US deficit was $120 billion in October

US deficit was $120 billion in October

It looks like fiscal year 2013 that started October 1st is off to a great start !!

They spent a whooping $304 billion.

They only took in a measly $184 billion.

Deficit spending with no clear revenue increases is not the best idea is it ?

But what revenue "increases" would actually benefit the majority of Americans in a positive way and still make a positive step towards deficit reduction ?

Maybe it's the binge spending after all.

The U.S. racked up a $120 billion deficit in October, the first month in fiscal 2013, the Treasury Department reported on Tuesday.

The government spent $304 billion and collected only $184 billion in revenue.

That is a fast start to the new fiscal year. By comparison, the deficit in the first month of 2012 was $98 billion.

According to the White House, the U.S. will have a $990 billion deficit this year, down slightly from the $1.1 trillion deficit in the year that ended Sept. 30 .................

US deficit was $120 billion in October

But Wait !!

In projecting that amount, the White House budget office assumes that Congress will reach a deal to avoid the "fiscal cliff" of tax increases and automatic spending cuts set to hit in January. It also assumes that Congress will approve the jobs stimulus plan contained in President Obama's 2013 budget.

There they go with the "assumptions" again....

What if no deal is made ?

Guess who gets the blame again.

I think the Democrat "strategy" is to force the tax cuts to expire.

Then they get the maximum "blame game" results when all the fallout hits the citizens.

The Democrats are focusing on the 2014 elections already.

Their main agenda is to get a House majority and to gain more seats in the Senate.

reply to post by xuenchen


How can it even be a "deficit reduction" with a Q3 allowing the fed to print more money since July, I don't get it, somebody doesn't know how to do math in the White house., but then again neither most Americans this days or we will not be in the economic debt partly due to the inability of Tax payers to balance their own accounts.

Oh, wait, I guess that future projections are the gamble of the day, just think about how much money is going to save the government when they start firing in January as the second wave of cuts under the Defense budget and there you have it, but do not and I mean do not add the lost of taxable income or the numbers will not look good.

"Federal Spending By the Numbers - 2012"

Overall Budget Trends Over the past 20 years...

Federal spending grew 71 percent faster than inflation.

Entitlement spending more than doubled over the past 20 years, growing by 110 percent (after adjusting for inflation). Discretionary spending grew by 60 percent.

Deficits have pushed up the debt each year since 2002 as federal spending exceeded revenue. Fiscal year 2012 marked the fourth consecutive year of $1 trillion deficits.

Although debt held by the public surged from 33.6 percent of gross domestic product in 2002 to 73 percent in 2012, net interest costs have held below 2 percent of GDP because interest rates have fallen to all-time lows.

In 1962, defense spending was nearly half the total federal budget (49 percent); Social Security and other mandatory programs were less than one-third of the budget (31 percent). Two major entitlement programs, Medicaid and Medicare, were signed into law by President Johnson in 1965.

In 2012 entitlements were nearly 62 percent of total spending, while defense dropped to less than one-fifth (18.7 percent) of the budget.

www.heritage.org...

But.but,but the current administration has "spent the least" out of all the previous ones!

TAX AND SPEND!!!

Tax and Spend.

reply to post by neo96


Or that is what they are preaching, but reality is that they have not stop the previous spending budgets done by previous administration, Bush was a big spender, the Fed is a bigger spender in order to keep banks alive after all, nobody have stop the Fed from telling Obama and the Treasury to print more money under their Qs.



Is a big scam been played when administrations foretell futures, that is how Wall Street gambles, but they get to be bailout with the Qs, people just doesn't understand how they are been played, you give away your future gains about cutting spending and there you have it, you can claim that you can reduce the deficit on that future alone, reality check is that it have not been working for previous administrations projections and is no going to work for this one either

The irony, keep the people obfuscated, blind and uneducated about politics, economy and the government and they will believe anything they are told.

reply to post by xuenchen


What a total mess...

You think the corporations are ever going to pay taxes on the trillions they are producing? its the peoples debt now homeboy!.....the United States debt and your Jüdische Ghetto-Polizei president will ensure you pay it.

We only need our creditors to say no for 1 month and we're totally.. screwed!.. and considering how we're going around the globe picking fights... someones gonna say no eventually!

The answers so obvious..
Cut funding to the military
Cut funding to the banks
Cut funding to the oil corps
put all that coin onto the debt for 10yrs straight. PAY THAT CRAP OFF!

meanwhile every man and women storm the offices of the elite factions at Enron, Halliburton, Shell, Citigroup, Black water, Goldman Sachs, drag them all out and show them them mob justice. Take their funds and profits, nationalize them and build hospitals and schools!

