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Title: Federal deficit at $430.69 billion through January (Revenue down 10.4%)
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Published: Feb 20, 2010
Author: MARTIN CRUTSINGER
Post Date: 2010-02-20 23:55:25 by Nebuchadnezzar
Keywords: None
Views: 1042
Comments: 14
Federal deficit at $430.69 billion through January By MARTIN CRUTSINGER (AP) – 3 days ago WASHINGTON — The federal deficit through the first four months of the budget year is running at a record-breaking pace even though the deficit in January was slightly smaller than expected. The massive tide of red ink reflects the continued fallout from a deep recession and a severe financial crisis. It highlights the formidable challenges President Barack Obama will face in trying to get the deficit down to more manageable levels. The Treasury Department said Wednesday that the deficit for January totaled $42.63 billion. That left the total of red ink so far this budget year at $430.69 billion, 8.8 percent higher than last year when the deficit soared to an unprecedented level of $1.42 trillion. Obama, in sending Congress a new budget plan on Feb. 1, projected that this year's deficit would hit $1.56 trillion and would remain above $1 trillion for three consecutive years. He forecast the 2011 deficit, for the budget year that begins next Oct. 1, would total $1.27 trillion. The administration on Wednesday marked the anniversary of the passage of the $787 billion economic stimulus bill, maintaining that it has worked to stave off a second Great Depression while acknowledging that more must be done to put people back to work. While Republican critics have attacked the stimulus spending as ineffective, Obama said it had kept up to 2 million people on the job and the government needed to do even more to fight an unemployment rate that currently stands at 9.7 percent. However, the administration contends that it will begin to tackle the deficit problem beginning in 2011. In his budget, he offered a down-payment on deficit reduction,a three-year freeze on discretionary government spending outside of defense and homeland security. Obama on Thursday plans to announce creation of a deficit panel headed by Erskine Bowles, a former White House chief of staff in the Clinton administration, and former Sen. Alan Simpson, R-Wyo. The commission will be charged with reporting back by the end of this year on what steps Congress and the administration should take to get the deficit down to a level of 3 percent of the overall economy, a point that economists believe is manageable. Last year's deficit equaled 9.9 percent of GDP, the highest point since World War II, and would climb to 10.6 percent of GDP this year. The $42.63 billion deficit for January was down from a $63.46 billion deficit in January 2009 and was below the $47 billion forecast of private economists. But the January imbalance still marked a record 16th straight month that the government's books have been in the red, going back to October 2008. Through the first four months of the current budget year, outlays total $1.12 trillion, down 3.9 percent from the spending through the same period in 2009. But revenues, hurt by the lingering impact of the recession on tax receipts, were down even more, falling 10.4 percent to $693.02 trillion for the period from October through January. The huge deficits are being caused by the impact of a severe recession, which has trimmed the government's tax receipts and raised spending on such programs as unemployment insurance and food stamps. The deficits also reflect the billions of dollars being spent from the $787 billion stimulus program passed in February 2009 and the $700 billion financial bailout program Congress passed in October 2008 to stabilize the banking system.
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#1. To: All (#0)
There-in is the evidence that the economy is recovering is a bald-faced lie. If it was recovering revenues would be increasing, not plumetting.
Goldi-Lox: You're one dumb-fucking bitch.
So YoY Obama cut the January deficit by $21 billion over what he inherited from Bush. That IS an improvement.
Being a Republican means you get to choose your own reality.
The evidence is quite clear that we are in a recovery. How strong the recovery is and how long it lasts, i.e. if it lasts long enough to kick start a transition into an expansion, is what is debatable. The fact that it IS ocurring isn't. I love this edit feature...
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace Actually if revenue is down over 10% YoY that is indicative of a deepening recession.
Goldi-Lox: You're one dumb-fucking bitch.
I don't follow your logic...it was down MORE previously...is down LESS now...how is that NOT getting better?
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace At the end of 2009, and in January of 2010, the USG revenues were down 10.6% over 2008's same period. If 2008 was a bad period, 2009/2010 is even worse.
Goldi-Lox: You're one dumb-fucking bitch.
What were revenues in Jan of 2008 and Jan of 2009 and the % change Was the % change higher or lower than Jan 2009/ 2010?
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace Revenue is falling over 2008/2009 same period.
Goldi-Lox: You're one dumb-fucking bitch.
wart: "The evidence is quite clear that we are in a recovery." Delusional, as in "a false belief or opinion, a fixed false belief that is resistant to reason or confrontation with actual fact" See also: Delusion Delusions typically occur in the context of neurological or mental illness, although they are not tied to any particular disease and have been found to occur in the context of many pathological states (both physical and mental). However, they are of particular diagnostic importance in psychotic disorders and particularly in schizophrenia, paraphrenia, manic episodes of bipolar disorder, and psychotic depression.
My vocabulary is fine and dandy thanks.
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace Do you deny the revenue decline?
Goldi-Lox: You're one dumb-fucking bitch.
Receipts for the first four months of fiscal year 2010 were about $83 billion (or 11 percent) lower than receipts during the comparable period last year. Nearly two-thirds of that decline stems from lower withholding from employees’ paychecks for income and payroll taxes. The $50 billion (or 8 percent) drop in withholding results primarily from the Making Work Pay credit enacted in ARRA and from lower wages and salaries.
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace No. How could I?
The fact I was an RM2 escapes you obviously, and what that implies. Boofer posted on 2007-01-30 16:42:29 ET Reply Trace He lives on planet 'delusional' as you will see.
my anti groupie can't get through life without me.
But revenues, hurt by the lingering impact of the recession on tax receipts, were down even more, falling 10.4 percent to $693.02 trillion for the period from October through January
#2. To: Nebuchadnezzar, war, badeye (#0)
The $42.63 billion deficit for January was down from a $63.46 billion deficit in January 2009 and was below the $47 billion forecast of private economists.
#3. To: Nebuchadnezzar (#1)
(Edited)
There-in is the evidence that the economy is recovering is a bald-faced lie.
#4. To: war (#3)
Through the first four months of the current budget year, outlays total $1.12 trillion, down 3.9 percent from the spending through the same period in 2009. But revenues, hurt by the lingering impact of the recession on tax receipts, were down even more, falling 10.4 percent to $693.02 trillion for the period from October through January.
#5. To: Nebuchadnezzar (#4)
(Edited)
#6. To: war (#5)
I don't follow your logic...it was down MORE previously...is down LESS now...how is that NOT getting better?
#7. To: Nebuchadnezzar (#6)
#8. To: war (#7)
Through the first four months of the current budget year, outlays total $1.12 trillion, down 3.9 percent from the spending through the same period in 2009. But revenues, hurt by the lingering impact of the recession on tax receipts, were down even more, falling 10.4 percent to $693.02 trillion for the period from October through January.
#9. To: war (#3)
A delusion, in everyday language, is a fixed belief that is either false, fanciful, or derived from deception. Psychiatry defines the term more specifically as a belief that is pathological (the result of an illness or illness process). As a pathology, it is distinct from a belief based on false or incomplete information, "incorrect" dogma, stupidity, apperception, illusion, or other effects of perception.
#10. To: _Jim (#9)
#11. To: war (#10)
#12. To: Nebuchadnezzar (#8)
#13. To: Nebuchadnezzar (#11)
#14. To: _Jim (#9)
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