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POLITICS: Record $445 Billion Deficit Projected by White House

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posted on Jul, 30 2004 @ 01:01 PM
Repulicans are blaming the invasion of Iraq and recession for the fiscal crisis in the United States. Democratic staff director for the House Budget Committee Thomas Kahn states, "Anyway you slice it, a deficit exceeding $400 billion this year alone is bad news for the country." Democrats blame Bush's tax cuts and job loss for the deficit problem.
WASHINGTON (AP) - The White House projected Friday that this year's deficit will hit a record $445 billion, further fueling a campaign-season dispute over President Bush's handling of the economy.

The figure easily surpassed last year's $375 billion, making it the largest-ever in dollar terms. That gave ammunition to Democrats who say Bush's tax cuts and failure to prevent a loss of jobs during his term have worsened the outlook for the budget and the economy.

Please visit the link provided for the complete story.

The republicans blame the invasion of Iraq as the reason? I believe it was the republicans who put us at war with Iraq to begin with. Are they saying our deficit wouldn't be as high if they hadn't invaded Iraq?

Other Related News Links
CBS News

[edit on 30-7-2004 by deeprivergal]

[edit on 30-7-2004 by Banshee]

posted on Jul, 30 2004 @ 03:08 PM
That's quite a presidency. Let's see here, he allowed the biggest attack directly on the USA homeland since pearl harbor. He waged a pre-empitive war based on false information. And he made got the high score playing with our countries deficit. I just don't see how anybody could vote for him, unless they are totally ignorant..


Edit: Oh yea, and he destroyed our national image with his administrations crap foreign policy..

[edit on 30-7-2004 by Attero Auctorita]

posted on Jul, 30 2004 @ 04:44 PM
Unfortunately there will be plenty of nearsighted fools ready to vote for Bush no matter what. And wait until they wheel a captured Bin Laden out just in time. Unfortunately I doubt Kerry and his team will be a whole lot better. Im still waiting for a law change and Arnold "Debt Terminator" Schwarenegger to run or Hillary at the very least before I bother to cast a vote.

posted on Jul, 30 2004 @ 09:56 PM
Here's the NY Times article on the budget deficit.....

White House Says Deficit Forecast Isn't as Bad as It Looks
WASHINGTON, July 30 - The White House projected on Friday that the budget deficit would reach $445 billion in this fiscal year.

That would make it by far the largest shortfall ever in the dollar amount, though it would be well below the record for a deficit as a percentage of the gross domestic product and well below the amount forecast six months ago.

Please visit the link provided for the complete story.

The budget office's deficit report will come in September, their calculation method is different than the White House and should be another hot topic heading towards the election in November.

posted on Jul, 30 2004 @ 10:06 PM
THANK YOU for bringing the REALITY of this to light...

As a Banker, Businessman and general "money guy" I am here to say that the "percentage" IS , I REPEAT *IS* all that matters when worrying about deficits PERIOD.

Example... A person who makes $1,000,000,000.00 a year goes into a deficit of $100,000 is NOT the same as a person who makes $500,000.00 a year going into a $100,000.00 deficit.

To think that this deficit is worse than anyother (as the headlines attempt to sway the non financially astute voters) is an absolute deception at best and an outright propaganda lie/smear at worst.

This type of hooey is what stirs up the populace in the WRONG direction while taking folk's eyes off the REAL problems.


posted on Jul, 31 2004 @ 01:42 AM
This comes as no suprise. Did anyone really feel that we would have any less deficit than that. Besides this country is run on debt.

posted on Jul, 31 2004 @ 03:26 AM
"We have a war, a recession, and a bunch of bad things, that's why we have to borrow money from Japan and China to keep the government operating."

Hey President Bush: Excuses are like assholes - everyone has one and they all stink.

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