Record U.S. Deficit: $490 Billion

[Popol Vuh]

WASHINGTON (AP) — A Bush administration official said Monday the next administration will inherit a record federal budget deficit for next year that approaches $490 billion.

The official said the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the record deficit of $413 billion set in 2004.


http://ap.google.com/article/ALeqM5gMSVWqL3tikhx7L_ompt0hDXO-5AD926TGHO0

Bill Clinton balances the budget and Bush creates a budget deficit of almost half a trillion dollars. So you lurking Freeps, what's up with that?

[marmar]

1. And that's EXCLUDING $80 billion for the ongoing Iraq occupation....

We are f**ked six ways from Sunday.

[Initech]

2. They're off by about $2 trillion.

[underseasurveyor]

3. Not one but TWO

TWO record deficits. Only one chapter in the book of the bush legacy:grr:

[klyon]

4. I guess our MBA President missed the part where you have to

pay the bills, he must have had cheerleader practice or something.

[redqueen]

5. Nope... just his MO as CEO was to cut out before people caught on...

so... they're just doing the same thing, but with the Treasury instead of investors' money.

[Greyhound]

6. Hmmm, our entire deficit is still less than the "official" DoD budget.

That looks like a good place to start cutting...
:think:

[Popol Vuh]

8. Hear, hear!

We spend more on the DoD than the rest of the world combined. I say that's the first place to start. Second, enact sizable taxes on offshore businesses to more than offset any advantage they have at moving their businesses offshore. Re-implement tariffs to protect American jobs here.

Lots of other things to do of course.

[Greyhound]

13. 30% immediate cut, followed by further reductions in subsequent budgets.

Re-working the tax code is also necessary for the short term. I still believe that if we ever got rid of the Fed, we would discover that our nation produces so much that there is plenty for everybody. It is the parasites that are killing us and the world.

[SammyWinstonJack]

10. Give them nothing until they find the missing trillions they misplaced!

:thumbsup: Also, the little pissant did the same thing in Texas, turned a record surplus into a record deficit. The BFEE loves stealing from us.

[Greyhound]

11. That's what I found so shocking in 1999. I even said to a friend, "even the republiks

aren't stupid enough to nominate this idiot, he's failed at everything he's ever tried and ruined everything he's every touched".

I was wrong.

[entanglement]

7. Notice how the stimulus payment is blamed for deficits, not their criminal Iraq adventure

or tax cuts for the wealthy 1%.

[spanone]

9. this morning on cnn a white house spokesperson blamed the clinton administration

i kid you not.

[Popol Vuh]

12. That was one expensive blow job

I guess.

:sarcasm: