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Title: Obamanomics: U.S. deficit up 15.7% in first half of fiscal 2011
Source:
Google News
URL Source: http://www.google.com/hostednews/af ... 51497966fd4c6461748e63e3ee.921
Published: Apr 12, 2011
Author: afp
Post Date: 2011-04-12 17:59:01 by Happy Quanzaa
Keywords: Obamanomics in Action, Obama-doma-ding-dong, Obamatuer Hour
Views: 194436
Comments: 215
(AFP) – 2 hours ago WASHINGTON — The US budget deficit shot up 15.7 percent in the first six months of fiscal 2011, the Treasury Department said Wednesday as political knives were being sharpened for a new budget battle. The Treasury reported a deficit of $829 billion for the October-March period, compared with $717 billion a year earlier, as revenue rose a sluggish 6.9 percent as the economic recovery slowly gained pace. The Treasury argued that the pace of increase in the deficit was deceptive because of large one-off reductions in expenditures made during the first half of fiscal 2010, compared with previous and subsequent periods. Those included a $115 billion reduction in funds spent on the Troubled Asset Relief Program (TARP) -- the financial institution bailout program -- in March 2010. But 2011 so far has also seen significant increases in spending on defense, Social Security, health and debt service, while receipts have not grown as fast. "The jump in outlays mostly owed to a smaller estimated reduction in TARP outlays this year versus 2010," said Theresa Chen at Barclays Capital Research. However, she said, the trend shows that taxable income is rising at a 6.9 percent annual pace, and individual incomes taxes are up 20.6 percent, "consistent with general economic improvement." The figures came amid a sharp, politically partisan battle in Washington over cutting spending and raising taxes, with President Barack Obama preparing Wednesday to release his plan for reducing the long-term deficit. He also faces a looming battle over increasing the country's official debt ceiling, so that the government can continue to borrow to finance the deficit.
US deficit up 15.7% in first half of fiscal 2011
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Begin Trace Mode for Comment # 153.
#1. To: Happy Quanzaa (#0)
Financial slavery for you, your children and your grand children..... thank you Libtards....
have you forgotten the tea party celebrating the extension of the Bush tax cuts, which added $858 billion to the deficit over 2 years? Nobody takes tea partiers/conservatives seriously when they complain about debt/deficits.
If Obama hadn't spent 3.7 Trillion instead of the 2.2 trillion the government took in then there wouldn't be a deficit..... now would there?????? Why don't you ask the "Village Idiot" why he doesn't have a "laser like" focus on creating jobs????? that would increase revenues greatly.... and reduce the deficit..... and also reduce the amount of people dependent on the government (you don't want that do you).... less people to vote for "The Party of Losers"....(Democrats)!!!!! Have you gotten your weekly handout yet?????? By the way I thought you were gone for good because of people posting about the "Wookie"???????
Obama's not spending a dime anymore without approval by the GOP controlled House of Representatives.
Hey, you're back and lying! How's that tripled deficit Owe-bama, Reid and Pelosi brought down on us all working out? (laughing)
How's that 10% unemployment you told us we'd see after the November election?
How's that tripled deficit Owe-bama, Reid and Pelosi brought down on us all working out? How's that 10% unemployment you told us we'd see after the November election? In reality, its about 20%...as predicted.
Chuckles...about as real as your house actually sitting on a stone cliff...
in the words of George Costanza - 'it's not a lie if you believe it' Remember when the GOP claimed it would cut $100 billion from the budget this year? Instead, they ended up cutting less than $30 billion. Again, read the tag line, the GOP owns the deficit now. And their own plan, with its ridiculous assumptions, STILL doesn't project a balanced budget until 2030.
What 'budget'? The GOP will produce one this fall....Pelosi Galore didn't get a budget done last year... And honestly, if you want to quote the delusions of the dwarf, don't bother, GO65. He makes things up due to his insane fixation on me. Christ, last time I checked he was claiming I did backgrounds on posters (how you do that escapes me) that my house isn't exactly as I describe (even though some in the forum have knowledge of it, and google earth is available)...he even claimed I fucked with his credit cards at some point.... If you need 'help' speaking about politics with me...well, just go away. Its simply to pathetic to deal with.
You might want to flip on the news - the GOP controlled house just passed a spending bill for the remainder of 2011 that failed to cut spending. Sorry, I don't pay much attention to the obsessions some posters have with each other. Point is, in this case he's right and you are wrong. Now, shall we revisit your prediction that the GOP wouldn't raise the debt celling in light of this weeks news that McConnell is advising Republicans not to filibuster a Senate vote on increasing the cap while Boehner is asking wall street how long he can go before he eventually agrees to raise the cap?
