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Houthi rebels' attack severely damages a Belize-flagged ship in key strait leading to the Red Sea (British Ship) 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: 24667 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 # 9. #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   Replies to Comment # 9. #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   End Trace Mode for Comment # 9. Top • Page Up • Full Thread • Page Down • Bottom/Latest

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