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Thanks Dimocrats- U.S. budget deficit tops $1 trillion for the first time, headed to $2 trillion by fall

by Bob in Breckenridge ( 46 Comments › )
Filed under Barack Obama, Democratic Party, Economy, Election 2008, Socialism at July 13th, 2009 - 9:06 pm

That’s $1,000,000,000,000, soon to be 2,000,000,000,000! Total U.S. debt is now over $11 trillion. This massive deficit is caused when the idiot liberals voracious spending exceeds revenues taken in by the Treasury.

The national debt is the total of what we owe ($11.4 trillion) as a nation to investors, mainly China. The deficit is the annual amount that is being added to the national debt.

Interest payments alone on the national debt is over $450 billion a year. This is nothing more than a gigantic Ponzi Scheme the libs are saddling us with.

I hope all of you morons who voted for that idiot Obama and the dimocrat’s hope and change bullshit feel good about yourselves and how you’ve totally screwed our country. I know you fools bought Obama’s bullshit hook, line, and sinker, and as a reward for your loyalty stupidity, your taxes will be going way up, also. 62 million idiots, one and all.

And we still have National Healthcare to pay for! God, please help us! If ever we needed it, it’s now.

WASHINGTON - The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.

The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.

The soaring deficit is making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could also force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.

“These are mind-boggling numbers,” said Sung Won Sohn, an economist at the Smith School of Business at California State University. “Our foreign investors from China and elsewhere are starting to have concerns about not only the value of the dollar but how safe their investments will be in the long run.”

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to $1.09 trillion. The administration forecasts that the deficit for the entire year will hit $1.84 trillion in October.

Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.

Congress already approved a $700 billion financial bailout for banks, automakers and other sectors, and a $787 billion economic stimulus package to try to jump-start a recovery. Outlays through the first nine months of this budget year total $2.67 trillion, up 20.5 percent from the same period a year ago.

There is growing talk among some Obama administration officials that a second round of stimulus may eventually be necessary.

That has many Republicans and deficit hawks worried that the U.S. could be setting itself up for more financial pain down the road if interest rates and inflation surge. They also are raising alarms about additional spending the administration is proposing, including its plan to reform health care.

President Barack Obama and Treasury Secretary Timothy Geithner have said the U.S. is committed to bringing down the deficits once the economy and financial sector recover. The Obama administration has set a goal of cutting the deficit in half by the end of his first term in office.

In the meantime, the U.S. debt now stands at $11.5 trillion. Interest payments on the debt cost $452 billion last year – the largest federal spending category after Medicare-Medicaid, Social Security and defense.

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46 Responses to “Thanks Dimocrats- U.S. budget deficit tops $1 trillion for the first time, headed to $2 trillion by fall”
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  1. 1 | July 13, 2009 9:26 pm

    I was listening to Bob Brinker yesterday and he stated the debt will rise to 20 trillion by the end of the next federal fiscal year.

    How bout that?


  2. Bob in Breckenridge
    2 | July 13, 2009 9:50 pm

    re: #1 by savage

    Yep, and the libs are now saying that a third economic stimulus will probably be needed, which is nothing more than an admission that the first two failed, as will the third, fourth, fifth, etc.

    Are these people really this ignorant? Thinking we can spend our way out of this?

    That would be like anyone of us trying to cut our monthly credit card bills by charging more. As Larry The Cable Guy says: “Duh-huh!”

    476 days until the 2010 mid-term election. Heaven help us until then. At this point, I think Divine intervention is our only hope.


  3. jakee308
    3 | July 13, 2009 9:50 pm

    Hey, a trillion her and a trillion there and pretty soon you’re talking about REAL money.

    /Senator Everett McKinley Dirksen mode off
    (or maybe not).


  4. jakee308
    4 | July 13, 2009 9:54 pm

    And tonight, for your entertainment and amusement.

    (kinda ironic about the pirate ship huh?)


  5. jakee308
    5 | July 13, 2009 9:57 pm

    Sarah’s already begun to fight.


  6. jakee308
    6 | July 13, 2009 10:05 pm

    re: #2 by Bob in Breckenridge

    Bob, I’m personally convinced that there were less people that voted for O because of his promises than those who voted for him because they wanted to see a Black man elected as President.
    (So they could feel good about themselves while sleeping in they’re gated communities and private schools.)

    ‘Course NOW they’re finding out what those in the South discovered during the Civil War Reformation; the uneducated or ignorant with no social ties should not be put in charge of government as they become too dependent on their backers and advisers. (in those days known as “carpetbaggers”.)


