U.S. facing $500-billion record deficit - by conservative estimate

[Chango]

Holy shiite! We don't even know how high this thing might go, and the projection over 10 years is $6.3 trillion!

Story:

Deficit seen at $500 billion next year

Pessimistic analysis from CBO expected Tuesday


ASSOCIATED PRESS

WASHINGTON, Aug. 25 — The federal deficit, already at record levels this year, will almost certainly get worse next year, congressional budget analysts are expected to say in a report Tuesday. But House Democrats said Monday that the Congressional Budget Office analysis would understate the gravity of the fiscal crisis.

THE NONPARTISAN CBO, which has estimated the federal deficit at $401 billion for the fiscal year ending Sept. 30, is likely to project red ink approaching or even surpassing $500 billion next year, said Rep. John Spratt, D-S.C., top Democrat on the House Budget Committee.

But Spratt said the actual deficits next year and in the subsequent years could be substantially higher...

<snip>

If money from the Social Security surpluses now being used to pay for other federal programs is not factored in, the decade-long deficit will be $6.3 trillion, they said.

<snip>

Also not included is a $400 billion Medicare prescription drug benefit

<snip>

This fiscal year’s deficit has already exceeded the old record of $290.4 billion set in 1992 when President Bush’s father was president.

http://www.msnbc.com/news/957184.asp?0cv=CA01

[aquart]

1. Does that count the bottomless pit of Iraq?

[MidwestTransplant]

2. I don't believe it does...

most figures I have heard in the past do not include Iraq. That's probably why the admin. is hesitant to give a figure.

[Chango]

3. You're correct

It doesn't include "increased defense and anti-terrorism spending" or any number on Iraq reconstruction.

[StandWatie]

4. I've heard even those numbers are rigged

they are built assuming that all the tax cut things will go away when the sunset provisions wear out.

[indepat]

5. It is a small price to pay to have dignity restored to the White

House. Besides the Social Security Trust Funds would not have been raided to the tune of trillions of dollars had GWB had not been handed his "trifecta," for then all bets were off, it didn't matter how high the deficits, how much the trust funds were raided to fund the tax cuts for his patrons. "Oh lucky me!"

[lindashaw]

6. Joe Biden said Congress has received no estimates...

and a new supplemental will be asked for as soon as Congress returns.

[wellst0nev0ter]

7. "The Tax Cuts Kin Pay For THEMSELVES!"

You know what, fuggit. Think about it, the "average" tax cut each tax payer was gonna get was a little over one grand. This deficit will leave each taxpayer OWING aroung five and a half thousand dollars. Would you go to a goddamn loan store to get 100 dollars and expect to pay back FIVE HUNDRED?

If I didn't have to live with this clown, I say those who voted for him can go to hell with him AND his country :grr:

[CounterCoulter]

8. Tax the Greedy

I bet if the IRS was given back it's teeth and the progressive income tax was restored, we could cut the deficit in half to no detrimental economic effects.

[aquart]

30. How about a CEO tax?

Something special just for the guys taking home 25 million a year?

How about 90% of everything over two million?

I'm not a nice person.

[arcane1]

9. Bush is quite the record breaker!

Most time spent campaigning


longest vacation time


highest deficit


record unemployment



go George!

[bahrbearian]

14. Don't forget

Most soldiers killed
Most Civilans Killed
Most Afgahany's
Most Iragi's
ECT ECT ECT

[lindashaw]

35. We could have broken even in 2005 except for the tax cuts.

Unless a change in policy occurs, Spratt said on C-Span, by 2013 the deficit will be over seven trillion. Just paying interest on the debt will soon cause interest rates to start going up. There goes the economic "recovery."

[gratuitous]

10. According to Sen. Hollings (D-SC)

He or his staff read over the proposed White House budget numbers. At that time back in late June or early July, the "news" was that this year's deficit was running at $400 billion. Hollings noted that that was just the current number, and the final number for the year was expected to be something like $598 billion. There wasn't much coverage, of course, and let's face it, folks can't even grasp the magnitude of the deficit. It's so enormous that it seems completely out of control and hopeless.

That's wrong, naturally. In eight years of fiscal responsibility under Bill Clinton, our nation turned the corner on budget deficits and was even paying down the national debt by the time he left office. The forecast was for budget surpluses as far as the eye could see. Full funding for Social Security and Medicare, and with enough money, the chance to dream of a society that could provide health care, prescription drugs, good roads, safe foods, and so forth.

Unfortunately, the Supreme Court installed Lil George, the best friend a robber baron ever had, and before you could say "single payer health plan," the surpluses were ended, the federal treasury was emptied (mostly into the pockets of Lil George's overrich pals), and for the next eight years (beginning in 2005), we'll have to plow our productivity back into relieving the U.S. of its debt burden. Hopefully, we will be able to overcome the Supreme Court next time, and keep them from installing another spendthrift Republican.

[The Zanti Regent]

11. The GOP wants an excuse to kill Social Security.

I'm gonna keep hitting on this because it is true. The GOP will not rest until Social Security is terminated. That is why they are letting this red ink flood the whole country!

