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Federal deficit exceeds $1 trillion for third straight year

Posted by Olog-hai on Wed Aug 10 16:21:38 2011

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Associated Press

Aug 10, 3:20 PM EDT

Federal deficit tops $1T for 3rd straight year

By MARTIN CRUTSINGER
AP Economics Writer
WASHINGTON (AP) — The United States' budget deficit has topped $1 trillion for a third straight year, adding pressure on Congress and the White House to make more progress on a long-term plan to shrink the growing imbalance.

The Treasury Department said Wednesday that the deficit through July totaled $1.1 trillion. Three years ago, that would have been a record high for the full year.

This year's deficit is on pace to exceed last year's imbalance of $1.29 trillion. But it is likely to fall short of the record $1.41 trillion set in 2009.

For the first 10 months of the budget year, spending has risen 2.4 percent while revenue has climbed 8 percent. That's a sign that more people are working and paying taxes, although unemployment remains high at 9.1 percent.

Record deficits have forced President Barack Obama and Congress to create a 12-member committee of lawmakers tasked with reducing the red ink over the next decade by $1.2 trillion. If the panel cannot agree on a plan by Thanksgiving, severe across-the-board spending cuts would go into effect automatically.

The committee was a key part of a two-stage deal forged last week that allowed the government to boost its borrowing limit. The first stage of the deal would cut spending by $917 billion over 10 years. The second stage would go into effect after Congress approved the committee's recommendations.

But the $2.1 trillion deal fell short of the $4 trillion in cuts that Standard & Poor's said was needed to achieve a credible deficit plan. As a result, S&P downgraded the U.S. government's credit rating from AAA to AA+.

A political backlash over the deficits allowed Republicans to gain control of the House in last year's elections. Both parties say they are committed to reducing the deficits. But Republicans oppose tax increases; Democrats object to making big cuts to entitlement programs, such as Social Security and Medicare.

Before 2009, the deficit had never come close to $1 trillion in a single year.

The government last recorded a budget surplus in 2001, when revenues were $127 billion greater than spending. The surpluses were expected to total $5.6 trillion over the next decade.

But the country was back in the red by 2002. The deficits grew after President George W. Bush won approval for broad tax cuts, pushed a major drug benefit program for seniors and launched the invasions of Iraq and Afghanistan.

In 2008, Bush's last full year in office, the deficit reached $454.8 billion, a record at that time. And when the economy plunged into a deep recession, the yearly imbalance topped $1 trillion.

Higher spending on unemployment insurance and food stamps, and a sharp contraction in tax revenues, widened the deficit. And it grew even more after the Obama administration backed a $787 billion stimulus program to boost the economy.

The deficit also widened after Obama and congressional Republicans agreed to extend Bush's tax cuts for two more years and include a one-year cut in the Social Security payroll tax in an effort to give the sluggish economy a boost. Obama is seeking to extend the payroll tax cut for another year.

The fastest growing category of the budget is interest on the national debt, which totaled $213 billion through July. That's 15 percent higher than a year ago.

Congressional leaders over the past two days have named members to the 12-member deficit-cutting panel.

House Republicans appointed Rep. Jeb Hensarling of Texas to be the co-chair. They chose Reps. Dave Camp and Fred Upton, both of Michigan, to also serve on the committee.

Senate Republicans selected Sens. Jon Kyl of Arizona, Pat Toomey of Pennsylvania and Rob Portman of Ohio.

Senate Democrats chose Sens. Patty Murray of Washington to be the co-chair. They appointed Sens. John Kerry of Massachusetts and Max Baucus of Montana to serve with her on the committee.

House Democratic Leader Nancy Pelosi has not yet announced her appointees.


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(825606)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by RockParkMan on Wed Aug 10 16:42:34 2011, in response to Federal deficit exceeds $1 trillion for third straight year, posted by Olog-hai on Wed Aug 10 16:21:38 2011.

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We need to pull the plug on the Brits.

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(825614)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Chris R16/R2730 on Wed Aug 10 17:01:45 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by RockParkMan on Wed Aug 10 16:42:34 2011.

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(825617)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Fred G on Wed Aug 10 17:07:40 2011, in response to Federal deficit exceeds $1 trillion for third straight year, posted by Olog-hai on Wed Aug 10 16:21:38 2011.

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Reagan taught us that deficits don't matter.

your pal,
Fred

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(825622)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Chris R16/R2730 on Wed Aug 10 17:11:13 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Fred G on Wed Aug 10 17:07:40 2011.

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No, that was Keynes. Reagan taught us that deficits can be sustained by growth.

