U.S. Headed For Record $490B Deficit

[cal04]

Bush Administration Official Blames Slumping Economy And Stimulus Payments
http://www.cbsnews.com/stories/2008/07/28/national/main4298697.shtml

A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.

The official said Monday the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the current record deficit of $413 billion set in 2004.

The official spoke on condition of anonymity because the new deficit estimate had not been formally released. Bush administration officials were scheduled to do that at a news conference later Monday.


(snip from another article)
The actual 2009 deficit could climb still higher because the new projection does not reflect full-year funding for the wars. In addition, a worsening economy could add to the red ink by reducing tax revenue and increasing safety-net payments, such as unemployment benefits and food stamps.
http://hattiesburgamerican.com/apps/pbcs.dll/article?AID=/20080728/NEWS01/807280304


Federal Deficit Grows After Three Years of Decline

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/28/AR2008072800953.html?hpid=topnews

[Skink]

1. Here ya go Democrats.

[Ezlivin]

3. Huh? It's all the Democrats fault!

Seriously, the only thing wrong with America right now is the presence of Democrats.

And liberals. Oh, and gays and transexuals.

And anyone who doesn't support the troops by wanting more wars.

Get rid of those unpatriotic citizens and America would be restored to her former glory!

:sarcasm:

[lpbk2713]

2. It's bound to be much worse than that.

Simply because BushCo never tells us all the bad news. And they are in charge of what data gets recorded and how it is compiled. We won't know exactly how bad off we are untill after January 2009. And then OxyRush, Hannity, O'Louffa, Beck and the rest of the RW Hatemonger Choir will be sure the Dems will catch the blame when it hits the media.

[xchrom]

4. recommend -- mccain is a republican -- republicans =

massives debt and deficits.

ergo mccain = more of the same.

voting republican is bad for your social security, your medicare, the war, building infrastructure, farmers, etc

[OneBlueSky]

5. um . . . does this budget once again exclude war costs? . . . n/t

.

[bdamomma]

6. I feel like a frog being boiled on simmer.

[jannyk]

7. Bin Laden couldn't have done a better job of destroying this

country over the past 8 years. They've taken away our 'freedoms', our credibility, our moral standing, our prosperity. They have allowed our infrastructure to crumble and left us all more vulnerable to fire, crime, a lousy education and illness. Our bridges are collapsing, our roads eroding, our dams breaking, our water supply and sewers antiquated. We are losing our homes and are up to our eyeballs in consumer debt. The country itself is mortgaged to China, Singapore and Quatar to the tune of $500 Billion. What do they get if they have to foreclose - California???

No way Bin Laden could have ever have hoped to achieve so much!