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.
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Thanks W!
Those wars are really starting to show their effectiveness!
Wait wait... what am I saying!? What do wars of attrition need again? Oh, that's right: willing troops and money.
Hmm... wait.....money, you say?
Hmm.. this is a hard decision...
Economy or an illegal war...
Economy or an illegal war.....
Economy or an illegal war........
...choices....choices......
PROTIP: Spending 10 Million a week for a war that never should have happened while the economy plunges = BAD IDEA.
Thanks George!
Ok, what do you want us to say? We all knew this was coming.
The only way out of this mess is a national effort to save & conserve our resources so we can free the credit markets in about two years. The economy cannot be repaired on the fly with blow-out patches as it is suffering from continuous chains of failure. We are very close to total bancruptcy at present having lost most of our avenues of loan capital due to the global recession. With 13 days remaining, Georgie is continuing to shovel dirt of our graves having appointed 45 more losers yesterday to longterm positions. America may not last another 13days!!!
Well it is unfortunate, but the truth is, it will get worse. There is no way out of this mess except to spend money. Hopefully this time it will be spent the right way. The Bush administration squandered so much money by ignoring domestic issues and putting money in things that do not help the average working person. But in all seriousness, there need to be no more bailouts. These corporations are going to have to be allowed to just fail. Then there will be room for small business and other corporations that have shown fiscal responsibility to enter those markets.
Hey, we should be thanking W and co. for building up the military. A few more percentage points of debt to GDP and the dollar will be useless. We'll have to start taking resources by force from people. Who needs a free market when you've got guns?
Conserving our resources isn't going to help. We need to balance the equation of consumption and production. We can't live like gluttons while everything is being made in third world countries. The ponzi scheme that is the US economy is coming to and end.
Let's add to the debt with a trillion dollar "stimulus" package that Obama and Biden are trying to scare the public into thinking we need.
hahahaha....bush you screwed up pretty badly right, anyway...TGION – Thanks God Its Obama Now and he's gonna fix it whatever it takes, Obama God Bless you Mr President
Die hard supporter of Obama...
Now what are we supposed to do when China and Saudi Arabia want their money now?!?! We are in bad shape and spending 10 billy in Iraq a month is not helping the situation.
At least Obama has been honest, last night ALL the MSM were complaining that Obama said we will run deficiets in the trillions for at least the next few years. they were all crying about how he is over spending. the facts are BEFORE he gets into office we will be over a trillion in debt, as a country we are BROKE financially and all the tax cuts in the world will not refill our coffers. the facts are banks will not loan the money they have so companies cannot borrow what they need to operate and so they will fail, causing the tax base to decrease even more. the facts are if the people cannot spend money because they cannot get it nor earn it the only entity that CAN is the Government and the only way they can do that is to increase the deficiet. So Obama was correct, he spoke the truth and the MSM has castrated him for it...
YES........THANKS............BUSH! The Bush Legacy is a legacy of war, torture, lies and debt!
When Bush took office in January 2001, Clinton had left him a very large SURPLUS........ and Bush is leaving our Nation basically bankrupted!
How anyone could say Bush was even a 'good' president is insane!
What a JOKE the whole "surge" argument is! When Bush IS STILL spending ...........$10........BILLION........A MONTH IN IRAQ!
Where are the far-right-nuts defending their leader Bush?????????
This was caused not by only "W'..........But his dad, also.....
Those Republicans have to be the most egostastical people in the world....
I would rather spend money on getting the economy working again than all these trillions wasted on this trumped up war!!
The Repubs no doubt will see it as "wasteful spending" where as spending all that money in Iraq was well worth it.....crazy kind of logic there seeing as we have not "won" or have anywhere near a "victory" in anything regarding the war!!!
...but let's all feel sorry for those poor poor people who borrowed money they couldn't pay back to buy a house that would make them all kinds of money. For some reason we felt it was necessary to bail out the greedy banks that empowered these greedy borrowers. It's going to be tough explaining this to future generations who are really the ones bailing them out. We are losing our sense of accountability and we will see for years now what a slippery slope that can be.
I wonder when people are going to actually start putting some of the blame on the Democrat controlled congress for this mess. I guess we can start calling the Democrat party, the teflon party, nothing ever sticks to them.
Now, Obama gets a little critisism for the first time by the press and people are up in arms. lol....... Obama the great can't throw a magic switch and everything is going to be just fine...lol
Welcome to reality.