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(825625)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Fred G on Wed Aug 10 17:18:44 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Chris R16/R2730 on Wed Aug 10 17:11:13 2011.

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LOL

your pal,
Fred

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(825627)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by RockParkMan on Wed Aug 10 17:19:37 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Chris R16/R2730 on Wed Aug 10 17:11:13 2011.

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Reagan didn't teach anybody shit. Now there was a hollywood looney

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(825631)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 17:21:49 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Fred G on Wed Aug 10 17:18:44 2011.

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Don't ya just love these guys that were around for it in person as opposed to us lemmings who only heard this crap on blogs? :)

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(825637)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by orange blossom special on Wed Aug 10 17:28:12 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 17:21:49 2011.

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How does it not make sense?

I make 10,000 dollars and owe 500 bucks.
I increased my debt to 3000 dollars, but instead of, like the demokkkrat government where the revenue went DOWN, I now make 60,000 dollars.

My increased debt has been sustained by increased revenue. While financial accounting can get complicated, the ideals are commonsense.

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(825654)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by bingbong on Wed Aug 10 17:42:24 2011, in response to Federal deficit exceeds $1 trillion for third straight year, posted by Olog-hai on Wed Aug 10 16:21:38 2011.

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Well then, it's time to raise taxes.Or stop complaining.

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(825658)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 17:43:56 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by orange blossom special on Wed Aug 10 17:28:12 2011.

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And you're earning a living doing what? You should be day trading. :)

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(825664)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Fred G on Wed Aug 10 17:50:59 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by orange blossom special on Wed Aug 10 17:28:12 2011.

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Figures don't lie but liars sure figure.

your pal,
Fred

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(825665)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Streetcarman1 on Wed Aug 10 17:52:05 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Chris R16/R2730 on Wed Aug 10 17:01:45 2011.

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Photobucket

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(825666)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Streetcarman1 on Wed Aug 10 17:53:36 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 17:43:56 2011.

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"And you're earning a living doing what?"

Photobucket

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(825667)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 17:56:17 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by bingbong on Wed Aug 10 17:42:24 2011.

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The Fed was suggesting a stimulus. Heh. Like Olog's polizei would ever permit that. Total destruction ... that's all conservatards want ... :(

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(825669)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Streetcarman1 on Wed Aug 10 17:58:19 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 17:56:17 2011.

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Olog can't think outside the box ............

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(825670)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Fred G on Wed Aug 10 18:00:07 2011, in response to Federal deficit exceeds $1 trillion for third straight year, posted by Olog-hai on Wed Aug 10 16:21:38 2011.

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The government last recorded a budget surplus in 2001, when revenues were $127 billion greater than spending. The surpluses were expected to total $5.6 trillion over the next decade.



your pal,
Fred



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(825672)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 18:02:33 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Streetcarman1 on Wed Aug 10 17:58:19 2011.

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Olog isn't PERMITTED outside the box. :)

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(825676)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by orange blossom special on Wed Aug 10 18:10:33 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 17:43:56 2011.

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I hear that "community organizing" is very lucrative. I go around to all different communities, and organize them with nazi precision

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(825680)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 18:12:40 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by orange blossom special on Wed Aug 10 18:10:33 2011.

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Heh. You do that. Maybe open up a library while you're at it too. Them donations are pretty hefty.

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(825695)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Streetcarman1 on Wed Aug 10 18:26:57 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 18:12:40 2011.

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Will we find "Catcher in the Rye" among the titles in his library? :)

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(825699)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 18:36:17 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Streetcarman1 on Wed Aug 10 18:26:57 2011.

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Doubtful ... but any copies found will probably provide a few minutes of heat ... :(

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(825708)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by orange blossom special on Wed Aug 10 18:56:21 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 18:12:40 2011.

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I would only if all the books are in cursive font. For that thread that stated that some schools are no longer teaching it.

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(825715)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 19:15:04 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by orange blossom special on Wed Aug 10 18:56:21 2011.

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Yep ... that'll work.

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(825734)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by WillD on Wed Aug 10 20:40:45 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Chris R16/R2730 on Wed Aug 10 17:11:13 2011.

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Then what do you call the Dubya Administration's runaway increases in debt combined with one of the most underperforming economies of any president since WWII?

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(825744)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by bingbong on Wed Aug 10 21:03:38 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by Chris R16/R2730 on Wed Aug 10 17:11:13 2011.

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...all reagan did was show deficits can be sustained by bubbles. His bubbles - commercial real estate and S&Ls burst in 1987. Remember? We had 5ish years of stagcession afterward.

