January 7th, 2009
10:26 AM ET
11 years ago

Government: Budget deficit will rise to $1.2 trillion

NEW YORK (CNNMONEY.com) - The U.S. budget deficit in 2009 will rise to record $1.2 trillion, or 8.3 percent of gross domestic product, not counting any stimulus from President-elect Barack Obama, the government estimates.


Filed under: Economy
soundoff (75 Responses)
  1. Rick

    Clinton's good economy had a lot to do with the Reps taking control of Congress in 1994 and acting as a buffer to his spending plans.

    January 7, 2009 12:09 pm at 12:09 pm |
  2. Seattle Sue

    Didn't the budget deficit triple under Regan/Bush-Bush/Quayle?

    January 7, 2009 12:10 pm at 12:10 pm |
  3. Floridian

    For Republicans with the nerve to say anything about deficits after the last 8 years of their supposed "lower spending," just remember economist predicted even higher deficits under McCain/Palin's plan. Thanks, but no thanks.

    It will take years of smart spending to balance this mess created by "conservative" philosophy.

    January 7, 2009 12:17 pm at 12:17 pm |
  4. Borrow & Spend ... The New Name For the Republicans ...

    In each year that he was President ….

    Democrat Jimmy Carter increased the national debt by $80B

    Republican Ronald Reagan increased the national debt by $200B

    Republican George H. W. Bush (41) increased the national debt by $400B

    Democrat Bill Clinton increased the national debt by $185B
    Republican George W Bush (43) increased the national debt by $640B

    So they next time the Republicans use the “Tax & Spend Liberal” gimmick against Democrats, remember these HARD facts.

    Republicans are responsible for the clear majority … over 80% of the balance on our national credit card …..

    January 7, 2009 12:18 pm at 12:18 pm |
  5. TCM

    CanIcallyouJoe – do your research, "catering," to illegals dwarfs in comparison the war costs; besides, the war would've been HERE on our soil in the form of more attacks...don't believe what the liberals claim...you can't reason with radicals....

    January 7, 2009 12:23 pm at 12:23 pm |
  6. richard rohde

    Proud American what is an idion?

    January 7, 2009 12:24 pm at 12:24 pm |
  7. Larry in Houston

    YES, Seattle Sue, It did.....

    January 7, 2009 12:26 pm at 12:26 pm |
  8. David Newport, OR

    Sure...this problem is a direct result of Republican rule. However, the Democrats are now in charge and THEY are the ones that will be held accountable...not the ones that created the mess. The Democrats NEED to be fiscally responsible. You want to spend money...OK...but you need to learn to cut out waste. And there is tons of waste.

    January 7, 2009 12:31 pm at 12:31 pm |
  9. Kurt C.

    It's funny how Liberal idiots were mad as hatters about Bush increasing the deficit, but have no problem with Obama increasing it by a far larger margin.

    January 7, 2009 12:35 pm at 12:35 pm |
  10. Lynn in NM

    No problem. Obama will raise taxes to cover his deficit spending.

    January 7, 2009 12:35 pm at 12:35 pm |
  11. flybyshoeing

    Beverly, you must have clicked on the wrong site. Here, let me help you out. ....Foxnews.com. They have been waiting for you.

    January 7, 2009 01:01 pm at 1:01 pm |
  12. t

    I'd like all you jokers who want to blame the "Democratic Congress who have had the power the last two years" to do the math and tell me exactly how long before that Republicans had control? Nice try kids. I can do the math

    January 7, 2009 01:02 pm at 1:02 pm |
  13. flybyshoeing

    Hey Repubs, don't forget to blame the Democrats for Bush's Secretary of the Interior spending $235,000 to renovate his office bathroom. Doesn't everyone need a refrigerator and freezer in their bathroom?
    Get a grip. And maybe one of you can explain why taxpayers should foot the bill to make Georgie's new crib into a gated community? anyone have an answer for that? Bueller?

    January 7, 2009 01:15 pm at 1:15 pm |
  14. THE OLD TIMER

    WHEN WILL THE GOVERNMENT TELL THE TRUTH AND SAY WE ARE IN A DEPRESSION

    January 7, 2009 01:25 pm at 1:25 pm |
  15. Carl

    Any of you just blaming Bush or Republicans or Democrats and no one else...

    well you are the reason why this country is going down the tubes...

    We are more divided in this country than ever before, and I applaud the Kucinich's and Paul's and Schiff's of the world.

    If you do not know these names above, then start here, do your research, and learn what to do about it to save this country and yourself.

    January 7, 2009 01:29 pm at 1:29 pm |
  16. Arden

    Thanks Mr. Bush. You and all of your crooked friends can just walk away now that you hve finally destroyed America. II am sure that we can't expect anything different for the next four years from your party. They are to busy behind closed doors to want to help come up with any kind of helpful ideas on how to help this country. They are just to busy thinking about the next election and how to blame all the problems onto everyone else.

