New York (CNNMoney.com) - The U.S. government is racking up debt at a slower pace than last year, according to Treasury Department figures released Monday.
In the first six months of the fiscal year, the U.S. government fell $717 billion further into the red, the Treasury Department reported Monday, including a $65.4 billion deficit in March. That means the deficit for fiscal 2010, which started in October, is down 8% from $781.4 billion in the same period last year.
The Treasury Department is forecasting that the deficit will hit $1.56 trillion this year, up from the record $1.4 trillion losses posted last year.
March's shortfall, the 18th consecutive monthly deficit, was down from the $191.6 billion in the red posted a year ealier. Just before the start of the financial crisis in September 2008, the government reported a monthly gain, which reduced its overall debt by $45.7 billion.
Misleading story. The stimulus was passed last year. There is no way spending could condinue at that level.
Republicans are garbage
Gawd, I would hope it would be slower. That was an all time record last year: more than all other previous administrations' deficits combined. So this isn't exactly great news, is it? It would be if the deficit were declining. But growing... more slowly than last year isn't much of a bragging line.
So much for pay as you go.
It's going to be "you pay as we went".
From 2002 to 2008 the U.S. lost the vast majority of jobs to foreign countries. FACT.
And all the Republicans can talk about is how much the country is in debt when according to these statistics spending is down from what the Bush Administration had been "racking up" !
When President Obama takes us out of Iraq, we should save money. As such, the deficit should reduce even further.
We just need to be patient.
This debt issue is our single biggest issue. We are borrowing from our grand children. We need EVERYONE to work, EVERYONE to pay taxes. No more free food, housing, healthcare without working. No more taking money from the hardest working Americans to give free stuff to the laziest Americans. That is how to solve the problem, that is how to pay down the debt. Once everyone is putting in a 40 hour work week to help society, once everyone is paying some taxes, then and only then is it fair to go to the top 30% of earners and ask for higher taxes. We need these reasonable solutions to solve our problems.
Wow bully for us. This is a real accomplishment???
Let's hope so......the spendthrift is bankrupting the country.
The Treasury is hiding their report of China's maniulation of their currency,and we get screwed again. Obama,Tim Geithner and the rest of the crooks are robbing us blind. Hurry 2012 before we are attacked and Obama appoligizes for us.
This is something that the Democrats should announce that debt is slowing down. They need to say that it must slow down before it can stop and start to shrink.
All anyone has to do is stop and look around them to tell that there is a sea change. By the end of 2008 I lost 17% of my 401K. I've gotten that back and almost doubled what I lost within the past 15 months. Who knows, I might actually be able to retire when the time comes. Fingers crossed :-)
This President will do something about the debt........We have to take one step at a time........The big money that is being spent right now, is to bring us out of recession......and shore up government services and jobs that are needed at this time.
The debt panel, that was created by the President, will bring forth tough ideas, that will be debated and implemented.
Also there is a spending freeze next year, w/ other hard decisions to come.
The President is ready and able.
Wahoo! Debt problem solved.
Thank you BUSH.
Where are those people who continue to claim that our president has spent more money so far in a year and a half, than George Bush did in eight years. I guess facts aren't a part of their vocabulary.
Betcha Faux Noise doesn't report this. it makes Obama and the Democrats look like they know what they're doing, and heaven forbid that should be reported to the folks who would hate him if he walked on water and raised the dead.
Go Dems! Go!
Are you crazy? Regardless who you blame, the national Debt has grown in the past year and will continue to grow by numbers never seen before in the history of the world. While econmimsts and retired Fed Chairmen are telling us the debt is unsustainable, the Dems in congress continue to increase spending and debts. They don't even want to work on the budget for next year untill after the midterm elections so we won't see how truly out of controll they are, and how unwilling they are to do anything about it.
The headline of this article is ridiculous, as usual we have to read between the lines to see the real story about debt etc. Good job as usual DNCNN.
Nov. 2, 2010 can't come fast enough.
I thought Obama was spending like a crazy man, according to the fire breathing Republicans...
...but when was the last time a Republican was correct on anything, let me guess 1861, Abraham Lincoln.