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Budget Deficit will reach a record this year

Old 07-28-08, 09:29 AM
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Budget Deficit will reach a record this year

http://news.yahoo.com/s/ap/20080728/...budget_deficit

A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.

The official said Monday 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 current record deficit of $413 billion set in 2004.

The official spoke on condition of anonymity because the new deficit estimate had not been formally released. Bush administration officials were scheduled to do that at a news conference later Monday.




Didn't Bush promise to cut the deficit in half by the time he left office? How much of the $490 billion was the money giveaway? $152 Billion or so, right?
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Old 07-28-08, 09:33 AM
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Sweet, a record for the US and the Olympics haven't even started yet!
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Old 07-28-08, 09:38 AM
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Bailouts, especially for Fannie Mae and Freddie Mac, certainly do not help in deficit reduction but Slate thinks differently on this item.
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Old 07-28-08, 09:44 AM
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Is there any area of government where the Bush administration has not turned into a complete failure?
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Old 07-28-08, 09:48 AM
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I'm not blaming all of this on Bush. Congress is the one with the power of the purse. But Bush has the veto, they are both to blame.
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Old 07-28-08, 09:55 AM
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Bush is ultimately responsible. He has the veto. And if there is any positive about having a GOP controlled government (I understand the Dems control the Congress now) is that spending should be reduced somewhat. I never heard Bush implore the Congress to cut spending and certainly never backed it up with a veto. I don't even think the war in Iraq is figured into this number!
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Old 07-28-08, 10:31 AM
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If folks knew what the real deficit was (probably double the 490 million figure) we'd have mass suicides in the country.
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Old 07-28-08, 10:37 AM
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I know what can fix this! Another tax cut.
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Old 07-28-08, 10:40 AM
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Fox claims it's higher

490 Billion

and they also mention that this does not include 80 billion in war costs.

http://www.foxnews.com/story/0,2933,392043,00.html
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Old 07-28-08, 10:43 AM
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It most likely doesn't include the Iraqi supplementals.

It's certainly not a 'true' figure.
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Old 07-28-08, 10:44 AM
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Originally Posted by CRM114
Is there any area of government where the Bush administration has not turned into a complete failure?
Africans with AIDS like him
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Old 07-28-08, 10:45 AM
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Originally Posted by classicman2
If folks knew what the real deficit was (probably double the 490 million figure) we'd have mass suicides in the country.
Most people really don't know the difference between 490 billion and 900 billion. It's just deficit.
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Old 07-28-08, 10:48 AM
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Did that farm bill pass? Wasn't that something like $289 billion?

Of course, not a dollar will be wasted.
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Old 07-28-08, 10:48 AM
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they are both to blame.

I agree here. Bush will be gone in a few months. But congress,??
Also- Weren't there rumors of another stimulus package going out after Obama is president?
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Old 07-28-08, 10:58 AM
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Originally Posted by JOE29
they are both to blame.

I agree here. Bush will be gone in a few months. But congress,??
Also- Weren't there rumors of another stimulus package going out after Obama is president?
Pick a side and bash it, brother.
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Old 07-28-08, 11:02 AM
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Originally Posted by JOE29
Also- Weren't there rumors of another stimulus package going out after Obama is president?
I thought Pelosi declared they were already working on a new stimulus package.

Edit: Yes, she was speaking about a package for next year. Seems like a one-time (or two-time) tax cut across the board. I'm not so sure we can afford that at the moment. But then, we can't really "afford" anything. Or we can afford anything, depending on how you look at it.

She did say we need to look at this year's stimulus package and see what it benefits before you determine the amount of another one, so that's smart.

Last edited by Th0r S1mpson; 07-28-08 at 11:09 AM.
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Old 07-28-08, 11:12 AM
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I say we double taxes and then give half back as a stimulus.
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Old 07-28-08, 11:18 AM
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Originally Posted by orangecrush18
Africans with AIDS like him
Very true. And the oil companies.
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Old 07-28-08, 11:19 AM
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Originally Posted by kvrdave
I say we double taxes and then give half back as a stimulus.
Don't laugh. That's about what will happen.
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Old 07-28-08, 11:19 AM
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Originally Posted by kvrdave
I say we double taxes and then give half back as a stimulus.
I say we take all the money from the top 10% and give to the bottom 10% who work much harder.

To carry this out will require the assistance of a Mr. Clarence Beeks, several million bags of angel dust, and Jamie Lee Curtis.
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Old 07-28-08, 11:26 AM
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Originally Posted by Thor Simpson
Jamie Lee Curtis.
Jamie Lee Curtis circa Trading Places days.

Hey, don't worry about all this deficit stuff. If the Olympics go well this summer, maybe China will float a few more hundred billion to finance our debt and everybody's happy.
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Old 07-28-08, 11:32 AM
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China has already sold all of the Olympic tickets.

It's too bad that Tom DeLay couldn't hang around long to implement his 'the rich will pay no taxes' plan.

We wouldn't have a deficit if that had happened.

Last edited by classicman2; 07-28-08 at 11:34 AM.
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Old 07-28-08, 11:45 AM
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absolutely shocking that the dems haven't given the president a balanced budget to sign like they promised a few years ago
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Old 07-28-08, 11:52 AM
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Has the president proposed a balanced budget?

If the White House was really serious about a balanced budget, they wouldn't be asking for the supplementals they've asked for in Iraq.

Of course I understand why they want to go the 'supplemental route.'
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Old 07-28-08, 12:03 PM
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Originally Posted by CRM114
Don't laugh. That's about what will happen.
I agree. The trick will be figuring out how to maximize it, because I think it will mainly be a redistribution.

Ideally, I'd find a way to make 5 years worth of money this year, and make no money in the next 4 years (other than the minimum needed to get the big handouts).

I just can't figure out how.
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