08-10-2009, 07:13 AM
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#233
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Guru
Join Date: May 2002
Posts: 40,410
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Amazing...Funny line.
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Obama has publicly excoriated George W. Bush for running up a $455 billion deficit. Apparently, we missed the nuance there. It wasn’t high enough to suit Obama. So he’s going to quadruple it.
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Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO). Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July. Falling tax receipts and increased spending on bailouts for auto companies and the financial sector and for the economic stimulus package added to the deficit, according to CBO, which provides official budget numbers for Congress.
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CBO now projects a $1.8 trillion deficit by the end of the fiscal year in September. Almost exactly four times the maximum Bush deficit. I’m certainly not going to defend Bush’s spending - or Democrat-controlled Congressional excess in the past three years - but I don’t see how multiplying the deficit by a factor of four will get us out of an economic hole.
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Last edited by dude1394; 08-10-2009 at 07:26 AM.
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