U.S. posts record $413 billion budget deficit in 2004

[UpInArms]

http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=38274.6460763889-823573263&siteID=mktw&scid=0&doctype=806&

WASHINGTON (CBS.MW) -- The U.S. federal budget deficit widened to a record $413 billion in fiscal year 2004, the Treasury Department announced Thursday. In 2003, the government recorded a revised $377 billion deficit, slightly higher than the initial estimate of $374 billion. The White House had predicted a $445 billion deficit for the fiscal year ended Sept. 30, while the non-partisan Congressional Budget Office expected the yearly deficit to come in at $415 billion.

...a bit more...

[PROGRESSIVE1]

1. Remeber to add that $120 Billion dollars "borrowed" from Social Security.

That makes it a $563 Billon Dollar Deficit!

[UpInArms]

3. $20 billion here, $40 billion there,

pretty soon, you're talking about real money! /sarcasm

[TahitiNut]

7. See my post #6 below.

The Social Security Trust Fund, while the largest trust fund by far, is not the only trust fund from which they "borrow."

[skylarmae]

2. now let's talk about our trade deficit with China (eom)

[Jeff in Cincinnati]

4. Terra! Terra!! Terra!!!

Look! Under the bed!! It's Osama bin Laden!!!

[NMDemDist2]

5. once upon a time, the government borrowed from domestic banks

from the people like you and me who had "nest-eggs" squirreled away for a rainy day

today Americans save less than any other nation and the government has to borrow the cash from other countries

who owns our paper? France, China and Japan mostly

don't you think they can bring some pressure to bear if we get too "froggy"?? it sure explains why we don't call China on their currency manipulation don't ya think?

[TahitiNut]

6. It's actually $595,821,633,586.70 (That's $596 Billion!)

Go to the Bureau of the Public Debt, part of the Treasury Department.

On 09/30/2004, the Public Debt was $7,379,052,696,330.32
On 09/30/2003, the Public Debt was $6,783,231,062,743.62

The difference between these two numbers is the amount of the actual deficit for Fiscal Year 2004 (which ended on 09/30/2004).

FY 2004 Deficit = $595,821,633,586.70

(The difference between $596 billion and $413 billion refects the amount "borrowed" from Federal Trust Funds, including the Social Security Trust Fund.)

[TahitiNut]

9. The interest on the Debt in 2004 was $321,566,323,971.29 ($322 billion!)

http://www.publicdebt.treas.gov/opd/opdint.htm

[Barkley]

15. I wonder how much of that interest is paid to foreigners?

Great Posts!

TahitiNut you always have great posts.

Thanks so much!

You're wonderful!

[teryang]

13. Thanks for these figures

I knew that they were using FICA revenues for general purpose funds. The media rarely publish that. So much for the "lockbox!" Oh, I forgot, he hit the trifecta.

[young_at_heart]

8. This makes the case for tax relief, all right!

The best way to help the deficit is to lower taxes....it's so obvious, I don't understand why people don't get it. (This from a neighbor down the street).

[tkmorris]

10. A new record! USA!! USA!! USA!!

Hey. Wait a minute......... :think:

[bemildred]

11. Yippee! We're number one! nt

[gratuitous]

12. Remember those projections from 2001?

The Bush administration sure hopes you don't. They were talking about outlays and revenues being within $1 billion of each other for 2002 and a surplus of $3 billion in 2003, with another whopping $6 billion surplus for 2004.

http://www.forbes.com/2001/08/23/0823topnews.html

And now we're over $400 billion in the red for 2004. Since the wars in Iraq and Afghanistan only cost $125 billion (as the Bush administration keeps protesting it's "only" $125 billion, not the $200 billion figure the Kerry campaign is using), where did the other $300 billion we lost this year go?

[StupidFOX]

14. Republicans...

Screwing over their children for a little handout in their time... it's sick.