There's enough homeless, enough vets and disgruntled warriors who hate the establishment.. it could be done, once enough of the army have been evicted from their foreclosing homes, when the banks shut up shop..we will have the numbers!

ugh.. it makes you feel sick knowing the largest corporations in America are sucking the governments dry, stealing the peoples wealth and calling it their own!

/rant!

reply to post by Agit8dChop


I agree, but is one thing that the previous administration has done, while claiming cuts and getting the people all hight on it they lie about it.

Military spending Obama sold to the public that he was going to cut the military what he did was to cut the contractors ability to hire causing what it will become a big mass unemployment to hit in January, see when in June this came into effect the influx of people filling for unemployment raised, that was not good for election preaching so they stop until January.

Now the Military was not touch, actually the budget for foreign aid to the middle east and the Military increased under the Defense budget at the expenses of leaving Americans unemployed in the US

The irony, I can not wait when the second wave of Obama defense cut comes around, specially after the taxes under Obama care comes to congress for review, on that he is using the propaganda that he is going to tax the rich

Guess what the Rich Banksters, Wall Street mob and the Fed owns America and America's politics they are not losing anything as the Fed will just keep infusing Qs to keep them from losing their wealth.

Americans are so gullible, they have no clue how the crap works in this nation, the only ones to be tax are going to be regular working Americans, the rich just move their production oversea to avoid taxes and while still investing in the markets as the Fed make sure they get bailed out every time with the Qs.

We the working class are the ones to be exploited regardless as usual.

Your founding fathers never expected that grown men 2012 would act like 4 yearolds.
Just keep the Senate. Get rid of House of Representatives and the Presidency.
Crap don't work.
I think republicans want USA to go under if they can't have it their way in everything.

Originally posted by Agit8dChop
reply to post by xuenchen

 

The answers so obvious..
Cut funding to the military
Cut funding to the banks
Cut funding to the oil corps
put all that coin onto the debt for 10yrs straight. PAY THAT CRAP OFF!

meanwhile every man and women storm the offices of the elite factions at Enron, Halliburton, Shell, Citigroup, Black water, Goldman Sachs, drag them all out and show them them mob justice. Take their funds and profits, nationalize them and build hospitals and schools!

There's enough homeless, enough vets and disgruntled warriors who hate the establishment.. it could be done, once enough of the army have been evicted from their foreclosing homes, when the banks shut up shop..we will have the numbers!

ugh.. it makes you feel sick knowing the largest corporations in America are sucking the governments dry, stealing the peoples wealth and calling it their own!

Rant is right...

Typical anarchistic rhetoric, which is all about tearing down - with no thought or ideas about how the population is going to proceed after you have shown everybody your "mob justice".

I know, you will go back and live in the tents you have pitched in a park somewhere...and sit around campfires and sing songs of love and contentment.

Sounds like a perfect plan...shut down all systems of commerce (banks, corporations etc.), take all of their money and build hospitals...because you are going to need them, after the food, power and fuel runs out.

Summary recommendation: Replace some of your rage with common sense and constructive thought. Make a positive contribution of some kind to make things better...instead of advocating for pointless destructive and violent actions.

reply to post by mobiusmale


Hmm, I dont know.
It seemed to work ok for Iceland?

Sure, all those fat cats on their computers might not be able to order Domino's or use facebook for a while, but then againt resetting society takes time, money, blood and effort.

But your right, too hard, too scary... lets let the only planet we're every going to get be dominated and destroyed by corporate entities!

reply to post by marg6043


Yeah your right on the Money Marg's,
Imagine if they took those hundreds of billions in funding to the military and contractors and built roads, hospitals and schools for 5 years?

It would change America for decades to come.

Any people think, 5yrs of no funding?

Well, consider this. Its been 11yrs since sept 11.

Halve that amount of time... in the long run, its nothing!

Originally posted by Agit8dChop
reply to post by mobiusmale

 

Hmm, I dont know.
It seemed to work ok for Iceland?

Sure, all those fat cats on their computers might not be able to order Domino's or use facebook for a while, but then againt resetting society takes time, money, blood and effort.

But your right, too hard, too scary... lets let the only planet we're every going to get be dominated and destroyed by corporate entities!

Iceland shut down all of their banks and nationalized all large Corporations? They dragged coroproate executives into the streets and showed them all some good old fashioned mob justice?

Guess I missed that episode...

Originally posted by Agit8dChop
reply to post by marg6043

 

Yeah your right on the Money Marg's,
Imagine if they took those hundreds of billions in funding to the military and contractors and built roads, hospitals and schools for 5 years?

It would change America for decades to come.