Note to Democrats blaming Bush: The debt is $1.2 Trillion NOT COUNTING Obama's proposed $1.2 Trillion so-called stimulus package.
In other words, Bush kept us safe for 8 years for $1.2 Trillion, which debt Obama is now going to DOUBLE overnight in pork and pay-offs that will do nothing but prolong the recession.
Spend, spend, spend, spend, SPEND
Wow, Obama isn't even in office and they're already predicting how much more money he'll spend. What's scary is that predictions are normally LOW.
Spending is GOOD when it is well-spent. If you invest 10 billion and get a 1 trillion back, I say, go for it!!! Clinton invested 50 million and created a 1 trillion surplus or something like that on stimulus package. It's better than spending to spit bullets.
Apparently we are in as dire circumstances as we were in 1932...., NOT!!
To Ray
You're smart. We have had an window of opportunity to do things right back in October when we bailed out Wall Street. It didnt happen. The banks cashed the checks and slept on them. I wll need to pray.
Spending is good, only what are we spending with? Is the government just speeding up the printing press for $1000 bills? Doesn't "someone" have to pay for this sometime? Even those who supported the new big/big spender?
Not surprised... This is whats to be expected when democrats are controlling the purse strings of Congress. Add that 1.2 trillion to last years 600 billion and hey! look at that.., 2 trillion in deficit spending since democrats won control of Congress in 2006. Change you can believe in..
Let's keep in mind this budget year started 10/1/08 and this budget was approved by Bush! Let's also be thankful a Democrat is leading the country now - the Republicans can once again become fiscally responsible!
We needed oversight into bailing out Greed Street, I mean Wall Street.
But then oversight STINKS!!! It slows everything down. We need a common sense government that is able to react swiftly by using their God-given BRAINS mixed with reality, instead of laws.
Ten billion a month adds up, doesn't it?
Let us hope that the Federal spending of more than 1 trillion dollars will stimulate the economy and have the desired effect on job creation and people holding on to their mortgages etc. America is a great country with the wealthiest natural resource in the world and let us hope that the U.S. economy revives very quickly. Good Luck America and God help!
Clinton's good economy and surplus had more to do with the huge Tech Explosion early in the Clinton Administration than it did whith his policies. It's funny how everyone keeps forgetting about the huge amount of money that the tech explosion put into our economy.
I predict there will be much less concern about deficits while Obama is in office, just as there was little concern about the numerous terror attacks while Clinton was president. And, by the way, one reason Clinton was able to be a little more fiscally responsible is that a GOP Congress helped end (for a while) welfare dependence. Another reason in that Clinton starved the military, such that when we needed to respond in Iraq and Afghanistan (and we DID need to respond, based upon the intelligence available to the President and Congress at the time), it was much more costly to fight than it would have been otherwise.
Yep, thank you Democrats for running the budget for the past 2 years and creating more debt. Oh, and thank you Mr. President Elect for INCREASING it! Glad to see this is change we can believe in.
Each month, I live by a simple formula – money in less money out = money left. Our government needs to learn this budgeting method.
I recently read that the stark difference between NOW and the Great Depression is that the country DIDN'T OWE MONEY then, like we now do to China and Mid-East. And to my wailing Cuz who said last year that debt to China didn't matter, we made them what they are ... and all you Dennis Miller fans who cheered when he said in his "comedy" routine that DEFICITS DON'T MATTER ... who is crying now? It sure is funny how quickly you changed the tune when a Democrat is elected and NOT EVEN IN OFFICE YET, you are already blaming him for the problems. Thank God McCain/Palin were NOT elected, at least we have a whisper of hope to get out of this mess now. And don't think History will be as blind as the Republicans are to the blunders of George Bush, the worst leader in our history.
I guess that's what "fiscal conservatism" (a/k/a borrow-and-spend) gets you...
We are reaping what we sowed. The right wing demagogues have bankrupted this country. Bush and Conservatives equals spend , spend, spend! Stop the presses and let's get out of this mess through hard work.
Of course the pigs at the trough in Washington will continue to get their pork while Joe Q public picks up the tab for their incompetence.
We got what we voted for
And we are surprised why? Change is what we got.....no!!
Nick – West Hills (L.A.), CA: Did you even read the article? It clearly states "Budget deficit in 2009″ which means it is based on Obama's plans. There is no reason for you to be blaming 'W.' for these numbers.
