Federal Budget Deficit Swells, amid record revenues

[uscitizen]

Federal Budget Deficit Swells

Wednesday March 12, 2:08 PM EDT

WASHINGTON (AP) — The Treasury Department says the federal deficit swelled to $263.3 billion in the first five months of this budget year as record spending during the period outpaced record revenues.

The department's latest snapshot of the government's balance sheets, released Wednesday, shows that the deficit for the budget year that began Oct. 1 was up a whopping 62 percent from the red ink of $162.2 billion for the corresponding five-month period last year.

The latest year-to-date budget deficit of $263.3 billion was an all-time high, the government said.

Spending totaled a record $1.23 trillion, while revenues totaled $967.2 billion, also an all-time high.

For the month of February alone, the government ran a deficit of $175.6 billion, a record for any single month. That was larger than the shortfall of around $170 billion that economists were expecting.

http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vc1pe80&date=20080312

 

[Cypress]

Here's a hint, republicans: If you don't have the balls, and there's no political will power to cut social security, medicare, and end the iraq war, then don't propose and implement massive tax cuts for the wealthy investor class/

 

[Bonestorm]

Here's a hint, republicans: If you don't have the balls, and there's no political will power to cut social security, medicare, and end the iraq war, then don't propose and implement massive tax cuts for the wealthy investor class/

Here's another: Don't propose to make them permanent after implementing massive spending increases and using the sunset provision to paint a rosy deficit picture to get them passed in the first place.

 

[uscitizen]

Bush only vetoes anti torture bills and such. You know, the important stuff.

 

[evince]

Its just insane.

 

[cawacko]

Here's a hint, republicans: If you don't have the balls, and there's no political will power to cut social security, medicare, and end the iraq war, then don't propose and implement massive tax cuts for the wealthy investor class/

notice the 'massive tax cuts' resulted in record revenues.

 

[Onceler]

Who is going to make the cuts that would be necessary to prevent this?

There is a lot of talk in this campaign about new programs & new initiatives, but not much on where we can cut the budget. It is out of control.

Someone, somewhere, also has to start a meaningful conversation about overhauling Social Security.

 

[Cypress]

notice the 'massive tax cuts' resulted in record revenues.

Disingenous and misleading.

The United States, virtually every year in the last century, has had "record" revenues, every singgle year there's a new federal budget. Because the population, the economy, and therefore revenue is always growing; whether there are tax cuts or no tax cuts.

The rate of revenue growth in the last seven years has been one of the slowest on record. The foolish bush tax cuts, didn't lead to any great spurt in the rates of revenue growth. In fact, they stagnated the rate of revenue growth.

 

[cawacko]

Who is going to make the cuts that would be necessary to prevent this?

There is a lot of talk in this campaign about new programs & new initiatives, but not much on where we can cut the budget. It is out of control.

Someone, somewhere, also has to start a meaningful conversation about overhauling Social Security.

That probably won't happen until S.S. is truly at its breaking point and then somehow the Dems and Reps will have to agree to work together and fall on the sword together to get any meaningfull change.

 

[uscitizen]

notice the 'massive tax cuts' resulted in record revenues.

Umm we have had economic growth although mediocre. figure it out dude.

 

[cawacko]

Disingenous and misleading.

The United States, virtually every year in the last century, has had "record" revenues, every singgle year there's a new federal budget. Because the population, the economy, and therefore revenue is always growing; whether there are tax cuts or no tax cuts.

The rate of revenue growth in the last seven years has been one of the slowest on record. The foolish bush tax cuts, didn't lead to any great spurt in the rates of revenue growth. In fact, they stagnated the rate of revenue growth.

We were in a recession and just had the largest terrorist attack on our country in its history. The tax cuts played a definite role in putting money in people's pockets and encouraging investment which led the economy on a rebound.

 

[uscitizen]

Disingenous and misleading.

The United States, virtually every year in the last century, has had "record" revenues, every singgle year there's a new federal budget. Because the population, the economy, and therefore revenue is always growing; whether there are tax cuts or no tax cuts.

The rate of revenue growth in the last seven years has been one of the slowest on record. The foolish bush tax cuts, didn't lead to any great spurt in the rates of revenue growth. In fact, they stagnated the rate of revenue growth.

