Federal Deficit Estimated at Near-Record $407B

[lonestarnot]

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/09/AR2008090901029.html?hpid=topnews


By Lori Montgomery
Washington Post Staff Writer
Tuesday, September 9, 2008; 3:21 PM

Weak revenue growth and accelerated spending -- including an economic stimulus package that returned billions to taxpayers -- will drive the federal deficit to $407 billion in the fiscal year that ends this month, more than double last year's $161 billion, congressional budget analysts reported today.

With the economy expected to remain sluggish for at least the next several months, the next president will take office facing a projected deficit of $438 billion, budget analysts predict -- the largest in dollar terms in American history, exceeding the previous record of $413 billion in 2004. And that number could easily climb above $500 billion if Congress acts, as expected, in the coming months to restrain the growth of the alternative minimum tax, budget analysts said.

In January, congressional budget analysts had estimated the deficit would be only $219 billion by year's end. This summer, however, the White House estimated that that number was likely to spike to $389 billion because of new spending.
...

The presidential campaign of Sen. Barack Obama (D-Ill.) said the $407 billion deficit for this fiscal year is "more than $1 trillion worse than the budget surplus President Bush promised for 2008 in his first budget."

[RUMMYisFROSTED]

1. It can't be said enough:

We pay at least $250B a year in interest to maintain the cumulative deficit(national debt).

$250,000,000,000.00+

Every year.

Think that money might be better spent?

Never mentioned in the MSM.

Our country's largest pork barrel.

$250,000,000,000.00+

Every year.




Have you hugged a banker today?

[lonestarnot]

2. I am getting the hell out of here, if their propoganda, vote caging, vote suppression, election

stealing shit happens again. I am too damn old for the revolution.

[wtmusic]

3. Second biggest government expenditure after defense

f*cking INTEREST.

[RUMMYisFROSTED]

5. ...which basically caused the debt in the first place.

Every presidential term we pay over a TRILLION dollars in interest.

You'd think it would make the news once in a while.

Makes the Bridge to Nowhere™ look like fiscal responsibility.

[wtmusic]

4. The surge is working alright - to bankrupt America. nt

[djkevvy]

6. Aw, fiscal conservatism is sooooo overrated.

:eyes:

[HamdenRice]

7. It's a miracle that this isn't reported on every day as a collosal failure of Bush

along with his other economic failures. Clear evidence that we live in a propoganda state.

[Yavin4]

8. Does The $407 Billion Include The Cost of the Wars?

Or is that off budget?