That may be the understatement of the day...this play would turn the global strategic balance on its head. America would certainly be a different place once the Chinese, Russians and Islamists got finished re-writing the scripts worldwide.

Not to mention it would be pretty tough to shut down the military for 5 years...and then try to crank it up again.

Fanciful thinking...

reply to post by xuenchen


Let's start with $175k per year for 435 people that vote for legislature which destroys America and against legislature that improves it.

Is Congress worth this? Let's outsource congress.

I just MUST KNOW WHY it is that Conservatives didnt make a PEEP about the skyrocketing deficits and debt before Obama came into office, CARE TO EXPLAIN that one??

With Obama in office, they are SCREAMING from the ROOFTOPS every time the debt goes up a dollar it seems. WHERE was the OUTRAGE and "concern" BEFORE OBAMA?

I'll answer that for you: Conservatives DO NOT CARE ONE BIT about the deficit or the debt PERIOD!!! They only became "concerned" once the discussions began about trimming it by way of letting the Bush tax cuts expire for the super wealthy...

... it was only THEN when they all started acting like they "CARE" about the issue. Hmmmmmmm...

SO, we NOW KNOW that they dont give a FLIP about the issue and are REALLY just angry about the INSANE TAX HOLIDAY for the super wealthy expiring. DING-DING-DING... thats the reason folks!!

Its CRYSTAL CLEAR as to why the Right and the Conservatives are all of a sudden "concerned" now about the issue. If the solution on the table was to make the middle-class and poor pay for it, they wouldnt be concerned ONE SINGLE BIT about the debt and deficit issues. They wouldnt make a PEEP and we ALL KNOW THIS!!!!!!

Its NO WONDER that the whole Republican camp and Conservatives are all FIGHTING with each other right now and at each others throats!! What a royal MESS!!!

Pathetic jokers they are... and even SOME OF THEM are starting to WAKE UP and see it!!! They gotta evolve one day I guess, what better time than right now!!!

reply to post by oper8zhin


Ironically To Kill a Mocking Bird is celebrating a 50th anniversary.

It is about a black person being blamed for the crime that a white person committed.

Originally posted by zroth
reply to post by oper8zhin

 

Ironically To Kill a Mocking Bird is celebrating a 50th anniversary.

It is about a black person being blamed for the crime that a white person committed.

YES, there does seem to be a very disturbing HATE coming from the Right in regards to this President ...

The President can do EVERYTHING PERFECT, yet many of the folks on the Right (especially in the Red Southern states) will have something to HATE on him about. Even though these Southern folks in the Red states HAVE THE MOST TO BENEFIT WITH OBAMA AND DEMOCRATS IN OFFICE!!!

The poverty and struggle of the average family in the South is HORRENDOUS when you compare it to a Northern or Western blue state. Only a person with the EXPERIENCE FIRST HAND of BOTH WORLDS can see it.

The STUPIDITY of the huge majority in the Southern Red states IS OVERWHELMING when it comes to politics and them voting based on POLICY that will actually be in their own BEST INTEREST!!!!!! A democrat down there is the "anti-christ" to them. Bible belt and low IQ for ya!!

Its unbelievable the STUPIDITY!!!!!!!!! Its only something you would have to EXPERIENCE FIRST-HAND to know the extent of it. And its BAD!!!!!!!!

here's the the governments own OMB numbers...but i guess these are biased, left-wing communist, propaganda too, right?
www.thefiscaltimes.com...

Originally posted by jimmyx
here's the the governments own OMB numbers...but i guess these are biased, left-wing communist, propaganda too, right?
www.thefiscaltimes.com...

Yes right

That point of view was chopped to pieces shortly after it was published.

I know you remember the threads right here on ATS.

The real numbers show different.

It's all about the totals, not the percentages.

btw, how do percentages pay off a debt ?

Republicans for the most part had control of Congressional Committees from Jan 2001 to Jan 2007.

Unemployment peaked down to 4.4% in Oct 2006 from a high of 6.3% in June 2003.

Not bad after the financial mess following 9-11.

Democrats took control of Congress in Jan 2007 (the Harry Reid - Nancy Pelosi steam engine).

Unemployment started spiking up since mid 2007.

Maybe no correlation, but why would the "Failed" economic policies from 2001 to 2007 show astounding results ?

And why on Earth would Republicans be so hell bent on destroying those good results ?

The “results” we see today could be the “result” of an immense Democrat/Liberal power binge since Jan 2007.

Very confusing. What went wrong ? What changed ?



And can someone explain why the spending deficit showed such a wild increase from 2008 to 2009 ? ( +300% increase )

The revenue Decrease was only $419 billion.

The deficit Increase was $954 billion



Maybe they need a spending limit based on revenues ?