Deficit to Reach $490B in 2009

[5stringJeff]

So, without the "stimulus payments," we would have only had a $322B deficit, which would have been a major improvement from the forecast. Hope everyone's enjoying spending that stimulus check!

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U.S. Deficit to Reach Record $490 Billion in 2009 (Update2)

By Roger Runningen

July 28 (Bloomberg) -- The U.S. budget deficit will widen to a record of about $490 billion next year, an administration official said, leaving a deep budget hole for the next president.

The projected deficit for the fiscal year that begins Oct. 1 is far higher than the $407 billion forecast by President George W. Bush in February. The official also confirmed a report in USA Today that the deficit this year will be less than the $410 billion estimated in February.

The bigger shortfall for fiscal 2009 may reflect dwindling tax receipts because of the U.S. economic slowdown, the cost of payments distributed under the $168 billion economic stimulus package and the cost of the wars in Iraq and Afghanistan.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aVdPjt7fCiXc&refer=home

[avatar4321]

I didnt get one and i didnt support it.

I want my own money back, i dont want the government giving me money and telling me they are being gracious in doing so.

[theHawk]

Wow that great Democratically controlled Congress is doing a bang up job!

Did anyone doubt they'd do a worse job than the previous Congress?

[darin]

What was in the "stimulus" package besides the refund checks? Where's the PORK in that bill and others? That's likely a bigger cause towards this than the specific monies sent to individuals.

[5stringJeff]

Wow that great Democratically controlled Congress is doing a bang up job!

Did anyone doubt they'd do a worse job than the previous Congress?

How much spending in 2008 did Congress pass over the President's veto? Bush is just as guilty as the Congress.

[Yurt]

wasn't there a deficit during the reagan years due primarily to military spending in order to win the cold war?

[darin]

Righto - good comment. I wonder how much 'carry-over' has happened?

[theHawk]

How much spending in 2008 did Congress pass over the President's veto? Bush is just as guilty as the Congress.

It was still the Congress' spending.

[5stringJeff]

It was still the Congress' spending.

And the President still signed it.

[5stringJeff]

wasn't there a deficit during the reagan years due primarily to military spending in order to win the cold war?

Partially, yes, it was the Reagan build-up. The other part was that the Democrats would not decrease domestic spending.


Righto - good comment. I wonder how much 'carry-over' has happened?

Carryover of teh debt we acquired? All of it. Carryover of defense programs from the Reagan era? Probably quite a bit.

[Yurt]

Partially, yes, it was the Reagan build-up. The other part was that the Democrats would not decrease domestic spending.



Carryover of teh debt we acquired? All of it. Carryover of defense programs from the Reagan era? Probably quite a bit.

what then is the difference now, e.g., bush spending vs reagan? is it that bush has increased domestic spending or that you don't agree with iraq which constitutes the bulk of military "war" spending.

[5stringJeff]

what then is the difference now, e.g., bush spending vs reagan? is it that bush has increased domestic spending or that you don't agree with iraq which constitutes the bulk of military "war" spending.

Bush has, IIRC, doubled non-defense discretionary spending - take NCLB, for example. And it's not that I don't agree with Iraq - I supported the war in 2003, and still believe it was the right thing to do. But our mission is done, our hosts no longer want us there, so I believe it's time for us to leave Iraq now.

[Yurt]

Bush has, IIRC, doubled non-defense discretionary spending - take NCLB, for example. And it's not that I don't agree with Iraq - I supported the war in 2003, and still believe it was the right thing to do. But our mission is done, our hosts no longer want us there, so I believe it's time for us to leave Iraq now.

i agree we should leave now that the mission is fully accomplished. what does IIRC stand for

[5stringJeff]

i agree we should leave now that the mission is fully accomplished. what does IIRC stand for

If I Recall Correctly.