U.S deficit tops $1 trillion

CBC News: U.S. Deficit tops $1 trillion

Wow.....just wow. Our (Canada's) deficit will be approx 60-90 billion this year. This is the first time we have run a deficit in about 15-20 years and of course is due to the recession(and our current gov).


How do the American's feel about this unprecedented news? Man you guys have to get your spending under control. Funny thing is....the MSM in the states isn't really even reporting this.....no news is good news I guess.

wow. Everyone thought this wouldnt happen till september. Bad news.



Might aswell throw another 300 bill on there after healthcare, and debt service



starred and flagged

[edit on 13-7-2009 by Spartak_FL]

Originally posted by Spartak_FL
wow. Everyone thought this wouldnt happen till september. Bad news.



Might aswell throw another 300 bill on there after healthcare, and debt service



starred and flagged

[edit on 13-7-2009 by Spartak_FL]

Don't forget the second bail out package being bounced around now. Another $700bill. It, the deficit, could be upto $2 trillion by years end And although, the Iraq war spending is going down.....it's rising at the same rate in Afganistan. No savings there....

[edit on 13-7-2009 by Connector]

no such thing as 'savings' when its all borrowed money.


We are in trouble. Thats a 600% increase since December

reply to post by Connector

Originally posted by Connector
Don't forget the second bail out package being bounced around now. Another $700bill. It, the deficit, could be upto $2 trillion by years end

And although, the Iraq war spending is going down.....it's rising at the same rate in Afganistan. No savings there....

[edit on 13-7-2009 by Connector]

Worse things will happen before any second stimulus passes.

Only a small portion of the original stimulus has been spent so far, and that was sent to the states to help them through their tough times.

The majority of the original stimulus package is due to be spent in 2010.

Guess what happens in 2010? Congressional elections. Iow, they are saving that money to buy votes.

Anyway, a $1trillion deficit. That is 13 unlucky digits of red ink.

Originally posted by jsobecky
reply to post by Connector

 

Originally posted by Connector
Don't forget the second bail out package being bounced around now. Another $700bill. It, the deficit, could be upto $2 trillion by years end

And although, the Iraq war spending is going down.....it's rising at the same rate in Afganistan. No savings there....

[edit on 13-7-2009 by Connector]

Worse things will happen before any second stimulus passes.

Only a small portion of the original stimulus has been spent so far, and that was sent to the states to help them through their tough times.

The majority of the original stimulus package is due to be spent in 2010.

Guess what happens in 2010? Congressional elections. Iow, they are saving that money to buy votes.

Anyway, a $1trillion deficit. That is 13 unlucky digits of red ink.

Ya 100 billion a month is unprecedented. July 2008 we had a surplus

reply to post by Spartak_FL

Ya 100 billion a month is unprecedented. July 2008 we had a surplus

It's only gonna get worse after his Cap and Tax and health care plans pass.

We are truly screwed.

It would take some truly historic cuts from the U.S. govt to get out of this one. With Democrats in office this has a .001% chance of happening, with Republicans in office about a 2% chance. 3rd party is going to have to be the way to go. Or total collapse.

First step all govt employees take pay cut. Sorry. You keep your job but take 5% pay cut.Second step stop giving away money outside of the U.S. until we are back in the black. 3rd step pull troops back to U.S. from everywhere. Put them on the borders or something.

reply to post by jjkenobi

It would take some truly historic cuts from the U.S. govt to get out of this one. With Democrats in office this has a .001% chance of happening, with Republicans in office about a 2% chance. 3rd party is going to have to be the way to go. Or total collapse.

It can be done, but not overnight. It will take 5 to 10 years, based upon a sound, sane fiscal growth plan. The American public will buy into, and help implement, such a plan.

The current admin has no such plan, nor the expertise to create one.