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Title: Obamanomics: U.S. deficit up 15.7% in first half of fiscal 2011
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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: 201544
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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#63. To: CZ82 (#62)
(Edited)
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.
Since January 3, 2011, Republicans have controlled the power of the purse.
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??? "I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Not to mention the Democrats controlled the House, and by it spending, since January of 2007, until January of 2011. And the deficit tripled.
I hear you knockin...go back where you been....
See tag line: It's the GOP's baby now.
Since January 3, 2011, Republicans have controlled the power of the purse.
The next thing he/she will say is that Clinton created a surplus..... The GOP was in charge of the House and Senate at that time.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
And a bill just passed the House today cutting $6 Trillion over the next 10 years..... And guess what??? Your hero vowed to veto it if it passes the Senate... what a POS....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Which relies on overly optimistic predictions to theoretically achieve a balanced budget by 2030, economic predictions made by the same group that predicted an economic boom as a result of the Bush tax cuts in 2001 that didn't occur. So don't give me this crap about Republicans caring about deficits when the "best" they can come up with is an unrealistic target of a balanced budget in 19 years. And you and I both know the "only" reason this passed is because it will die in the Senate. We saw today what the GOP actually stands for when Obama signed into law the GOP-supported spending bill for the rest of fiscal 2011 that actually increases spending.
Since January 3, 2011, Republicans have controlled the power of the purse.
economic predictions made by the same group that predicted an economic boom as a result of the Bush tax cuts in 2001 that didn't occur. I think you can blame BS like NAFTA and the housing bubble for most of that.... We saw today what the GOP actually stands for when Obama signed into law the GOP supported spending bill for the rest of fiscal 2011 that actually increases spending. And why is that????? Because Obama wouldn't approve any spending cuts????? Since he took office he has spent as much as he can on all of his buddies, like lobbyists, unions, and a whole bunch of other BS Liberal organizations..... If he was worried about the deficit why didn't he say give me a bill with "Hundreds of billions" worth of cuts?????
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Because Republicans continually fool folks like yourself into thinking that they actually support spending cuts. When push came to shove last week, they didn't support cutting spending at all. But hey, they have folks like you that will continue to blame liberals. He did, it was called the Affordable Care Act. Or did you forget the GOP complaining last year that Obama was going to cut Grandma's medicare and ration care by sending everyone to death panels as a result of his spending cuts?
Since January 3, 2011, Republicans have controlled the power of the purse.
Great chart. Now tell us what changed when the deficit massively grew in 2001.
Since January 3, 2011, Republicans have controlled the power of the purse.
Looks like $600 billion spread out over 2-3 years......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
The Clinton dot com bust recession.
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
I forgot about that.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
That he pissed away 200bkn in surplus funds...made a couple hundred billion and then pissed away a trillion bucks IN ONE YEAR...
America...My Kind Of Place...
Of COURSE you did...but being the good little BOT you've now remembered that universal phrase that excuses the incompetence of the GOP in one quick moment: IT'S CLINTON'S FAULT!!!!! You may now proceed with your renewed sense of purpose...
America...My Kind Of Place...
IT'S CLINTON'S FAULT!!!!! You may now proceed with your renewed sense of purpose... The grey lines on the chart represent "recessions", I forgot what that recession was caused by, now I remember..... But.... the one thing I have always known and will always remember is "CLINTON SUCKS".... even with all his money the only person he could find to give him a BJ was as big as a 1969 Coupe de Ville....... There you feel better now.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Where???? "I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
If you are going to blame Obama for the FY09 deficit, then blame REpublicans for the FY11 deficit. Deal?
Since January 3, 2011, Republicans have controlled the power of the purse.
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.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
On the chart that YOU posted in #64. Are you disavowing that chart with your new one? The "recession" btw was caused by the decrease in spending associated with Y2K.
America...My Kind Of Place...
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.
America...My Kind Of Place...
Don't you mean the Democrats in the House and Senate?????
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
No. You do know who, under the law, is required to write and submit an Omnibus budget?
America...My Kind Of Place...
Spending bills originate in the House. They are supposed to anyways.
Bills for raising revenue, i.e. taxes and tariffs etc, must originate in the House.
America...My Kind Of Place...
Nobody is discounting the disaster that occurred when the Democrats took Congress in 2007, which is why they were promptly thrown out.
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
Recessions come and recessions go and will cure itself naturally in a short period of time, "usually" 1-2 years. It's when you go screwing around with the economy that causes recessions to last longer (sometimes way longer) than if you just would have left things alone. 2 prime examples of this was Roosevelts The New Deal and Japans 10 years of "Stimulus" bills..... The New Deal had some parts in it that were good but most of it was bad, that is what extended The Great Depression for so long. The only thing that got this country out of it's funk was WW2...... A lot of people finally realized the New Deal was a big mess so did away with a lot of it after his death. In fact the first piece of legislation passed was term limits on presidents, minimize the damage so to speak that any one president could do...... Some of The New Deal lasts to this day, Social Security being one example..... Now the Japanese suffered the same problem back in the early 90s that we currently have. They had a real-estate bubble burst, spawning a banking and credit crisis that drove the whole economy down, hard. The Japanese then tried stimulating the economy with giant doses of government spending, which didn't work too well and brought on deficits that lasted for many years. In fact I don't think they have completely recovered from their mistakes yet......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
The Paul 2012 budget Bill was just voted on in the House yesterday.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
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.
America...My Kind Of Place...
Sounds like you are correct.
