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.
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 !!!
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.