You got it right.

 

[uscitizen]

That probably won't happen until S.S. is truly at its breaking point and then somehow the Dems and Reps will have to agree to work together and fall on the sword together to get any meaningfull change.

Naah medicare and medicad have to go first.
then those pesky school taxes have to go.

 

[cawacko]

You got it right.

tell me why they were foolish. During a recession and a terrorist is that a good time to raise taxes?

 

[Little-Acorn]

Federal Budget Deficit Swells, amid record revenues

And with the Bush tax cuts still in place. Nice to see the board leftists finally acknowledge that tax-rate cuts INCREASE revenues. Truth eventually dawns on us all. Some later than others.

Also nice to finally hear them becoming concerned about runaway debt. Too bad they didn't notice the problem when their party controlled Congress almost exclusively from 1934 thru 1995, and increased the National Debt by twenty thousand percent.

Apparently runaway spending is only bad when Republicans do it.

 

[Bonestorm]

We were in a recession and just had the largest terrorist attack on our country in its history. The tax cuts played a definite role in putting money in people's pockets and encouraging investment which led the economy on a rebound.

Even assuming that you are correct that the tax cuts led to an economic rebound, that does not mean that the tax cuts led to record revenues. At all.

 

[Bonestorm]

And with the Bush tax cuts still in place. Nice to see the board leftists finally acknowledge that tax-rate cuts INCREASE revenues.

Also nice to finally hear them becoming concerned about runaway debt. Too bad they didn't notice the problem when they controlled Congress almost exclusively and they increased the National Debt by twenty thousand percent.

Apparently runaway spending is only bad when Republicans do it.

It's a fairy tale Acorn. If you want to be Big Tree some day you will have to come to grips with this. Well, except you are a Republican, so you are required to believe in this fairy tale so nevermind.

 

[Onceler]

And with the Bush tax cuts still in place. Nice to see the board leftists finally acknowledge that tax-rate cuts INCREASE revenues.

Also nice to finally hear them becoming concerned about runaway debt. Too bad they didn't notice the problem when they controlled Congress almost exclusively and they increased the National Debt by twenty thousand percent.

Apparently runaway spending is only bad when Republicans do it.

A) For "record revenues"...ever hear of something called "population increase?"

B) What the fuck do you know about people's concern over the national debt? I don't recall ever hearing anyone NOT being concerned about it. At least VP Gore started the "reinventing gov't" project, which was working until Bush abandoned it, and Cheney said "deficit spending doesn't matter."

You, as a rightie, don't have a leg to stand on in this debate, even though Rush tells you that you do...

 

[Cancel 2016.2]

Federal Budget Deficit Swells

Wednesday March 12, 2:08 PM EDT

WASHINGTON (AP) — The Treasury Department says the federal deficit swelled to $263.3 billion in the first five months of this budget year as record spending during the period outpaced record revenues.

The department's latest snapshot of the government's balance sheets, released Wednesday, shows that the deficit for the budget year that began Oct. 1 was up a whopping 62 percent from the red ink of $162.2 billion for the corresponding five-month period last year.

The latest year-to-date budget deficit of $263.3 billion was an all-time high, the government said.

Spending totaled a record $1.23 trillion, while revenues totaled $967.2 billion, also an all-time high.

For the month of February alone, the government ran a deficit of $175.6 billion, a record for any single month. That was larger than the shortfall of around $170 billion that economists were expecting.

http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d8vc1pe80&date=20080312

Good thing we have those Dems in charge of Congress showing us fiscal responsibility.

 

[Cypress]

We were in a recession and just had the largest terrorist attack on our country in its history. The tax cuts played a definite role in putting money in people's pockets and encouraging investment which led the economy on a rebound.

cawacko, the statute of limitations has run out, on blaming the attack on the twin towers for the bush stewardship of our government's budget.

That was seven years ago.

We have "record" revenues now, because just like virtually every year this century, the government set a "record" for revenue because the population and the economy grew.

Seven years later, the rate of revenue growth is still lower that it has been in pratically half a century. The bush tax cuts didn't cause revenues to "surge".