Obama’s years in office, the deficit is projected to be larger than under Bush

[Nitro Express]

The megga rich and their friends like Timothy Gietner don't pay any income taxes and this guy is head of the US Treasury that runs the IRS. Goldman Sachs who has a revolving door between Washington DC and Wall Street pays a corporate tax of 1%. Obama is their flavor of the week. The rich aren't paying taxes. They are stealing the taxes through the Federal Reserve Bank. Americans should be dipping these guys into hot vats of tar but the average American only cares that they have ten kinds of doughnuts to choose from or who won the football game.

[Nitro Express]

Just like a National sales tax wont work because the Rothchilds, and others that inherited money from way back, look at it as a tax just on there money, because they have no income. No tax.

Evelyn Rothchild bought up Leman Brothers for $2 million after it the sub prime bomb exploded. If you control the central banks you can create bubbles by dropping the prime rate and then when the bubble explodes you buy the assets up cheap. It's corporate raiding on a mass scale. This family has caused multiple wars and depressions over the last 200 years. They are good at what they do and make a ton of money off other people's misery.

[Nickdfresh]

It was a joke, cockforbreath...

It's always a "joke," coma-victim raper...

[Fuct Jup]

CBO: Budget deficit hit record $1.4T in 2009

WASHINGTON – The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday.

The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.

The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama's economic stimulus bill, as well as increases in programs such as unemployment benefits and food stamps.

The previous record deficit was $459 billion and was set just last year.

The Obama health plan would be "paid for" with new revenues and curbs in spending. But the overhaul effort would eat up tax increases and spending cuts that could be used to bring the deficit down.

Obama has attributed the nation's dismal fiscal situation to the financial and economic crises he inherited. White House Budget Director Peter Orzsag is overseeing the administration's efforts to tackle the soaring deficit next year.

"As part of the fiscal 2011 budget, we will be putting forward proposals that return us to a fiscally sustainable path and that have lower deficits in the out-years," Orszag said in a recent Associated Press interview.

The huge deficits have raised worries about the willingness of foreigners to keep purchasing Treasury debt. The administration promises that once the recession is over and the financial system is stabilized, it will move forcefully to get the deficits under control.

Economists worry that the deficits could place upward pressure on interest rates in future years as the government has to offer higher rates to attract investors

Republicans pounced on the bad news.

"This new CBO data makes it clear that our children and grandchildren will end up buried under a mountain of debt if we continue taxing, spending and borrowing at these dangerous levels," House Minority Leader John Boehner, R-Ohio, said. "How many alarm bells have to be set off before Washington Democrats get serious about tackling dangerous budget deficits?"

Economists say the best measure of the deficit is to compare it with the size of the economy. On those terms, the 2009 deficit reached almost 10 percent of gross domestic product, a level not witnessed since World War II.

The White House says it wants deficits in the next few years to stabilize at or below 3 percent of GDP. But by the White House's own estimates released in August — which predicted deficits averaging about 4 percent through the rest of the decade — it would take several hundreds of billions of dollars in new taxes or spending curbs to just get the deficit down to 3 percent of GDP.

Those steps would easily exceed the efforts under way now to pay for Obama's health care plan. For example, bringing the 2014 deficit back in line with Obama's goals would require about $240 billion in deficit-closing steps in that year alone — near the amount of revenue that would flow from the expiration of former President George W. Bush's tax cuts.

Such steps would almost certainly force Obama to break his promise to limit tax increases to the wealthy.

Other budget experts predict higher deficits that would require even more painful steps.

History has not been kind recently to presidents who tackle the deficit. President George H.W. Bush lost re-election in 1992 after violating his "no new taxes" promise. His successor, Bill Clinton, lost control of Congress in 1994 after pushing through a deficit-reduction plan laden with tax hikes.

Still, Democrats controlling Congress acknowledge they have no choice but to tackle the problem — even if they inherited it from George W. Bush.

"It should be remembered that fiscal year 2009 began during the Bush administration, which left in its wake the worst recession since the 1930s, including a sharp plunge in revenues," said Rep. John Spratt Jr., D-S.C., chairman of the House Budget Committee. "But today's figures send us the latest alarm. As the economy stabilizes and starts to recover, we will have to turn our focus back to deficit reduction."

CBO: Budget deficit hit record $1.4T in 2009 - Yahoo! News

[Nickdfresh]

Right. That's what happens when you have falling revenues due to a sputtering economy. And when was the downturn again? And who cut taxes mostly on the affluent during a time when he started a three trillion dollar mess in Iraq?

BTW, $459 billion is roughly what we spend on defense in one single year; and that's if you take away the War funding the congress and the Pentagon switch around to hide the true number$...

[Fuct Jup]

Right. That's what happens when you have falling revenues due to a sputtering economy. And when was the downturn again? And who cut taxes mostly on the affluent during a time when he started a three trillion dollar mess in Iraq?

Everybody got a tax cut (including you if you had a job).

[Nickdfresh]

Everybody got a tax cut (including you if you had a job).

Lordy lordy! Biscuits and gravy!! A few hundred buck$ while banks effectively decided their own regulation, wages have remained stagnant for over 30 years now, less Americans have health coverage, pensions are a thing of the past, and corporations effectively got a complete break to insure their record profitability with virtually no sense of civic or common good. Praise Jeebus!!.

Nothing like sending checks back to keep the plebeians happy while the empire declines as they vote for people who do not bother to represent their interests because they're too busy being on the take of special interest lobbyists and campaign donors..