Federal govt. posts largest monthly deficit in history

[Fury]

(Washington Times) — The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning.

That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record. The last time the federal government posted even a monthly surplus was September 2008, just before the financial collapse.

Last month’s federal deficit is nearly four times as large as the spending cuts House Republicans have passed in their spending bill, and is more than 30 times the size of Senate Democrats’ opening bid of $6 billion.

http://www.washingtontimes.com/news/2011/mar/7/government-posts-biggest-monthly-deficit-ever/


Hope and change. 

[Soul Crusher]

And the Madoff-in-Chief Obama cant find it to cut 60 Billion! 

[240 is Back]

At least the repubs will freeze the debt ceiling in April like they promised - and will finally stop obama from spending.

We gave them the power to do it.  They said they'd do it.  And next month, they'll do it.





Wait, huh?

[Fury]

Want to hear a joke? 240: "I'm a libertarian".

[dario73]

At least the repubs will freeze the debt ceiling in April like they promised - and will finally stop obama from spending.

We gave them the power to do it.  They said they'd do it.  And next month, they'll do it.





Wait, huh?

Who is blocking every spending cut the Reps have tried to pass since they took over the House?  I know, I know. The Senate doesn't really exist. Right? Then you have the skinny twink in the oval office ready to veto anything that defunds and retracts any of his legislations, cuts entitlement program or seeks to cut back on government spending.

[Soul Crusher]

If obama can't even find it to cut 60 billion out of a 1.65 TRILLION deficit - all it says is that heis not a serious person whatsoever. 


Its all smoke and mirros and lies from this Maddoff in Chief. 

[dario73]

No one can solely blame Republicans when they don't have VETO PROOF majority.

[Soul Crusher]

[240 is Back]

USA is #1.  no Apologies.  largest deficit means we're just taking more of the other countries' money.  #winning

[Soul Crusher]

USA is #1.  no Apologies.  largest deficit means we're just taking more of the other countries' money.  #winning

Wrong dispshit.   They are stealing from our kids in the form of a lower value of the currency, future taxation, higher interest rates, and higher costs fr staples of life. 

Good job kneepadding though.   

[240 is Back]

Wrong dispshit.   They are stealing from our kids in the form of a lower value of the currency, future taxation, higher interest rates, and higher costs fr staples of life. 

Good job kneepadding though.   

we're at a point where i don't think you recognize when i'm obviously joking.

[Soul Crusher]

October 5, 2007, 6:32 PM ET.Deficit for Fiscal 2007
Slides.Article Comments (16) Real Time Economics HOME
http://blogs.wsj.com/economics/2007/10/05/deficit-for-fiscal-2007-slides


It’s all in the surge – the revenue surge, that is.

The Congressional Budget Office estimated Friday that the U.S. federal budget deficit for fiscal year 2007, which ended Sunday, was about $161 billion, or 1.2% of gross domestic product. That’s down from the $248 billion shortfall recorded in fiscal 2006, which translated into 1.9% of GDP. The Treasury Department will report the official tally later this month.

Much of the improvement in the nation’s fiscal outlook in the last year has come from continued rapid growth in federal revenue. CBO estimates that 18.8% of GDP in fiscal 2007, up from 18.4% 2006 and 16.3% in 2004 and 18.4% in 2000. Outlays came to an estimated 20% of GDP, about equal to the average over the previous five years.

While annual federal spending grew 2.8% in fiscal 2007 over fiscal 2006, year to year, revenue grew 6.7%. Individual income-tax receipts are estimated to be 11.3% higher than last year, and corporate income tax receipts are estimated to be 5% higher. Revenue growth has cooled substantially from the 11.8% fiscal year-to-year increase from 2005 to 2006. Spending growth also slowed.

Federal expenditures were up in fiscal 2006 due to Gulf-coast hurricane recovery efforts. They were driven down in fiscal 2007 by legislation enacted in 2006 cutting student loan subsidies and auctioning off a portion of the broadcast spectrum, proceeds from which are recorded as negative expenditures not as revenues.

“While somewhat lower than estimates issued at the beginning of the year, the 2007 deficit announced today by the Congressional Budget Office is no cause for celebration,” said House Budget Committee Chairman John Spratt (D., S.C.)

CBO has estimated that if the U.S. maintains a military presence in Iraq and if Congress doesn’t allow the tax cuts enacted in President George W. Bush’s first term to expire, then recent improvements in the deficit will be reversed, pushing it up to to roughly $300 billion by 2012. – By John Godfrey