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(825745)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 21:03:38 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by WillD on Wed Aug 10 20:40:45 2011.

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I say Dubya summed it the best out of his own lips! :)



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(825747)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 21:07:13 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by bingbong on Wed Aug 10 21:03:38 2011.

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Oh no ... none of that ever happened! LOL

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(825750)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by WillD on Wed Aug 10 21:18:00 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 21:03:38 2011.

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What is astonishing is that even with this shittastic economy, Obama is on track to have more jobs created on his watch, even if he's a single term president, than Dubya did during his full eight years (apologies for the biased source, but it was the best I could do). Clinton had fully eight times as many jobs created during his two terms than Dubya did during the same time. Even if half of those were the result of a bubble (and they really weren't, at most maybe a quarter were), it shows just how thoroughly the Republican stranglehold in the early 2000s ran this country into the ground.

So what was that about runaway deficits being justified by economic growth? Oh right, we won't hear another peep out of Chrissy in this bit of the thread because as usual his bullshit has been exposed.

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(825758)

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Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 21:38:34 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by WillD on Wed Aug 10 21:18:00 2011.

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Oh sure we will ... :)

Well ... repubs picked their hard liners for the souper-committee and they've re-signed off on Grover Norquist's "fuck America" contract. The stock market went up yesterday, putting them right back on the same old "dammit, America might make it after all, bomb it again" mode.

What gets me the most is that over the past ten years, the republicans have done infinitely more damage to this country than Al Qaeda and they're still walking the streets. :(

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(825765)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:12:14 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 21:38:34 2011.

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See subject.

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(825766)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:12:30 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 21:07:13 2011.

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See subject.

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(825767)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:12:50 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 21:03:38 2011.

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See subject.

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(825773)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:15:25 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 19:15:04 2011.

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See subject.

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(825777)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:16:58 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 18:36:17 2011.

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See subject.

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(825782)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:19:01 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 18:12:40 2011.

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See subject.

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(825787)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:22:42 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 18:02:33 2011.

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See subject.

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(825788)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:22:57 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 17:56:17 2011.

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See subject.

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(825789)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:23:19 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 17:43:56 2011.

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See subject.

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(825795)

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SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Wed Aug 10 22:25:22 2011, in response to Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 17:21:49 2011.

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See subject.

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(825809)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 22:32:04 2011, in response to SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by Terrapin Station on Wed Aug 10 22:12:14 2011.

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(825818)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by WillD on Wed Aug 10 22:46:34 2011, in response to SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by Terrapin Station on Wed Aug 10 22:12:14 2011.

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Was that really necessary? Do you think anyone really cares? And are you just using a script or bot of some sort to respond to every post he makes during a given period of time?

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(825821)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SelkirkTMO on Wed Aug 10 22:48:57 2011, in response to Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by WillD on Wed Aug 10 22:46:34 2011.

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I'm his last remaining friend. LOL

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(825869)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by SUBWAYSURF on Thu Aug 11 05:21:42 2011, in response to SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by Terrapin Station on Wed Aug 10 22:25:22 2011.

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TAKE PRIDE

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(825880)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin Station on Thu Aug 11 06:34:47 2011, in response to Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by SUBWAYSURF on Thu Aug 11 05:21:42 2011.

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Take down that asshole antisemite SelkirkTMO.

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(825892)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Spider-Pig on Thu Aug 11 08:07:47 2011, in response to Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by WillD on Wed Aug 10 22:46:34 2011.

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Especially since at this point any person he attacks will become more sympathetic and/or popular by virtue of being attacked by him.

Thank god RonInBayside is gone.

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(825893)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Railman718 on Thu Aug 11 08:13:45 2011, in response to Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by SelkirkTMO on Wed Aug 10 22:48:57 2011.

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He has a man-crush on you sweetie..

Since NETO and countless others have turned down his advances...

He dont do Dark Meat so hes not interested in me..

Boo Hoo...

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(825900)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by BMTLines on Thu Aug 11 08:20:34 2011, in response to Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by Railman718 on Thu Aug 11 08:13:45 2011.

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ROTFLMAO!!

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(825902)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin station on Thu Aug 11 08:24:45 2011, in response to Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by Spider-Pig on Thu Aug 11 08:07:47 2011.

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+1

-1 for that asshole selkirktmo!

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(825903)

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Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year

Posted by Terrapin station on Thu Aug 11 08:24:46 2011, in response to Re: SelkirkTMO is an asshole antisemite -Re: Federal deficit exceeds $1 trillion for third straight year, posted by Spider-Pig on Thu Aug 11 08:07:47 2011.

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+1

-1 for that asshole selkirktmo!

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