Federal budget deficit tops one trillion dollars for the first time in history

[jimpeel]

It took Obama just six months to increase the deficit by 800 billion dollars over one year ago.

SOURCE

Federal deficit above $1 trillion for first time

The federal budget deficit currently stands at $1.1 trillion, according to the latest figures from the Congressional Budget Office.

On Monday, the CBO released its Monthly Budget Review, which found the current deficit is $800 billion higher than what was recorded in June 2008 (When Bush was president. - j). Budget outlays were said to have increased 21 percent in this time period, while revenues have fallen by 18 percent due to the recession and a more difficult business and employment climate.

The CBO noted that the government had recorded a $97 billion deficit during the month of June alone, which is said to be uncommon because typically the Treasury receives tax payments from corporations and individuals that month. Last month's tax receipts were reported to be 18 percent lower than those received in June 2008 (When Bush was president. - j).

June also marked the 14th consecutive month where revenues have been lower than they were in the same month of the previous year.

Other aspects of the report found that the government is currently spending 2 1/2 times more on unemployment benefits than at this time last year (When Bush was president. - j), and that current income and payroll tax contributions account for about 60 percent of the overall decline in tax receipts.

By Steve Monfort

 

[randomJACKASS]

Just a simple question Jim; don't you ever get tired of gloom and doom forcasts about things you can't do a damn thing about? Its over man, Obama is President till at least 2013, and barring some major event nothing will change that. I'd think your time would be better spent writing your congressmen about these issues. I know I've begun to start doing that. I mean I have opinions but at the end of the day, I can't change any part of the world other than that small part of it that I am responsible for. Doom and gloom forecasts rarely actually happen and worrying doesn't help anyway.

 

[spike]

Jim didn't think Bush was heading us into a recession somehow.

Amazing that he ignored all the signs huh?