It must be nice to be a Democratic Congressman. You don't have to take blame for anything. Dems have been incharge for almost 3 years now and haven't did anything to help the economy. However, all the sheep that in the democratic flock refuse to hold anyone in their party accountable. Unfortunately, now we are going to get a huge government person that is going to seriously increase our debt by putting even more money out than Bush did. Obama is living a fantasy that is soon going to come crashing down to Earth.
The Conservatives we elected during the last 25 years have almost bankrupted the nation. Now, we have to dig ourselves out. I can see TEMPORARY deficits, but SOON we must raise taxes, lower government expenditures, and start paying the debt down. Otherwise, our children will be working for Chinese corporations here in the US, and they won't be living nearly as well as we have.
Of course, we could say they're just kids, we'll be dead anyway, let 'em suffer. Screw 'em. But, we would only say that if we were Conservatives.
jt: The article clearly states "Budger deficit for 2009" which means it does not include anything Bush did before January 1, 2009. The numbers are clearly based on Barack Obama's plans (minus his stimulus package).
Isn't this wonderful...now we are in debt to the tune of $13 trillon dollars or so...and just think, eight years ago when President Clinton left office, we were only $5.7 trillion in debt....WOW...lets start raising taxes bit by bit....no more of this free for all spending
Great Job Georgie!!!!!
WE GET A NEW PRESIDENT AND A NEW TAXPAYER CREDIT CARD LET'S MAX IT OUT ASAP. YA JUST HAVE TO LOVE DO GOODERS THE PEOPLE THAT PAY THE MOST TAXES GET TO CONTINUE THEIR SUBSIDIES FOR THE PEOPLE THAT PAY THE LEAST. IS THIS A GREAT COUNTRY OR WHAT?
HAIL THE CHIEF BORROWER WHAT A DISAPPOINTMENT HE IS GOING TOBE.
You're doin a heckuva job Georgie. Please Republcans promise me that once Obama and his Administration fixes this and start surpluses again that you won't blow it again the way W did after Clinton. Oh who am I kiddin you can't promise that. Maybe we could just promise ourselves to be more involved in elections and avoid the kind of ignorance and apathy that lead to the George W Bush error.
Hey bartender, just put it on my tab.
Okey dokey....the PE is making it clear that he can't keep his promise to reduce the deficit afterall...cause he is going to increase it himself...who were the suckers out there that voted for him? Don't you feel stupid now? Just wait, in 4 years he will be coming back with the line that if you reelect him he can fix the budget in just one more year....like he told you he could fix this one once he got in office...hahahaha....what a hoot!
No worries........Obama is great at fundraising, his supporters should be able to foot the bill!
Bailouts, BAILOUTS, when will it end? Another trillion what's that when you already are nearly 60 trillion in the red?
Our Federal, State, and local (Big Brother) Governments are in for a rude awakening when the money is not there. And this is the same mistakes our Government did in the first depression. (Yes folks, I’m not going to wait a year for it to be official, we are in a depression, just wait for the unemployment numbers later this week.)
This entire bailout approach does nothing for the main stream American, but it will sure enough ensure some nice bonuses for the Wall Street executives.
And if O's supporters wont pick up the deficit tab he can always ask, "let me sell you the Lincoln Bedroom" Bill Clinton to raise some dough.
SCOTT ! You're such an IDIOT ! the dems simply cannot DO anything unless that IDIOT BUSH agrees with it ! Your Idiot BUSH keeps "Vetoing" everything and anything that is sensible, that comes to his desk !
That's why the Democrats cannot DO anything !!!
Larry C.
Houston, Texas
Record breaking deficits and broken promises all before taking office. That has to be a record breaker too!
God would I feel stupid if I were a Dimocrat and voted for someone who could only talk a good game.
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.
Didn't the budget deficit triple under Regan/Bush-Bush/Quayle?
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.
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 …..
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....
Proud American what is an idion?
YES, Seattle Sue, It did.....
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.
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.
No problem. Obama will raise taxes to cover his deficit spending.
Beverly, you must have clicked on the wrong site. Here, let me help you out. ....Foxnews.com. They have been waiting for you.
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
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?
WHEN WILL THE GOVERNMENT TELL THE TRUTH AND SAY WE ARE IN A DEPRESSION
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.
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.
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!!!
Thank you George W. Bush !
Don't blame Bush for this one. This is pure democrat tax and spend.
Can we tax and spend? YES WE CAN.
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!!!!
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!
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!)
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
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.
$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?