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Freepers Still Love war Parody ... Jump / Trump --- van Halen jump "The Democrat Meltdown Continues" "Yes, We Need Deportations Without Due Process" "Trump's Tariff Play Smart, Strategic, Working" "Leftists Make Desperate Attempt to Discredit Photo of Abrego Garcia's MS-13 Tattoos. 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What Happens Inside Gaza’s Secret Tunnels? | Unpacked Hamas Torture Bodycam Footage: "These Monsters Filmed it All" | IDF Warfighter Doron Keidar, Ep. 225 EXPOSED: The Dark Truth About the Hostages in Gaza New Task Force Ready To Expose Dark Secrets Egypt Amasses Forces on Israel’s Southern Border | World War 3 About to Start? "Trump wants to dismantle the Education Department. Here’s how it would work" test "Federal Workers Concerned That Returning To Office Will Interfere With Them Not Working" "Yes, the Democrats Have a Governing Problem – They Blame America First, Then Govern Accordingly" "Trump and His New Frenemies, Abroad and at Home" "The Left’s Sin Is of Omission and Lost Opportunity" "How Trump’s team will break down the woke bureaucracy" Pete Hegseth will be confirmed in a few minutes Status: Not Logged In; Sign In Economy See other Economy Articles Title: Government posts biggest monthly deficit ever Source: The Washington Times URL Source: http://www.washingtontimes.com/news ... -biggest-monthly-deficit-ever/ Published: Mar 7, 2011 Author: Stephen Dinan Post Date: 2011-03-07 13:31:50 by Happy Quanzaa Keywords: Obamanomics in Action Views: 25543 Comments: 35 The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning. That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record. The last time the federal government posted even a monthly surplus was September 2008, just before the financial collapse. Last month’s federal deficit is nearly four times as large as the spending cuts House Republicans have passed in their spending bill, and is more than 30 times the size of Senate Democrats’ opening bid of $6 billion. Senators are slated to vote this week on those two proposals — both of which are expected to fail — and then all sides will go back to the negotiating table to try to work out a final deal. Post Comment   Private Reply   Ignore Thread   Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 15. #1. To: Happy Quanzaa (#0) (Edited) the GOP has been in control of spending for what, 2 months now? And of course before they took office they agreed on a 2-year tax cut extension that added $858 billion to the deficit. So no problem then right? go65  posted on  2011-03-07   14:09:33 ET  Reply   Untrace   Trace   Private Reply   #2. To: go65 (#1) added $858 billion to the deficit Over 10 years. That's $85 billion a year. The deficit this year alone is $1.65 TRILLION. Take the tax cut out and the deficit this year is still $1.565 TRILLION. Tax revenues aren't the problem. Spending is the problem. jwpegler  posted on  2011-03-07   16:20:48 ET  Reply   Untrace   Trace   Private Reply   #4. To: jwpegler (#2) Over 10 years. That's $85 billion a year. The deficit this year alone is $1.65 TRILLION. Take the tax cut out and the deficit this year is still $1.565 TRILLION. No, the tax deal enacted in December raised the deficit $858 billion over 2 years by extending the Bush tax cuts and enacting a new round of payroll tax cuts. go65  posted on  2011-03-07   18:41:42 ET  Reply   Untrace   Trace   Private Reply   #6. To: go65 (#4) No, the tax deal enacted in December raised the deficit $858 billion over 2 years by extending the Bush tax cuts and enacting a new round of payroll tax cuts. The tax cuts for the top 2% income earners (which is what Democrats are pissing and moaning about) cost $41 billion a year. The government deficit will be $1,652 billion this year alone. Raising taxes on that top 2% wouldn't have done squat to close the deficit. The deficit still would have been over $1,600 billion this year. jwpegler  posted on  2011-03-07   18:51:11 ET  Reply   Untrace   Trace   Private Reply   #9. To: jwpegler (#6) The tax cuts for the top 2% income earners (which is what Democrats are pissing and moaning about) cost $41 billion a year. The government deficit will be $1,652 billion this year alone. Raising taxes on that top 