You might want to learn the difference between a 'spending bill' and a budget pass by the House of Representatives, ratified by the Senate, and signed off on by POTUS. Or you can continue to impersonate Pelosi Galore, who couldn't produce a budget last year...first time in century or so as I recall.
spin spin spin. I can't blame you - you touted how the results of the November election were going to change things, and all your beloved Republicans have done since taking control of the power of the purse in January is more of the same. Maybe things will be different in 2012! :-)
How is there GOP "control" when the Senate owns a RAT-majority? Not to mention the "control" via the veto pen of the Dem President.
In all seriousness, you are right - the House, Senate and Presidency all share responsibility for the deficit. But I'm dealing with Badeye, who blamed the deficit of 2007-08 on House Democrats. Therefore, by that logic, House Republicans are responsible for the current deficit. And, keep in mind that House Republicans touted a spending cut "deal" that didn't actually cut spending.
January of 2007 - January of 2011. This is why I don't have time for your bullshit today.
And yet you keep spewing it:
Your graph is bullshit, promoted by a classic "tax and spend" organization, but you are too stupid too realize that.
Yea... tell me about it...
It takes a pretty amazing ability to deny reality to argue that Bush's tax cuts, the GOP medicare expansion, Bush's TARP program, the Bush war in the Iraq, and the Bush recession didn't cause an increase in the deficit. Keep in mind, the GOP could have sent the Senate a balanced budget rather than a bill full of phony cuts that actually increased spending.
ANd keep in mind the Democrats failed to produce a budget for 2011 and added almost $1 trillion to the deficit in 8 months...... What were you saying about Bush???
That he pissed away 200bkn in surplus funds...made a couple hundred billion and then pissed away a trillion bucks IN ONE YEAR...
Where????
If you are going to blame Obama for the FY09 deficit, then blame REpublicans for the FY11 deficit. Deal?
Deal? It was the Democrats in the House and Senate that are responsible for the 2009 budget..... And the GOP is only "partially" responsible for the last 5 months of 2011. They tried to get more cuts and couldn't get them, so they said OK we will fight the big battle later for 2012.....
The 2009 budget that was submitted [in 2008] was a joke. The WH KNEW that the US was in recession and totally mis-projected revenues. Before Obama took office, the deficit projected out @ 1.2trillion. Before he could blink in office the revenues plummeted and unemployment was over 8% on it's way to 10%. You folks continually discount the downward momentum that existed in the economy when Obama took office and that was then stopped nearly dead in its tracks within 6 months of the stim.
Nobody is discounting the disaster that occurred when the Democrats took Congress in 2007, which is why they were promptly thrown out.
The dems were put into the Congress because Boy Blunder and the GOP Congress totally screwed the US in every way imaginable. The dems inherited every prpblem that the US has.
The dems
Wha...chuckle...huh? The GOP created them...the oil crisis of the 1970's was Nixon...stag and then hyperinflation...Nixonomics...explosion of debt and deficits, meltdown of S&L's and then a bank panic...Reagan...further erosion of debt and deficits and then recession and the INSANE embarkation of massive military intervention in the mideast that has made the US less safe and led directly to 9/11...Poppy...a moronic tax cut and fiscal and regulatory policies that resulted in the worst downturn since the 1930's...Boy Blunder. Stack that up against Clinton getting a blow job.
You other bullshit aside Stack that up against Clinton getting a blow job and forcing banks to give home loans to inner city drug addicts and prostitutes which is the core problem behind the finacial mess we have now which has been proven to you, yet you choose to remain in denial.
Chuckles...good thing you didn't attempt to refute historical facts, Padlock. Stack that up against Clinton getting a blow job and forcing banks to give home loans to inner city drug addicts and prostitutes which is the core problem behind the financial mess we have now which has been proven to you, yet you choose to remain in denial. That's a lie from every angle: 1) The Home Loan program under Clinton required a three year work history of provable income. 2) Those loans were at a fixed rate and required PMI. 3) They had nothing to do with the current financial mess. 4) The bank mortgages at the center of the current mess were mostly issued after Boy Blunder's HUD relaxed the standards in 2003. But you know all of this, Padlock.
Your bullshit has been pointed out to you, yet you continue to ignore it. I guess you think the folks who jumped to their deaths during 911 committed suicide rather than were murdered. -- Clinton sued a lender named Accubank in 1998 under the CRA , forcing it a to write $2.1 billion in subprimes. Clinton then sued Columbia Mortgage in 1999, forcing it to write $6 billion in subprimes. You can see Clinton's Secretary of HUD (Andrew Cuomo) crowing about these "victories" on YouTube if you search just a bit. What Clinton did was to get a ball rolling that nobody could stop. Banks had gotten the message. If you don’t relax your standards and start writing high-risk loans, the government will sue you. If you do write high-risk loans, the government will reward you with a guarantee. What followed was the housing disaster as we know it. The disaster quickly became much larger than the subprime problem. Once the banks had gotten into the psychology of realizing that bad behavior was being rewarded, there was nothing stopping them from expanding this concept. Why make high-risk loans only to low-income people? Why not make money on the transaction fees associated with selling high-risk mortgages to everyone, then sell those mortgages upstream, ultimately to someone guaranteed directly by Fannie & Freddie or to Fanny & Freddie themselves? It is ridiculous to insist that the subprime mortgages themselves must do all the damage if we are to credit the CRA for the problem. If a guy blows up a dam (as Clinton did by distorting the market) then we blame him, not the water that he releases, for doing all the further and larger damage downstream.
