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Deficit down to $157 billion - 8/11/2007 6:05:02 PM

cyberdude611

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WASHINGTON - The federal deficit so far this budget year is running sharply lower, driven by record revenues pouring into government coffers.

The Treasury Department reported on Friday that the government produced a deficit of $157.3 billion for the budget year that began last Oct. 1. That's a substantial improvement from the red ink figure of $239.6 billion produced for the corresponding 10-month period last year.

The lower year-to-date deficit was the result of a record of $2.12 trillion in revenues. Spending, however, was higher — $2.27 trillion, which also marked an all-time high.

The White House predicts that the deficit this year drop to $205 billion.

But the nonpartisan Congressional Budget Office predicts the government will produce even less red ink this year. It recently said the deficit will be "toward the lower end" of a $150 billion to $200 billion range.

Democrats and the Bush administration have been at odds over the nation's fiscal situation. Democrats believe the shrinking deficits won't last. President Bush, meanwhile, has called on the Democratic-controlled Congress to show some restraint in its spending.

So far this budget year, the biggest spending categories are programs from the Health and Human Services Department, including Medicare and Medicaid, $560.2 billion; Social Security, $516.1 billion; military, $437.7 billion, and interest on the public debt, $385.1 billion.

For July, the government produced a deficit of $36.3 billion, up from $33.2 billion for the same month last year.

Revenues in July came to $170.4 billion, while spending outpaced that at $206.8 billion. Both revenue and spending were records for the month.

http://news.yahoo.com/s/ap/20070811/ap_on_bi_ge/federal_budget;_ylt=Aqc7nOhVddXU7N7pNV4Jtoms0NUE

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RE: Deficit down to $157 billion - 8/11/2007 6:27:40 PM

farglebargle

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In other words, The Financial Irresponsibility continues unabated.

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RE: Deficit down to $157 billion - 8/11/2007 9:55:13 PM

Stephann

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I love how we confuse the deficit spending reduction, with the actual deficit.

Anyone ever stop to wonder how many years the goverment would have to do absolutely...positively...nothing but collect taxes, to pay the debt it already owes?

We often complain about the military budget, and how many thousands of four year college scholorships we could pay for if we weren't in Iraq. It's a fair assessment. How many college scholorships (or textbooks) don't we buy, do you think, because we simply refuse to follow the same economics fiscal responsibility we expect of a corporation? How long would an auto maker stay in business before it's CEOS were sued by it's shareholders and tossed in jail, if 25% of it's profit was turned around and dumped into -just- the interest payments on a loan; nevermind touching the loan itself? Worse yet, that the two biggest expenses of our government is one of the greatest and most expensive failed social programs in the history of the world?

Stephan

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RE: Deficit down to $157 billion - 8/11/2007 9:58:48 PM

michaelOfGeorgia

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aren't there some other countries that owe America money? that might help if it forclosed on those countries

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RE: Deficit down to $157 billion - 8/12/2007 8:02:13 AM

seeksfemslave

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Haven't looked anything up but I thought the deficit was supposed to be in the trillions. Right Wing Conservatives lurve to spend money....especially other peoples. The problem is... so do Left Wing Liberals.

Houston we have a problem lol

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RE: Deficit down to $157 billion - 8/12/2007 8:14:45 AM

Sinergy

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quote:

ORIGINAL: Stephann
It's a fair assessment. How many college scholorships (or textbooks) don't we buy, do you think, because we simply refuse to follow the same economics fiscal responsibility we expect of a corporation? How long would an auto maker stay in business before it's CEOS were sued by it's shareholders and tossed in jail, if 25% of it's profit was turned around and dumped into -just- the interest payments on a loan; nevermind touching the loan itself? Worse yet, that the two biggest expenses of our government is one of the greatest and most expensive failed social programs in the history of the world?

I dont know about the rest of you 49 states, but California enacted a law way back when that requires our state government to balance it's budget every year.

