US deficit 'hits record $1.4tn'

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posted on Oct, 7 2009 @ 06:53 PM
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US deficit 'hits record $1.4tn'


news.bbc.co.uk

he US budget deficit more than tripled to a record $1.4 trillion (£877bn) in the year to 30 September, according to US Congress estimates.

The CBO said the increased spending was due in large part to the government's Troubled Asset Relief Program, the $787bn economic stimulus and the rescue of mortgage giants Fannie Mae and Freddie Mac.
(visit the link for the full news article)




posted on Oct, 7 2009 @ 06:53 PM
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Just had to bring this to everyone's attention.

These numbers are phenomenal.

I guess it could have been worse, it could have been the 1.6 trillion they originally forecast.

Sometimes I get the feeling they know that they'll never have to pay for the money they spend (unlike US), that's how they get away with it!


news.bbc.co.uk
(visit the link for the full news article)

[edit on 7-10-2009 by kiwifoot]



posted on Oct, 7 2009 @ 07:01 PM
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See, this whole time I thought we were $10 Trillion in "debt".

I guess when you have your money printed for you, the value changes with the seasons.



posted on Oct, 7 2009 @ 07:06 PM
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reply to post by havok
 


Yeah, that's the US National Debt debt (nearer 12 trillion!), this is the Budget Deficit, the difference between what the US brought in in taxes etc, and what they spent.

In a way though, the entire world should chip in! A stimulus for the US economy is a stimulus for the world!



posted on Oct, 7 2009 @ 07:23 PM
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posted on Oct, 7 2009 @ 07:31 PM
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Heh. Hey, the predictions were 1.8 trillion, then became 1.6 trillion, and now we see it was 1.4 trillion. Obama saved us .4 trillion dollars!!!!!! All hail, Obama! Ah, this is where the savings for a national health care system will come from!

I wonder how my sister will spin this. Last year she was up in arms about a 4.something billion budget deficit cause by GWB. Oh, the evil man! He did it all by his lil hillbilly self.


Yep. Yep. Yep. This wasn't Obama's budget, though. This was started during GWB's last year in the administration. So, don't be too quick to blame Obama. No, blame congress, the democrat controlled congress for voting for the initial budget and then passing other spending bills.

Heh. Just point the fingers and blame the others. That's what politics is all about, and so is partisonshipics. My newly coined phrase.

Blame the others for the bad. Claim the good for yourselves.

Clinton balanced the budget and brought about a plan for a decrease in national debt. No he didn't. Not alone. Ronald Reagan raised taxes. No he didn't. Not alone.

The GOP has stopped the passing of a national health care plan. No they didn't. They don't have the votes. They don't have the voice.

As the guy, Van something or other, a footnote in history, now, who said when asked why Republicans, as a minority voting bloc, get done what they want done, well, "They are a$$holes."
Wait a minute! Democrats are a$$holes, too.


Don't believe all this crap, folks. We have, in this United States, a democrat president, a filiibuster proof democrat control of the Senate and the House, yet, nothing real for the common citizen is being done. Sort of reminds me of GWB and the GOP controlled congress.

The Age of Duh.



posted on Oct, 7 2009 @ 07:38 PM
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That is huge. Up from $459 billion last year. Out of interest was the first banker bailout included in last years budget or this years? If it was last years that number is even worse than I had imagined. Even if there are no massive increases in government spending next year it's very likely revenue will fall and the interest on that huge debt will have to be paid. Might be very hard for America to dig it's way out of this hole and it's likely the printing presses will need to be fired up again.

The US dollar is already under enough pressure and you have to wonder when the breaking point is and when investors decide to cut their losses and walk away. It would be very painful to do that but if you invest or lend people money you should know there is a chance of this happening. That said, I doubt anyone would have considered US bonds to be a risky investment a year ago but there are the numbers and they do not look good.



posted on Oct, 7 2009 @ 08:22 PM
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reply to post by RoofMonkey
 


Funny you should mention Rome being to big to fail because that's exactly who and what we are is Rome.

I do mean the Rome in the picture and it has never failed just taken on different facades to run its huge empire that spans almost the entire globe where most of us are economic slaves to its universal banking and corporate law.

The money we print emblazoned with "In G-d we Trust" is attached to nothing of any real or intrinsic value but is simply part of a Roman religious ceremony for the slave class.

The U.S. Dollar is absolutely no different than Monopoly money as far as it's real value, the only difference is one is made out of worthless paper and is for a Parker Brothers Board Game and the other is made out of worthless paper to be used in the Roman game of life and for use to reward the most productive slaves with script that they can use at the 'Company Stores'.

It really is an obscene game this imaginary debt of worthless paper currency attached to nothing of fixed value.

Rome in fact can't fail because Rome pays us nothing of value and only rewards us with life's basic requirements.

Rome taxes our labors and it is us the slaves, and the goods and services that we produce which are the real wealth and instruments of power.

Worthless paper currency attached to nothing of value is just a control element of and for the slave class just like the G-d who we are enjoined to trust in that is printed on it.

All these things have Rome written all over them in Latin, in architecture, in law, in commerce...Rome to big to fail? More like we are all to puny and blinded by our own greed and adherence to illusion to make it fail!

Hail Caesar...

Oh remember to render unto Caesar that which is Caesars' as the article points out, we are falling a little short!



posted on Oct, 7 2009 @ 08:29 PM
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reply to post by ProtoplasmicTraveler
 


Dead on target.

I have another one... says the same thing, but has "Byzantium" and Justinian on it. But most people don't know who he or Rome part II is.



[edit on 7-10-2009 by RoofMonkey]



posted on Oct, 8 2009 @ 12:08 AM
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Originally posted by kiwifootThe US budget deficit more than tripled to a record $1.4 trillion (£877bn) in the year to 30 September, according to US Congress estimates.


1.4 trillion should be just enough to buy you a pack of smokes and a donut around 2014 or so the way they are printing money and creating credit these days...

[edit on 10/8/09 by silent thunder]



posted on Oct, 8 2009 @ 12:12 AM
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If only presidents could run indefinately, .... not when it comes to Bush, .... but if only we could bring back Clinton, .. as he was the first to balance the budget in quite some time, ... or was it in history ??

hell, i might even settle for Hilary.



posted on Oct, 8 2009 @ 12:21 AM
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US deficit 'hits record $1.4tn'




Ok I say we start with these guys here. That should bring down the deficit down to a manageable level!

Super rich are $300 billion lighter

The financial crisis cut the net worth of the nation's 400 most wealthy individuals to $1.27 trillion this year, according to published list.


[edit on 8-10-2009 by SLAYER69]



posted on Oct, 8 2009 @ 01:25 AM
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reply to post by SLAYER69
 



1.4T is the annual deficit. The annual budget shortfall.

Total Debt is ~12T.

Add SS and MC and your over $70T.........

Totally unsustainable.



posted on Oct, 8 2009 @ 06:13 AM
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Unlike say New Zealand budget deficit which if current projections hold true will come back into the black in 2016 the US budget deficit has reached proportions where it will never be paid back . At the end of the day some poor bastard is going to be on watch when the US defaults on its debt I almost already feel sorry for who ever it will be . A North American or joint US - Mexico currency does seem to be the likely outcome of all this .





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