US federal deficit totals $844.5B through 8 months

article from Fox News -- (AP)
Published June 12, 2012

US federal deficit totals $844.5B through 8 months
The deficit is Still bulging it looks like.

Through the first 8 months of fiscal year 2012 (ends Sept 30th) it is now up to around $845 Billion.
(according to The U.S. Treasury Department)

That puts it ontrack for a whooping $1.17 Trillion year !!

Actually that's not bad because it's lower than last year.

But maybe that's because they've maxed the spending and may be having some trouble borrowing more since that might start an inflation frenzy if they raise interest rates to attract loaners.

But just the same, it's still a whooper debt for Americans.

Some good news is that revenues were slightly higher.

WASHINGTON – The federal budget deficit is approaching $1 trillion for a fourth straight year even though the government is collecting more tax revenue than last year.

The Treasury Department said Tuesday that the deficit grew by $124.6 billion in May. That put the deficit through the first eight months of the budget year at $844.5 billion, or 8.9 percent below last year's imbalance for the same period.

Still, the Congressional Budget office forecasts that the deficit for the entire 2012 budget year, which ends Sept. 30, will total $1.17 trillion. That's only a slight improvement from the $1.3 trillion deficit recorded in fiscal 2011. And it is certain to keep the federal budget near the center of the presidential campaign.

So far this year, government receipts are running 5.3 percent higher than a year ago. A better job market and modest economic growth have led to higher tax revenue.

The National debt is ticking away towards $16 Trillion .....

When will it "HIT" ?

YOU, ME and all people including our children now owe close to $51,000 each to the "debt"

U.S. Debt Clock

Thud !!

And they taught me at school that Lincoln freed the slaves!

It's cliche at this point but hey, I'll say it nonetheless. The economy WILL crash + burn and it won't be pretty.

Anybody got 15 trillion dollars we can borrow?

Originally posted by Illegitiminoncarborundum


Anybody got 15 trillion dollars we can borrow?

Remember that that doesn't include the 120 Trillion in unfunded liabilities!

The scary thing to me is we owe a lot of our debt to China. I'm not sure how this will end up panning out but I do know what happens if you personally bankrupt on your debts. The people you owe come and take your stuff. Your house, your land ect.

I could see China getting paid, with land. I'm pretty sure they wouldn't want Alaska either. If we keep spending money like there is no tomorrow on wars and corporate welfare, it will be a self fulfilling prophesy because there won't be a tomorrow for America.

reply to post by xuenchen


Well, sounds like you guys need another Loan Shark.

Joe: What am I gonna do, guys? I paid the hospital bill but now I need 20 000 dollars to pay the loan shark. I'm right back where I started.
Peter: Well, sounds like we need another loan shark.

Family Guy

edit- You are all doomed.

reply to post by xuenchen


I know what they could so to lower that deficit. Employ more Americans to build 30,000 drones and create that police state. That should lower the deficit! Does a deficit even matter in a police state? I mean Germany was bankrupt and poor and they created a police state in like 4 years and went on to march across Europe.

I say let the U.S. default.. we need a swift kick in the arse if you ask me. Maybe it will wake up the zombie sheep that think covering their eyes and ears will make everything go away. I love my country, but I'm all about tough love and reform.

Originally posted by DaRAGE
reply to post by xuenchen

 

I know what they could so to lower that deficit. Employ more Americans to build 30,000 drones and create that police state. That should lower the deficit! Does a deficit even matter in a police state? I mean Germany was bankrupt and poor and they created a police state in like 4 years and went on to march across Europe.

Germany actually protected the german people from the international banking cartel. Germany stopped trading with, and funding its future enemies. Germany established an economy that was basically self sufficient so the nation could endure a prolonged war. It was an economic miracle considering all the things they had to contend with, like the Great Depression and the fact that they were living under brutal 'treaty' conditions. They rose from a basketcase to the envy of the world in just 4 years. And the nazi ruled for 12 years.

To compare how the Germans handled their economy to how the braindead United States Government handles its economy is a massive insult to the Nazi Partys handling of the German economy.