The dems Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
Thanks for the correction.
Correct answer, you win a giant cookie of your choice......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Bull. There isn't an instance in modern economics wherein economies were not repaired by government intervention. Even your Panic of 1873 (which lasted 6 years almost everywhere) wasn't reversed until the nations affected embarked on massive infrastructure spending. IN the US, it was on railroads and roads. In European economies it was so-called social spending. A recession can only end if spending increases. When there are no private pools of capital available, a recession will not end. It's the Keynesian dynamic at its essence: Increase government spending and cut taxes during a downturn...
America...My Kind Of Place...
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.
America...My Kind Of Place...
The dems created the entitlements and the entitlement mentality. Get rid of them and no more debt. Democrats are evil, they are so evil they even murder little innocent babies. In Obamas case even after being born.
Correct answer, you win a giant cookie of your choice...... So did they create or inherit? Since you are giving out the cookies maybe you can translate. I agree with the GOP part though because they created the problems so why would they fight them?
"http://first-draft-blog.typepad.com/.a/6a00d8341c5ced53ef0148c7a28c4b970c-320wi"
What do you propose we do with the sick, poor and elderly? Why is it that other nations take care of them but the Greatest Nation in the History of the World cannot?
America...My Kind Of Place...
The only diff is they paid corps and businesses directly to do the killing. The procedure you describe has been in effect for close to 20 years with nary a GOP pres/congress stopping it. Tell me, did Terri Schiavo not happen under orders from a GOP judge, in a GOP governored state, under a GOP both house congress, under a GOP pres? I rest my case.
"http://first-draft-blog.typepad.com/.a/6a00d8341c5ced53ef0148c7a28c4b970c-320wi"
Why is it that other nations take care of them but the Greatest Nation in the History of the World cannot? Because there is no constitutional authority for government to take from some to give to others. In other words, we were not designed to be socialist. That's one aspect that made America different that the rest of the world. We have churches, families and charities to care for the sick, poor and elderly.
If you're arguing that the GOP is just as bad as the Dems, then I agree.
Comments (104 - 215) not displayed.
Top • Page Up • Full Thread • Page Down • Bottom/LatestYea... 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.
#65. To: CZ82 (#64)
ANd keep in mind the Democrats failed to produce a budget for 2011 and added almost $1 trillion to the deficit in 8 months......
#66. To: Badeye (#65)
Not to mention the Democrats controlled the House, and by it spending, since January of 2007, until January of 2011.
#67. To: Badeye (#65)
#68. To: go65 (#66)
It's the GOP's baby now.
#69. To: CZ82 (#68)
(Edited)
And a bill just passed the House today cutting $6 Trillion over the next 10 years.....
#70. To: go65 (#69)
#71. To: CZ82 (#70)
(Edited)
And why is that????? Because Obama wouldn't approve any spending cuts????? Since he took office he has spent as much as he can on all of his buddies, like lobbyists, unions, and a whole bunch of other BS Liberal organizations..... If he was worried about the deficit why didn't he say give me a bill with "Hundreds of billions" worth of cuts?????
If he was worried about the deficit why didn't he say give me a bill with "Hundreds of billions" worth of cuts?????
#72. To: CZ82 (#64)
What were you saying about Bush???
#73. To: go65 (#72)
Great chart. Now tell us what changed when the deficit massively grew in 2001.
#74. To: go65 (#72)
Now tell us what changed when the deficit massively grew in 2001.
#75. To: no gnu taxes (#74)
The Clinton dot com bust recession.
#76. To: CZ82 (#64)
#77. To: CZ82, go65 (#75)
I forgot about that.....
#78. To: war (#77)
I forgot about that..... Of COURSE you did...but being the good little BOT you've now remembered that universal phrase that excuses the incompetence of the GOP in one quick moment:
#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.
#82. To: CZ82 (#79)
#83. To: CZ82 (#81)
It was the Democrats in the House and Senate that are responsible for the 2009 budget...
#84. To: war (#83)
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.
#85. To: CZ82 (#84)
(Edited)
#86. To: war (#85)
#87. To: A K A Stone (#86)
#88. To: war (#83)
You folks continually discount the downward momentum that existed in the economy
#89. To: war (#83)
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.
#90. To: A K A Stone (#86)
Spending bills originate in the House. They are supposed to anyways.
#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.
#92. To: war (#87)
#93. To: war (#91)
inherited created every prpblem that the US has. The GOP often hasn't done enough to fight them.
#94. To: no gnu taxes (#93)
#95. To: no gnu taxes (#93)
The dems inherited created every prpblem that the US has. The GOP often hasn't done enough to fight them.
#96. To: CZ82 (#89)
Recessions come and recessions go and will cure itself naturally in a short period of time, "usually" 1-2 years.
#97. To: no gnu taxes (#93)
#98. To: war (#97)
#99. To: CZ82, no gnu taxes (#95)
The dems inherited created every prpblem that the US has. The GOP often hasn't done enough to fight them.
#100. To: A K A Stone (#98)
The dems created the entitlements and the entitlement mentality. Get rid of them and no more debt.
#101. To: A K A Stone (#98)
(Edited)
Democrats are evil, they are so evil they even murder little innocent babies. In Obamas case even after being born.
#102. To: war (#100)
What do you propose we do with the sick, poor and elderly?
#103. To: Rek (#101)
Tell me, did Terri Schiavo not happen under orders from a GOP judge, in a GOP governored state, under a GOP both house congress, under a GOP pres? I rest my case.
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