one?

      – and uh, what about the $100+ Billion that the Moron lavished gave to the UAW auto manufacturers. How did Bushhitler make the Moron do that?

      And of course, your spendaholic buds are just getting a head of steam going.

      What’s that CBO thingey anyway, Stinger? And why are they predicting a doubling of the national debt during the Moron’s reign. I guy like you with a grasp of the facts would know. Help us out here guy.

    • Anonymoose says:

      Here’s how he figured his “ya’ know” facts for us all people:

      He took this document from the Treasury’s website:


      Tallying up the figures from October 08 to January 09, with January divided by 2/3 as Obama ascended the throne on the 20th, gives 541 billion in deficit spending. Curiously almost half (237 billion) was in October, right after the crash, but I digress…..

      Never mind what I pointed out previously, the deficit was falling year and year from 2003 on, until this last year when the market crashed.

      Yet by the same counting….well, I’ll spot Obama the rest of January as he was probably too busy showing off Air Force One and going to parties, and I’ll even round it down….from February to June the total is:

      689 billion.

      Play it his way and count the last third of January and round it up: 718 Billion.

      But hey, what’s a few billion here and there? I guess we all just be too done ignorant to grasp the facts of the matter……

  7. Kytross says:

    Stimulate the economy? The stimulus package is designed to pay off Obama’s friends. Just ask Inspector-general Walpin.

  8. canary says:

    Part of the problem is his scare tactics as soon as he came in. People are afraid to spend, buy new cars, groceries went up, gas went up. And Obama knew the tactic would hurt businesses and cause the lost of jobs. Now he’s saying energy will skyrocket, adding to people’s fear. And millions spent for his transparency site? He does the opposite of what ever he says. He claims millions of lost jobs, reduced by a few thousand created jobs.
    And get this, the DAV said that Nancy Pelosi signed a new job creation deal for 30% rated disabled vets who fought in the present war, that they could get odd jobs in Congress. There is no gaurantee as to what job they will do. No gaurantee how much they will be paid. No gaurantee to how long they will have a job, but it runs out in 2 years. No aid in moving expenses. Like who move their family for a two week job that pays minimum wage. Mighty white of her.

    • proreason says:

      “Part of the problem is his scare tactics as soon as he came in.”

      It’ s huge part of the problem.

      – we get reminded every day the “crisis” is the worst since the Great Depression. So why spend a dime?
      – we are told repeatedly that businessmen are the enemy. So where are the jobs going to come from?
      – we are told repeatedly (like by Little Timmy) that we caused the problem by our own personal debt. So why spend now?
      – the national debt has doubled in 6 month, and with optimistic estimates will double again. Who will pay that off?
      – the Drooler and others haven’t changed their behavious at all. Even brain-dead libwits know that had at least something to do with “the crisis”.
      – everything is supposed to be Wall Street’s problem. So where are the reforms?
      – we were told there would be massive mortgage relief. Where is it?
      – we are told repeatedly that the auto industry will be “rebuilt”, which means cars that run on alternative energy. Even brain-dead libwits know that those cars cost far more than gas-powered cars.
      – we are told ad nauseum that we are abandoning fossil fuels. Even brain-dead libwits know there is no alternative. Energy prices are going to “skyrocket”. Obamy told us. Fossil fuel suppliers will “go bankrupt”. Again, the Moron told us. What would you do?
      – we can see the massive amounts of our money spent on stupid make-work political payola. We know who will have to pay for those crimes.
      – here come Cap and Trade. Even brain-dead liberals know that our personal expenses will “skyrocket”
      – here comes Universal Health Scare. Even brain-dead liberals know the government is the least efficient supplier in creation.
      – and not a thing has been done about the overwhelming financial problems that existed before this manufactured crisis. Medicare and Social Security.
      – we hear that income tax input to the government is 50% of last year. We know what that means.
      – we watch the debacle in California and understand what that means to the future of the US.
      – and we know the minorities and special interest groups that elected The Moron want MORE of what we spent decades to build for THEMSELVES.

      So we ratchet our budgets down. We don’t invest a dime. We protect jobs like a first-born son. We keep our mouths shut at work. We don’t take vacations. We don’t eat out. We live with minor problems that we usually would pay to repair. We keep our cars running. We conserve gas and utilities. We spend sparingly at Christmas. We learn to save money at the grocery store. We double up on errands.

      Because we aren’t fools.

      And we seethe with a righteous anger that will not be controlled forever.

  9. proreason says:

    Don’t buy that new boat until you read this.

    “The Economy Is Even Worse Than You Think”


    The author is the chairman and editor in chief of U.S. News & World Report, not some loudmouth blogger.

    In a nutshell, unemployment is worse than reported because even employed people are working less, many new jobs are temp jobs, and about 8 other reasons.

    The spending from the “Depression Stimulus”, so far, has been about 10% (the 8% or so spent) on job-producing projects. As we already knew, the stimulus is political payola. It has little to do with economic recover.

    American’s are hunkering down (see my prior post), not spending. And spending is what usually brings the country out of a recession.

    And the author doesn’t even bring up the double horrorwhammy of Cap and Tax and the Universal Health Scare.

    Be afraid.

    Be very very very afraid.

  10. proreason says:

    Incompetant in every respect.


    Dork in Chief.

    It wasn’t just bowling.

    Watch to the end to see The Moron’s predecessor.

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