We all know they did evil things but they ran their country a heck of alot better than the United States.

edit- I feel so sorry for you guys. Hardly any of you seem to be able to see your government for what it is and what it is doing to you people.

reply to post by litterbaux


Really wish we could get to the bottom of who started this whole, we owe a lot to China.

Debt Chart

While we do owe China money they are but a small part of our total debt.

Originally posted by DaRAGE
reply to post by xuenchen

 

I know what they could so to lower that deficit.

How about we stop giving money to other countries? Why in the -snip- would we borrow money at an interest rate and give it away?

Sounds like a lonely desperate man trying to woo women with gifts while using his credit card. Without one thought of how he's gonna pay it back.

It's pathetic.

reply to post by Azdraik


Those numbers are cooked. You can't owe money to yourself logically.

I get your point but what are we as citizens going to do about them raiding our social security? Nothing.

Foreign nations is a completely different ballgame.

58.8% of the national debt is owed to the citizens. Whoop de doo da. 100% of the national debt will need to be paid by the citizens. I don't get your logic.

The Federal Reserve itself became the largest debt-holder recently !!


Under Obama, Fed’s Holdings of U.S. Debt Have Jumped 452%


The Federal Reserve as of April 25th owns $1.668,000,000,000 worth of U.S. Government Securities.

Apparently that puts them over the top for single owners including China and other countries.

Under Obama, this is another record.


I wonder if it's due to decreasing demand combined with the wild binge spending ?

I suspect it is. What else could it be ?

Sounds like fiscal cheating to me.

(CNSNews.com) - Since President Barack Obama was inaugurated in January 2009, the Federal Reserve’s holdings of U.S. government debt have quintupled, according to the Fed’s official monthly balance sheet.

On Jan. 28, 2009, a week after Obama’s nomination, the Fed owned $302 billion in U.S. Treasury securities. On April 25, 2012, the latest date reported, the Fed owned five and a half time that much in U.S. Treasury securities--$1.668 trillion.

That is an increase from January 2009 of $1.366 trillion—or 452 percent.

Under Obama, the Federal Reserve has become the single largest owner of U.S. government debt. When Obama entered office, entities in the People’s Republic of China were the largest holders, followed by entities in Japan. At the end of January 2009, China owned $739.6 billion in U.S. government debt and Japan owned $634.8 billion.

By the end of March 2012, China’s holdings of U.S. debt had grown to $1.1699 trillion and Japan’s holdings had grown to $1.083 trillion.

Together, the Federal Reserve, China and Japan had increased their holdings of U.S. debt by $2.2445 trillion since Obama took office.

reply to post by litterbaux


My point is I get tired of seeing "OMG China owns America"

Yes the numbers are retarded. I believe people that worry about how much we owe China should worry about other things as we have bigger issues then loans from China atm.

Originally posted by xuenchen
YOU, ME and all people including our children now owe close to $51,000 each to the "debt"

Uh, neither I, my wife, nor our children agreed to this debt. I signed no promisory note. I entered no contract. I do not have a "share" of this debt, and I will never accept the idea that I do.

I see far too many "we owe" and "our debt" in this thread. That is the NUMBER ONE thing causing the US Debt to escalate uncontrably in my opinion. The people have allowed themselves to be brainwashed into blindly accepting responsibility for the fiscal mishandling of the complete asshats in Washington DC. It is far, far too easy for said asshats to rack up trillions more in debt, because they know the people will be complacent in acceptance of the tab and Asshat central will never be held financially responsible for the debt themselves.

This is the debt of every member of Congress, of every US president back to FDR, and of every lobbyist who has milked money out of the federal teat they greased to get a favorable outcome. Until every red cent privately held by the governmental cartels and familias who have ruled DC and run the US into the ground is vacuumed up and paid towards the debt, I refuse to even entertain the notion that any of this debt is my responsibility. In fact, I've paid in more than I've ever taken from the government, thus... they owe me some of that $16 Trillion to boot.