The Governator attempted to push through a change to allow us to move to a borrow and spend economy, similar to the Federal system, and the state legislature told him to go soak his head.

So he shut down the government for 2 weeks.

Not a problem for me, really. The trains still ran on time, traffic lights worked, etc.

I would be more than happy to elect people to office who wanted the Federal system to work similarly. Borrowed money has to be paid off.

Sinergy

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RE: Deficit down to $157 billion - 8/12/2007 8:34:19 AM

farglebargle

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quote:

ORIGINAL: seeksfemslave

Haven't looked anything up but I thought the deficit was supposed to be in the trillions. Right Wing Conservatives lurve to spend money....especially other peoples. The problem is... so do Left Wing Liberals.

Houston we have a problem lol

The DEBT is, IIRC, under 10 TRILLION dollars.

People will go on about debt vs. GDP, etc, but they neglect the truth that when GDP takes a nosedive, the Debt/GDP ratio will go up, and eventually become unservicible. ( Of course, the case could be made that with bridges falling down, the paying interest instead of fixing them with the money servicing the debt is fiscally and morally irresponsible. )

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RE: Deficit down to $157 billion - 8/12/2007 9:37:07 AM

Stephann

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quote:

ORIGINAL: Sinergy

quote:

ORIGINAL: Stephann
It's a fair assessment. How many college scholorships (or textbooks) don't we buy, do you think, because we simply refuse to follow the same economics fiscal responsibility we expect of a corporation? How long would an auto maker stay in business before it's CEOS were sued by it's shareholders and tossed in jail, if 25% of it's profit was turned around and dumped into -just- the interest payments on a loan; nevermind touching the loan itself? Worse yet, that the two biggest expenses of our government is one of the greatest and most expensive failed social programs in the history of the world?

I dont know about the rest of you 49 states, but California enacted a law way back when that requires our state government to balance it's budget every year.

The Governator attempted to push through a change to allow us to move to a borrow and spend economy, similar to the Federal system, and the state legislature told him to go soak his head.

So he shut down the government for 2 weeks.

Not a problem for me, really. The trains still ran on time, traffic lights worked, etc.

I would be more than happy to elect people to office who wanted the Federal system to work similarly. Borrowed money has to be paid off.

Sinergy

I totally agree. Unfortunately, the Federal Government refusing to make any payments for two years would mean....

... No FBI
... No Federal Court System
... No Military (yes, I hear cheers; wait till Mexico invades though
... Most public school systems in the country shutting down
... No new drugs, but no enforcement of any sort on bad food
... No enforcement of the FCC (meaning no regulation over what channels get through; you think spam in your inbox is bad? Wait till you see what happens to television...)
... No envirnmental protection agency enforcement

I know lots of people who would love to see this happen; in fact, I'm a proponant of strong local/state governments. If Michigan or Arkansas or New York doesn't want to pay their bill, so be it. But I do think some key issues, such as interstate commerce and common defense are worthy investments.

What I hate, is the way that income tax has become a tool for 'borrow from the rich/middle class and give to the politically connected.' There are many noble reasons for it; much of our public education is funded through this system, as is transportation infrastructure.

But this is another topic, for another thread....

Stephan

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RE: Deficit down to $157 billion - 8/12/2007 9:54:26 AM

submittous

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Those numbers are cooked... they offset any surplus collected in FICA against the deficit, much of the Iraq war funding is "off the books" and there is no accounting done for things like the hundreds of thousands of vehicles now in Iraq that will be left there whenever we leave and will need to be replaced.

The comment that the financial irresponsibility continues is right on... Both parties now have the attitude that some future Congress or Administration will be left holding the bag, not me.

Where is the crazy man Ross Perot when we need him? At least he could read a balance sheet and cry "bullshit" when he saw it. (just kidding about wanting Ross back in politics, but just saying...)

Bill

edited because I can't seem to spell even the easy words...

< Message edited by submittous -- 8/12/2007 9:55:53 AM >

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