[Code_Name_D]

13. It will kill a lot more than SS, try the whole contry.

We are about to go the route of hipyer inflation. Just a question of when it happens.

[prolesunited]

17. Not just Social Security

They want to bankrupt the entire federal government so there is no money to pay for anything -- well, except for the military and select corporate welfare programs. They always did hate all of the social programs that came after the Depression.

Their will be no middle class. You will be either very rich or very poor. The economy is not in ruins because they don't know how to run things. Quite the contrary. Their plans are right on track -- problem is our goals are completely different.

[aquart]

33. They forget. Social Security was instituted to prevent bloody revolution.

Not because some dogooders wanted to be nicey nice.

All our social reforms have had the intention of preventing this nation from burning down.

This belief that gated communities are immune to the torch is just silly.

If they destroy Social Security, they will restore it within ten years.

Of course, lots of us will have died horribly by then but them's the breaks.

[madrchsod]

12. the real number

in the government`s own projected debt numbers are about 650 billion. it was buried a few pages from the 400+ billion number. and don`t forget the war has never been budgeted.

[GreenGreenLimaBean]

15. You better close on your refinancing...

cause the bond market is goin to tank tomorrow....

Can you say 10% mortgages by '04!!!

[WillyT]

16. It's STILL The Economy, Stupid !!!

Any Questions???

:argh:

[OldCurmudgeon]

18. that's a lot of money...

half a trillion here,
half a trillion there,
and pretty soon you're talking about some..

Oh wait.

[dArKeR]

24. That's a lot of money we could be investing in the stock market, small

businesses, alcohol, drugs, parties... WOW this really burns me giving our hard earned money to the Bush Crime Family!

The more I hang around the DU the more I become a Libertarian and a Vegetarian.
1. I honestly think most people don't understand the relationship between taxes, government payrolls, and government deficits. And we can clearly see a GOP President is unable to manage our finances.
2. I don't think most people actually know a slab of supermarket beef comes from a living personality God's creation. I think the slab is looked at like a slice of bread.

http://darkerxdarker.tripod.com/

[SodoffBush]

19. That's double Reagan, isn't it?

I recall $3 trillion debt after he left office.

[Don_G]

21. Yep

And the irresponsible "Big-Dog" cut federal spending left and right to leave a surplus this idiot transferred to his contributing Pioneers and off-shore industries....

[Bertrand]

20. ....

half a fucking trillion dollars.

[proud patriot]

22. Thanks bush !

:grr: :mad: My Son Thanks you too .

[classics]

23. Its been the Bush plan all along to bankrupt America.

His adgenda is to effectively erase the US government by bankrupting it.

All government functions will pass into the hands of his corporate fudalist buddies and the coup will be complete.

[opihimoimoi]

26. The National Debt will approach 8 trillion next year and if Bush gets

selected 2x, it will be close to 11 trillion. The interest will hurt us bad. real bad.

The pubs don care, they will have most of the money and we the bills to pay.

[aquart]

31. He has succeeded brilliantly.

And they said he was dumb.

[aquart]

32. Remember: Republicans are good for business.

And I can sell you the Brooklyn Bridge for fifty cents.

[JasonBerry]

25. It's Amazing - Do you remember THIS?

There were bumperstickers in the late 70's that read, "NO TRILLION DOLLAR DEBT." That was not annual deficit of course - but total DEBT! Now to think we half a half-trillion dollar DEFICIT! Incredible.

[leftyandproud]

27. everything is going according to plan.

bankrupt the govt...
starve any hint of socialism..

bastards

[Fovea]

28. Grover Norquist

Should finish out his life in jail.

They are not just bastards, they are stupid bastards.
They want to bring about the end of the government safety net by causeing the same conditions that caused the original safety net to be voted in.

After they drive this economy off the cliff, maybe people will finally realize how stupid this idea really is.

[ProfessorGAC]

34. How Stupid Is That?!?!?

The very programs they loathe are those that prevented socialism from catching on in the U.S.

Programs designed to ward off the formation of a huge, undersatisfied working class, and instead create a powerful and vibrant middle class with a gov't sponsored "pension" at the back end is the very reason why the American populace never embraced socialism in its more pure form.

By doing what they're attempting, they are energizing the very conditions that lead folks to think that socialism is a good idea.

Typical short term, two-dimensional thought on the part of conservatives.
The Professor

[htuttle]

36. I'm not sure who said it...

...but I heard a great quote about this recently:

"Republicans are trying to dismantle the economic system that defeated Communism, and replace it with the economic system that spawned Communism."

[WillyT]

29. They Backed Off The Original Story, Or Headline At Least !!!

Yesterday's Grand Graphic:



Today's Mini Mention (Under More Top Stories): Deficit seen at $480 billion next year

At: http://www.msnbc.com/news/default.asp

Hmmmmm.... Must have received a call from Herr Rove, ya???

:shrug:

BTW - Is this sort of like when they charge $19.99 instead of $20.01??? Supposed to make us feel like we're gettin a better deal, I suppose.