2% wouldn't have done squat to close the deficit. The deficit still would have been over $1,600 billion this year. Extending the "entire" tax cut, plus adding new tax cuts, raised the cost of the package to $858 billion over 2 years. The deficit would be over $400 billion lower this year if we went back to Clinton-era tax rates. go65  posted on  2011-03-07   20:10:52 ET  Reply   Untrace   Trace   Private Reply   #10. To: go65 (#9) The deficit would be over $400 billion lower this year if we went back to Clinton-era tax rates. That would still leave us $1,250 billion in the hole this year. When Clinton left office, federal spending was 19% of the GDP. Federal tax revenues were 19% of GDP. Today, federal spending is 25% of GDP and tax revenues are 17.6% of GDP. Spending is the issue. jwpegler  posted on  2011-03-07   20:23:32 ET  Reply   Untrace   Trace   Private Reply   #11. To: jwpegler (#10) (Edited) That would still leave us $1,250 billion in the hole this year. True, but if we eliminate foreign aid and poison control centers we can balance the budget, just ask any tea partier. :-) I'll keep telling you, we won't balance the budget through spending cuts, we'll balance it through growth. Today, federal spending is 25% of GDP and tax revenues are 17.6% of GDP. True, that's because we had one the worst recession since the depression. go65  posted on  2011-03-07   22:04:13 ET  Reply   Untrace   Trace   Private Reply   #13. To: go65, jwpegler (#11) I'll keep telling you, we won't balance the budget through spending cuts, we'll balance it through growth. Is jwpegler still defending the proven false theory of trickle down? Where cutting taxes spurs growth? Because that never worked and when Clinton raised taxes it did not stop the economy from being hotter than ever. I can't tell what fantasy world preconceived notions are being bandied about by so called conservatives in these discussions. It seems that realists like us argue on Copernican basis while the so called conservatives on these forums adhere to a Ptolemaic world view - in other words - a world of false assumptions not based on actual observational facts. Godwinson  posted on  2011-03-08   9:28:43 ET  Reply   Untrace   Trace   Private Reply   #14. To: Godwinson, jwpegler (#13) Is jwpegler still defending the proven false theory of trickle down? Where cutting taxes spurs growth? Because that never worked and when Clinton raised taxes it did not stop the economy from being hotter than ever. Our area of disagreement is that he thinks that cutting spending will balance the budget. IMHO he ignores the impact of spending cuts - they will slow economic activity, reduce tax revenues, and leave you where you started in terms of the deficit. we've already seen this scenario play out in several areas including the Baltics, the UK, and Ireland (not to mention our own country in 1937 when spending cuts triggered a double-dip). go65  posted on  2011-03-08   9:31:45 ET  Reply   Untrace   Trace   Private Reply   #15. To: go65, jwpegler (#14) Our area of disagreement is that he thinks that cutting spending will balance the budget. IMHO he ignores the impact of spending cuts - they will slow economic activity, reduce tax revenues, and leave you where you started in terms of the deficit. we've already seen this scenario play out in several areas including the Baltics, the UK, and Ireland (not to mention our own country in 1937 when spending cuts triggered a double-dip). At this point I am trying to figure out why he and his type are ignoring this - the only reason is politics - the GOP leaders want to hamstring the president and use the spending cuts as a way to do so. Their base takes this meme and runs with it. But it bares no real economic sense. If the private sector is not spending and not investing and not hiring without govt infusion the economy will stall. That's a reality we are living in now. We could always cut spending/programs when the economy starts to grow again. Godwinson  posted on  2011-03-08   9:51:46 ET  Reply   Untrace   Trace   Private Reply   Replies to Comment # 15.         There are no replies to Comment # 15. End Trace Mode for Comment # 15. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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