  7. 7 | July 13, 2009 10:07 pm

    Offline debt already tops 90 TRILLION


  8. 8 | July 13, 2009 10:08 pm

    Jake…

    You’re thinking reconstruction, and it worked. The Dems aka the klan hated it.


  9. Bob in Breckenridge
    9 | July 13, 2009 10:10 pm

    re: #3 by jakee308

    I would seriously doubt Dirksen said that since the first federal budget totaling over $1 trillion was submitted by President Reagan in the 80′s, I believe, well after Dirksen died in 1969.


  10. Bob in Breckenridge
    10 | July 13, 2009 10:13 pm

    re: #7 by BenZacharia

    Offline debt already tops 90 TRILLION

    WOW!!! I’m glad I’m online! :)

    /


  11. jakee308
    11 | July 13, 2009 10:14 pm

    re: #2 by Bob in Breckenridge

    Reply Part Deux;

    They don’t care if the economy recovers. One can even speculate that this is what they are working for. By tearing down the economy and by impoverishing millions, they create the necessary despair and confusion necessary for their takeover and usurpation of the government of the People.

    Once they create/take advantage of a sufficiently tragic and wide spread man-made or naturally occurring disaster that will enable them to enact Martial Law, they will seize citizens and their weapons “until order can be restored”.

    They have begun to use intimidation in the Border States (most of which have large numbers of owners of firearms) to seize firearms and create the appearance of justification and lawful action. They are trying out procedures that will be used to disarm 60 million citizens WITHOUT CONSEQUENCE and WITHOUT NOTICE by the rest of the citizenry. (Thank you MSM. Your treason will be duly noted by historians.)


  12. jakee308
    12 | July 13, 2009 10:19 pm

    re: #8 by BenZacharia

    DANG! THAT’S THE WORD I WAS LOOKING FOR.

    re: #9 by Bob in Breckenridge

    I noted that he probably didn’t say that with a link to the Dirksen site.

    I KNOW the quote doesn’t refer to Trillions but Billions. I was, how you say … BEING SARCASTIC!
    :mrgreen:


  13. jakee308
    13 | July 13, 2009 10:20 pm

    re: #7 by BenZacharia

    Offline debt? This means —--????


  14. 14 | July 13, 2009 10:23 pm

    jake…

    SS for one


  15. 15 | July 13, 2009 10:24 pm

    [...] Read the rest of this great post here [...]


  16. jakee308
    16 | July 13, 2009 10:24 pm

    re: #7 by BenZacharia

    Hey, your comment about offline debt is already in the top 10 of a google search for “offline debt”

    (applause, applause) Take a bow!

    Now explain yourself.


  17. Bob in Breckenridge
    17 | July 13, 2009 10:24 pm

    re: #11 by jakee308

    Well, they had better care. Because when (not “if”) it does not recover, they’re history starting in 476 days. They know that, also. They can try to blame Bush ’til the cows come home, but the majority of Americans won’t buy it.

    It’s like the old saying- “Fool me once, shame on you, fool me twice shame on me.”

    Already the coveted independents are starting to bail on Obama big-time because of a severe case of buyer’s remorse.

    The blacks are for the most part a hopeless and lost cause, and the GOP should just ignore them, since most of them are too stupid or too ignorant to see the damage the dimocrats have done to them, yet they continue to vote for them over 95% of the time.


  18. jakee308
    18 | July 13, 2009 10:25 pm

    re: #14 by BenZacharia

    Oh, you mean what they used to call entitlements?

    The debt the government is committed to spending due to legislation mandating the payments. Yes?


  19. 19 | July 13, 2009 10:29 pm

    jake…

    yes, in part, also servicing the debt.


  20. 20 | July 13, 2009 10:32 pm

    jake…

    I’m suprised the search engines haven’t coded out offline federal debt altogether, like they have other things that lefties hate.


  21. 21 | July 13, 2009 10:35 pm

    also search under ‘offline budget’


  22. jakee308
    22 | July 13, 2009 10:38 pm

    re: #16 by Bob in Breckenridge

    Fool me once, shame on you, fool me twice shame on me.

    I like this version: “Fool me once, shame on you, fool me twice and I’ll kick your ass.”

    It’s interesting how Clinton inherited the peace dividend and the tax revenue from “poppy” bush. and How Dubya “ruined” “Clinton’s Economy”. Now it’s all Bushes fault again. They never change but they keep getting people to fall for the same old lies, over and over.

