Federal budget deficit sets March record $192.3B

[red states rule]

Are you Obama supporters enjoying the change?



Federal budget deficit sets March record $192.3B

By MARTIN CRUTSINGER
AP Economics Writer

WASHINGTON (AP) -- The Treasury Department said Friday that the budget deficit increased by $192.3 billion in March, and is near $1 trillion just halfway through the budget year, as costs of the financial bailout and recession mount.

Last month's deficit, a record for March, was significantly higher than the $150 billion that economists expected.

The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion.

A deficit at that level would nearly quadruple the previous annual record of $454.8 billion set last year. The March deficit was nearly four times the size of the imbalance in the same month last year.

Nearly $300 billion provided to the nation's banks and other companies to cope with the most severe financial crisis in seven decades has pushed government spending higher.

The Treasury report said that through the end of March, $293.4 billion had been provided to support companies through the $700 billion bailout fund Congress passed last October. That support has been provided primarily to banks, although insurance giant American International Group Inc. and auto companies General Motors Corp. and Chrysler LLC also have received assistance.

Besides the bailout fund, Fannie Mae and Freddie Mac received $46 billion last month, bringing the total assistance provided to the mortgage finance companies to $59.8 billion since October. The government took control of both last September after they had suffered billions of dollars in losses on mortgage loans.

http://hosted.ap.org/dynamic/stories/F/FEDERAL_BUDGET?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2009-04-10-15-25-04

[red states rule]

California is bankrupt

Detriot is bankrupt.

NY is going under

Major cities around the country are running out of money. Many arecontrolled by corrupt liberals who are spending taxpayer money on anything they damn well please,. and never think twice about raising taxes to keep up the insane levels of spending

Oh, did I mention Washington and the U.S. government are bankrupt and wants to tax the hell out you to try and keep the cash flowing in?

[red states rule]

Wow. The Obamabots are ignoring this thread, and not even offering any defense for the Obama economic policies

Here are more numbers on the Chosen One's budget and spending plan.


The Obama Budget: Spending, Taxes, and Doubling the National Debt
by Brian M. Riedl
Backgrounder #2249

During his presidential campaign, President Barack Obama promised the American people a "net spending cut."1 Instead, he signed a "stimulus" bill that spends $800 billion, and he has proposed a budget that would:

Increase spending by $1 trillion over the next decade;

Include an additional $250 billion placeholder for another financial bailout;

Likely lead to a 12 percent increase in discretion*ary spending;

Permanently expand the federal government by nearly 3 percent of gross domestic product (GDP) over pre-recession levels;

Raise taxes on all Americans by $1.4 trillion over the next decade;

Raise taxes for 3.2 million taxpayers by an average of $300,000 over the next decade;

Call for a pay-as-you-go (PAYGO) law despite offering a budget that would violate it by $3.4 trillion;

Assume a rosy economic scenario that few econo*mists anticipate;

Leave permanent deficits averaging $600 billion even after the economy recovers; and

Double the publicly held national debt to over $15 trillion ($12.5 trillion after inflation).

Before the recession, federal spending totaled $24,000 per U.S. household. President Obama would hike it to $32,000 per household by 2019— an inflation-adjusted $8,000-per-household expan*sion of government. Even the steep tax increases planned for all taxpayers would not finance all of this spending: The President's budget would add trillions of dollars in new debt

http://www.heritage.org/Research/Budget/bg2249.cfm

[April15]

Statement on Signing Executive Order 12287, Providing for the Decontrol of Crude Oil and Refined Petroleum Products

January 28, 1981

I am ordering, effective immediately, the elimination of remaining Federal controls on U.S. oil production and marketing.

For more than 9 years, restrictive price controls have held U.S. oil production below its potential, artificially boosted energy consumption, aggravated our balance of payments problems, and stifled technological breakthroughs. Price controls have also made us more energy-dependent on the OPEC nations, a development that has jeopardized our economic security and undermined price stability at home.

Fears that the planned phaseout of controls would not be carried out, for political reasons, have also hampered production. Ending these controls now will erase this uncertainty.

This step will also stimulate energy conservation. At the same time, the elimination of price controls will end the entitlements system, which has been in reality a subsidy for the importation of foreign oil.

This order also ends the gasoline allocation regulations which the Departments of Energy and Justice cite as important causes of the gas lines and shortages which have plagued American consumers on and off since 1974.

In order to provide for the orderly termination of petroleum controls, certain minor provisions of the current regulatory program will not end until March 31, 1981.

Ending price controls is a positive first step towards a balanced energy program, a program free of arbitrary and counter-productive constraints, one designed to promote prudent conservation and vigorous domestic production.

And now we find that this didn't work. Obama has quite possible offset the biggest financial disaster to hit the USA since Raygun in 1981. Sorry, herbert hoover in 29.

[red states rule]

Statement on Signing Executive Order 12287, Providing for the Decontrol of Crude Oil and Refined Petroleum Products

January 28, 1981

I am ordering, effective immediately, the elimination of remaining Federal controls on U.S. oil production and marketing.

For more than 9 years, restrictive price controls have held U.S. oil production below its potential, artificially boosted energy consumption, aggravated our balance of payments problems, and stifled technological breakthroughs. Price controls have also made us more energy-dependent on the OPEC nations, a development that has jeopardized our economic security and undermined price stability at home.

Fears that the planned phaseout of controls would not be carried out, for political reasons, have also hampered production. Ending these controls now will erase this uncertainty.

This step will also stimulate energy conservation. At the same time, the elimination of price controls will end the entitlements system, which has been in reality a subsidy for the importation of foreign oil.

This order also ends the gasoline allocation regulations which the Departments of Energy and Justice cite as important causes of the gas lines and shortages which have plagued American consumers on and off since 1974.

In order to provide for the orderly termination of petroleum controls, certain minor provisions of the current regulatory program will not end until March 31, 1981.

Ending price controls is a positive first step towards a balanced energy program, a program free of arbitrary and counter-productive constraints, one designed to promote prudent conservation and vigorous domestic production.

And now we find that this didn't work. Obama has quite possible offset the biggest financial disaster to hit the USA since Raygun in 1981. Sorry, herbert hoover in 29.

So not only do you blame Reagan for your failed finances, but now for Obama's deficits

[red states rule]

http://www.strangepolitics.com/images/content/149445.jpg

[Joe Steel]

Are you Obama supporters enjoying the change?

Yes.

I like seeing money spent for good not evil. It's a nice change.

[red states rule]

Yes.

I like seeing money spent for good not evil. It's a nice change.

With the money Obama, Reid, and Pelosi are spending you must be high as a kite



updated 1:52 p.m. PT, Fri., March. 20, 2009

WASHINGTON - President Barack Obama's budget would produce $9.3 trillion in deficits over the next decade, an eye-popping figure that threatens his ambitious goals to overhaul health care and explore new energy sources, congressional auditors said.

The new Congressional Budget Office figures that emerged Friday offered a far more dire outlook for Obama's budget than the new administration predicted just last month — a deficit $2.3 trillion worse. It's a prospect even the president's own budget director called unsustainable.

http://www.msnbc.msn.com/id/29791927/

[Joe Steel]

With the money Obama, Reid, and Pelosi are spending you must be high as a kite

I am. Spending is the only way to fix a recession.

[red states rule]

I am. Spending is the only way to fix a recession.

In his speaches Obama said these same socilist programs would cost billions. Now 6-months later his is up to 10 trillion

Just more proof that he is and always will be a lying con-man

And the American public are a bunch of idiots for electing both the con-man and fools running congress.

Those who think we can tax and spend our way into proserity are even bigger idiots