Budget Deficit Likely Doubled for Fiscal '08

[AFA]

WASHINGTON -- The Congressional Budget Office said the U.S. budget deficit for fiscal 2008 -- $407 billion -- will be more than double the deficit for 2007, hit by the wars and a weak economy, and predicted it is likely to rise further in fiscal 2009.

"The figures make it challenging to avoid playing the dismal economist," said CBO director Peter Orszag in a statement.

The agency foresees an increase to $438 billion by fiscal 2009, which begins Oct. 1, with the government takeover of Fannie Mae and Freddie Mac further complicating budget projections.

http://online.wsj.com/article/SB122100526189017309.html?mod=googlenews_wsj

Congressional Democrats pounced on the results, saying they reflected years of the administration's fiscal irresponsibility.

 

[Friday on my mind]

How many trillions in debt will we be in when this guy leaves? And how will we ever recover? At some point people are not going to be willing to keep loaning us the money to fund these deficits as they will see our prospects of ever paying all this debt off look dimmer and dimmer.I read here in other threads how our economy has been worse in the past with higher inflation and unemployment etc., and that is true at least for now.But the spot were in and the underlying fundamentals of our economy have not been this poor IMO in anytime in the recent past.It's not like we have vast amounts of untapped resources to go plunder with little or no regard to things like enviormental impact as we might have done in the past.Our economy moved from actually making things to financial services more and more and that shift benefitted the few at the top at the expense of good middle class manufacturing jobs.Now they have mismanaged that to where we are in deep deep shit.House of cards or maybe better analogy is humpty dumpty who sat on the wall and after the fall all the kings horses and all the kings men couldn't put him back together again.In past recessions or even the depression you could forsee some way to get back to real economic growth.But this time I just wonder what will be the jobs and growth of the future that keeps us going.The rest of the world is able to make things just as well or better now at lower costs even if we chuck all the enviormental regulations which we probably will but then we will get more economic problems from the results of that then we already have.How many times does the gulf need big hurricaines before we realize the wide open days of expoliting everything with no consequences are over.With those constraints and the competition from the world who is catching up fast,things look bleak for americans.Guess when the other countries cut us off from loans or demand payment we can just threaten to nuke them as that will be about the only leverage we have lol.

 

[LBP 76]

It's the American voters fault as much as it is Bush's. They knew he was a deficit Prez before '04, but they fell for the 'War on Terror' crap and re-elected him anyway.
This deficit nonsense can end. But the American people have to demand it. It will not be done otherwise as almost all politicians are far more concerned about their own futures then they are their countries'.
I swear that the average U.S. citizen is the most politically naive of all the world's democracies.

 

[Funkwerkz]

Turkish budget deficit and trade deficit got doubled together in this summer. Capitalist economy is dying.

 

[Facetious]

A disaster ! and congress allowed it to happen.

Stay tuned for the crashing of medicare and SS !!

Film @ 11



Wasn't there a CEO from one of these cutie - "ie" institutions (so called banks) that just began his assignment in July (08) as CEO and he's going to walk away with something in the order of $14 million dollars ? Yea, I believe there is !

Ahhh, Don't start with me, all of you conspiracy nutters ! :nono:

Damn them to HELL !!!

 

[D-rock]

Congressional Democrats pounced on the results, saying they reflected years of the administration's fiscal irresponsibility.

A lot of people complain about how the democrats like to tax and spend, yet most of them seem never recognize that the republicans like to cut taxes and spend, which is even worse.

 

[AFA]

How many trillions in debt will we be in when this guy leaves? And how will we ever recover? At some point people are not going to be willing to keep loaning us the money to fund these deficits as they will see our prospects of ever paying all this debt off look dimmer and dimmer.I read here in other threads how our economy has been worse in the past with higher inflation and unemployment etc., and that is true at least for now.But the spot were in and the underlying fundamentals of our economy have not been this poor IMO in anytime in the recent past.It's not like we have vast amounts of untapped resources to go plunder with little or no regard to things like enviormental impact as we might have done in the past.Our economy moved from actually making things to financial services more and more and that shift benefitted the few at the top at the expense of good middle class manufacturing jobs.Now they have mismanaged that to where we are in deep deep shit.House of cards or maybe better analogy is humpty dumpty who sat on the wall and after the fall all the kings horses and all the kings men couldn't put him back together again.In past recessions or even the depression you could forsee some way to get back to real economic growth.But this time I just wonder what will be the jobs and growth of the future that keeps us going.The rest of the world is able to make things just as well or better now at lower costs even if we chuck all the enviormental regulations which we probably will but then we will get more economic problems from the results of that then we already have.How many times does the gulf need big hurricaines before we realize the wide open days of expoliting everything with no consequences are over.With those constraints and the competition from the world who is catching up fast,things look bleak for americans.Guess when the other countries cut us off from loans or demand payment we can just threaten to nuke them as that will be about the only leverage we have lol.

It's a disgrace.

There was no room in the borrowed budget anyway before the war and I've heard estimates before the Fannie Mae deal and the investment bank deals and the tax rebates, (a.k.a. bribe for popularity), that it would take belt tightening for over 50 years to pay for this. Don't forget dollars are still accepted as payment for the Chinese and Japanese trade deficits.

It's why I just shake my head when the McCain group mocks the Dems for the idea of raising taxes. What is the proposed plan to pay for this short of building an even bigger military to just kick ass like it not? Just remember, at one time, the Indians owned all the land West of the Mississippi.