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Thread: Record deficit for next president

  1. #1
    Elite Member HWBL's Avatar
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    Default Record deficit for next president

    Source: BBC News

    Record deficit for next president

    The next US president is expected to face a record federal budget
    deficit of almost half a trillion dollars.

    The White House has lifted its deficit forecast for 2009 to $482bn
    (242bn) up from $407bn.

    The budget deficit measures how much more the government is
    spending than it is raising through taxes.

    The slowing economy is reducing the tax take and the government
    has launched a stimulus plan by making payments to 130 million
    households to boost spending.

    The forecast figure excludes about $80bn of war costs.

    The budget deficit is measured from the beginning of October to
    the end of September.

    It is possible that the deficit for 2008 will also break the record of
    $413bn, which was set in 2004.

    A $482bn deficit would represent about 3% of the total output of
    the US economy, which is well below some of the deficits seen in
    the 1980s and 1990s in percentage terms.

    Nonetheless, whoever turns out to be the next US president may
    be reluctant to enact any further tax cuts or increases in spending
    that would raise the deficit.

    The deficit figure also is flattered by including the surpluses that
    are currently being accumulated by the social security trust fund,
    but that will soon turn into deficits in the next decade.

    And it takes no account of the potential costs of a full-scale
    Federal bail-out of the mortgage giants Fannie Mae and Freddie
    Mac, who have been given a Federal guarantee in the housing bill
    that has just passed Congress.
    Chimpy McSmirkface should be sued for $482bn!
    Warren Beatty: actor, director, writer, producer.

    ***** celeb

  2. #2
    Elite Member kingcap72's Avatar
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    Something else to thank Dubya for. Bush really is the worst thing that ever happened to this country, as far as presidents go.

  3. #3
    Elite Member Grimmlok's Avatar
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    But hey, republicans really know how the economy works.

    ANYBODY EVER NOTICE THIS HAPPENS EVERY TIME THEY'RE IN OFFICE?!
    I am from the American CIA and I have a radio in my head. I am going to kill you.

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    Elite Member louiswinthorpe111's Avatar
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    That's what pisses me off when they speak of "liberal spending," and "Democrats will raise your taxes." HELLO??? $486 BILLION!!! someone has to own up and try to pay for this shit. And it seems to be the democrats every time.

  5. #5
    Elite Member nycgirl's Avatar
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    Way to go Bushy!

  6. #6
    Silver Member FriendOrFoe's Avatar
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    Yes, when the Republicans are in office it happens every time.

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    The party of fiscal responsibility... NOT.

  8. #8
    Silver Member betagrl's Avatar
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    anyone plan on seeing Oliver Stone's movie about GW?

  9. #9
    Elite Member kingcap72's Avatar
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    ^^I don't know yet. But, at least, we know Josh Brolin can play Bush's drunken retard side accurately.

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