    January 7, 2009 01:29 pm at 1:29 pm |
  17. J.P..

    So let's see if I understand this correctly... we're $1.2 BIL in the hole now. Aaaaaaaand the way to solve it, according to Birth Certificate Barry, is to spend another billion or two on building bridges... OK. Um, apparantly Barry flunked ECON 101.

    Folks, money spent on roads and bridges has to come from somewhere... that's money taken out of the hands of investors (ie. the people who create the very jobs you currently work or will work in the future). In other words, Barry is going to take a huge chunk of investment capital out of the economy (in the form of tax hikes) to use to create "make work" government jobs. Soooo, private sector jobs will continue to dry up EVEN MORE, and we'll replace them with government jobs... AND adding in a huge NEW layer of bureaucracy AND COST to administer this whole goat rope.

    Tell me, how is this NOT simply moving the deck chairs around? And adding in a "government bureaucracy surcharge" to do it?

    DEMAND MANDATORY ECONOMICS K-12 EDUCATION NOW!!!

    January 7, 2009 01:43 pm at 1:43 pm |
  18. gary n.

    Thank you George W. Bush !

    January 7, 2009 01:45 pm at 1:45 pm |
  19. MD

    Don't blame Bush for this one. This is pure democrat tax and spend.

    Can we tax and spend? YES WE CAN.

    January 7, 2009 01:51 pm at 1:51 pm |
  20. Central Scruitinizer

    Beverly your vitriole and hate spewing is welcome at FIXED NEWS......I dont recall the President Obama ever said he would fix the economy in one year. That may be the voices in your head saying that. Try not to crack a molar during the Inaugeration!!! You lost, We won!! Get over it! Or do the country a favor and move to another country because its plain to see how unhappy your going to be for the next 4 years. And America doesnt want Beverly to be unhappy!!!!

    January 7, 2009 02:18 pm at 2:18 pm |
  21. Rob from CA

    Ohhh Goodie, Congratulations all you republicans. You saved America.

    That corrupt Clinton left office with almost a $1 trillion of surplus. What a shame. Do you know what a headache it is to decide what to do with surpluses? Should we pay down the debt, should we invest in education, or health care ... Urgh! It's disgusting.

    But thank heavens Georgie won the 2000 election fair and saure. All our surplus problems started to disappear thanks to him.

    Thank Heavens, project demolition Iraq and tax cuts for the all deserving billionaires took care of those nasty surpluses. And now we have $1.2 Trillion in deficit, and have added $5 trillion to our national debt over the past 8 years. Now we no longer need to worry what to do with our surplus. Georgie proved to all of us that supply side economy and bombing people's houses overseas brings prosperity.

    And does anybody thank Georgie and Republicans for this? Do people elect the two brightest minds in economy, tempered Mc CainNo. Such an ungrateful country.

    And adding insult to injury, instead of electing the brightest economical minds, good-tempered Mc Cain and genius Sarah, people voted for a comunist muslim socialist terrorist.

    Wake up people! kneel and bow in front of W and Republicans for liberating us from the evil of surpluses ... not to mention the other evils they liberated us from ... the government competence and that constitution thing.

    Thanks Republicans, THANKS 1.2 trillion times!

    January 7, 2009 02:32 pm at 2:32 pm |
  22. ANGIE

    What a Job George What a Job ,well Georgie,Nice billons and billons of dollars wasted on your lying Illegal war in Iraq, could you Imangine if there were no war in Iraq the billons and billons of dollars could of been spent here creating Jobs,Healthcare,infrastructure,Investing in America great Job George W Bush ( WORST PRESIDENT EVER!)

    January 7, 2009 02:49 pm at 2:49 pm |
  23. Sohail

    By teh end of Year 2009 it will be over $4.5 trillion and at that point wouldn't it be fair to call US a bankrupt country?
    Feds are printing money fatsre than Wal-Mart and other reatalier combined printing flyers. What kind of Monet has become US Dollar?
    Is AMERO is a reality in Year 2010

    January 7, 2009 03:21 pm at 3:21 pm |
  24. scott

    We should all thank our Democratically led congress for our poor economy. What a sham they have been. We now see how corrupt Obama and the rest of the Democrats are. Now they are even feeding on their own. The huge emplosion that is going on now will only hurt our country even more.

    January 7, 2009 03:24 pm at 3:24 pm |
  25. Sohail

    $1 trillion + $1 trillion package by Obama + 2 more similar packages by the end of Year 2009 = wow

    What Satyam Computer of India and US Treasury have in common?
    Both producing fake money, Satyam paid the price today and was banned by world bank- when World Bank will ban US Treasury printing house to print money?

    January 7, 2009 03:26 pm at 3:26 pm |
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