#155. To: no gnu taxes (#153)
Padlock...are you this fucking stupid? I TOLD you what was going on at Accubank. Like you, they hated niggers and spics. Period.
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#3. To: CZ82 (#1)
Financial slavery for you, your children and your grand children..... thank you Libtards....
#4. To: go65 (#3)
have you forgotten the tea party celebrating the extension of the Bush tax cuts, which added $858 billion to the deficit over 2 years?
#5. To: CZ82 (#4)
If Obama hadn't spent 3.7 Trillion instead of the 2.2 trillion the government took in then there wouldn't be a deficit..... now would there??????
#6. To: go65 (#5)
Obama's not spending a dime anymore without approval by the GOP controlled House of Representatives.
#7. To: Badeye (#6)
How's that tripled deficit Owe-bama, Reid and Pelosi brought down on us all working out?
#8. To: go65 (#7)
#9. To: Badeye (#8)
In reality, its about 20%...as predicted.
#10. To: war, badeye (#9)
(Edited)
Chuckles...about as real as your house actually sitting on a stone cliff...
#15. To: go65 (#10)
Remember when the GOP claimed it would cut $100 billion from the budget this year? Instead, they ended up cutting less than $30 billion.
#31. To: Badeye (#15)
What 'budget'? The GOP will produce one this fall....Pelosi Galore didn't get a budget done last year...
And honestly, if you want to quote the delusions of the dwarf, don't bother, GO65. He makes things up due to his insane fixation on me. Christ, last time I checked he was claiming I did backgrounds on posters (how you do that escapes me) that my house isn't exactly as I describe (even though some in the forum have knowledge of it, and google earth is available)...he even claimed I fucked with his credit cards at some point..
#32. To: go65 (#31)
You might want to flip on the news - the GOP controlled house just passed a spending bill
#33. To: Badeye (#32)
You might want to learn the difference between a 'spending bill' and a budget pass by the House of Representatives, ratified by the Senate, and signed off on by POTUS.
#44. To: go65 (#33)
your beloved Republicans have done since taking control of the power of the purse in January
#56. To: Liberator (#44)
How is there GOP "control" when the Senate owns a RAT-majority? Not to mention the "control" via the veto pen of the Dem President.
#57. To: go65 (#56)
But I'm dealing with Badeye, who blamed the deficit of 2007-08 on House Democrats.
#58. To: Badeye, liberator (#57)
This is why I don't have time for your bullshit today.
#59. To: go65 (#58)
#62. To: no gnu taxes (#59)
Your graph is bullshit, promoted by a classic "tax and spend" organization, but you are too stupid too realize that.
#63. To: CZ82 (#62)
(Edited)
Yea... tell me about it...
#64. To: go65 (#63)
Keep in mind, the GOP could have sent the Senate a balanced budget rather than a bill full of phony cuts that actually increased spending.
#76. To: CZ82 (#64)
#79. To: war (#76)
That he pissed away 200bkn in surplus funds...made a couple hundred billion and then pissed away a trillion bucks IN ONE YEAR...
#80. To: CZ82 (#79)
#81. To: go65 (#80)
If you are going to blame Obama for the FY09 deficit, then blame REpublicans for the FY11 deficit.
#83. To: CZ82 (#81)
It was the Democrats in the House and Senate that are responsible for the 2009 budget...
#88. To: war (#83)
You folks continually discount the downward momentum that existed in the economy
#91. To: no gnu taxes (#88)
Nobody is discounting the disaster that occurred when the Democrats took Congress in 2007, which is why they were promptly thrown out.
#93. To: war (#91)
inherited created every prpblem that the US has. The GOP often hasn't done enough to fight them.
#97. To: no gnu taxes (#93)
#105. To: war (#97)
#108. To: no gnu taxes (#105)
(Edited)
You other bullshit aside
#153. To: war (#108)
Replies to Comment # 153. Clinton sued a lender named Accubank in 1998 under the CRA , forcing it a to write $2.1 billion in subprimes. Clinton then sued Columbia Mortgage in 1999, forcing it to write $6 billion in subprimes. You can see Clinton's Secretary of HUD (Andrew Cuomo) crowing about these "victories" on YouTube if you search just a bit.
End Trace Mode for Comment # 153.
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