    As to the Black folks, they are more conservative than you think. (don’t believe the polls) So far, they do vote Democrat. It comes from what they perceived as the helping hand given them by FDR and Truman. Abe’s not in their ancestral memory. Blacks at that time did not have enough education to be fully aware of the political atmosphere. During the Reconstruction they had most of their gains taken away and then with jim crow, they were almost worse off than when they were slaves. (which is why the exodus from the South to the North) Where the Northern cities were run by Democrats. Democrats in the North are different than the Democrats in the South. Plus the Black pop. in the North was concentrated (ghettoized) and taken advantage of by Democrats. Thus the Northern Blacks see Democrats as giving them a chance at the political pie while the Republicans represent the Capitalist, anti-labor elites. I agree that we should not adjust the Conservative message to pander to Black for now. Michael Steele is a mistake and an albatross for the Rep Party. The conservative base must be energized and feel a part of the Rep party if they are to regain power. (this time they better CUT SPENDING!)

    This is where Sarah will come into her own.


  23. justin case
    23 | July 13, 2009 10:41 pm

    its when you have to push a wheel barrow full of money down to the shop to buy a can of beans,
    that you realize you have a problem. lol


  24. jakee308
    24 | July 13, 2009 10:42 pm

    re: #20 by BenZacharia

    Not categorized like that using Google.

    Did find this.


  25. jakee308
    25 | July 13, 2009 10:44 pm

    re: #22 by justin case

    Actually Bernanke sees more of a risk of there being deflation or stagflation like what occurred in Japan.


  26. 26 | July 13, 2009 10:44 pm

    justin…

    the dollar has drop 40% + in 9 months.


  27. justin case
    27 | July 13, 2009 11:00 pm

    if it gets too bad then they can simply write the debt off and start again from year zero, with a grorious five year plan,
    used to work for the commies, lol.


  28. Bob in Breckenridge
    28 | July 13, 2009 11:03 pm

    re: #24 by jakee308

    Yep, and in Japan it took almost 15 years for their economy to recover from the mess they created in the late 80′s/early 90′s, and Obama and the libtards are following Japan’s ‘Blueprint to Economic Disaster’ to the tee.


  29. mjazz
    29 | July 13, 2009 11:40 pm

    It really seems like they’re out to destroy America.


  30. jakee308
    30 | July 14, 2009 12:29 am

    re: #28 by mjazz

    Mr. Bond, they have a saying in Chicago: Once is happenstance. Twice is coincidence. The third time it’s enemy action.

    ~ said by Auric Goldfinger, in Ian Fleming’s novel Goldfinger, 1959.


  31. jakee308
    31 | July 14, 2009 12:49 am

    Whoa. And the media ISN’T even reporting this?

    What are they afraid that some folks here at home feel the same way? Don’t want to be giving the proles any ideas, huh?


  32. no2liberals
    33 | July 14, 2009 1:54 am

    Good discussion jake and Ben.

    On the asian financial crisis of the 90′s, it was Tim Geithner, then at the IMF, that botched the whole thing up, starting with Indonesia.

    The U.S. Debt Clock.
    Watch it burn.

    We’ve pretty much had with the whole mess, here in Texas.


  33. vagabond trader
    34 | July 14, 2009 1:58 am

    Bob, thanks for the harsh truth, too bad demonrats are still waiting breathlessly for things to turaround, just like their demigod said they will. My suggestion is to go up to any libral we know, shake their hand, thank them, and give some fake monopoly money.When they act all puzzled or offended tell them its for the rainy days ahead. Because, see, we conservatives can do empathy too.


  34. aussie_dave
    35 | July 14, 2009 5:47 am

    Man you guys and your children are going to pay through the noses with higher taxes, higher interest rates and more expensive imports when your currency falls under the pressure of all that supply of dollars.

    One needs to ask: What happens if China starts buying Gold instead of US Treasuries?

    Best of luck.


  35. Speranza
    36 | July 14, 2009 5:50 am

    Bob Beckel on Hannity’s show last night claimed that Obama is the best economic president since FDR. I kid you not.


  36. jakee308
    37 | July 14, 2009 6:14 am

    re: #34 by aussie_dave

    Well so far, luckily, China doesn’t have any replacement markets the size of ours. They have to keep dollars in some form for trade and they don’t dare let us sink or we’ll take them with us. That said, they are developing their Asian markets more and expanding into South America. Plus the agreements they’re signing will use yuan as the currency rather than dollars. That’s something we’d better watch. Still and all, we’re the largest market for Japan, China and India. We’re fairly high up there for Europe also but we’re fast losing out to the Asian market and Russia.

    frankly, I don’t see how we can actually maintain ground, let alone pay down our debt without draconian spending cuts and humongous taxes. We’re like the guy who keeps applying for credit cards as each card reaches it’s limit. He pays only the minimum but spends three times that so eventually he has to get more credit. It’s been going on since 1969 and with few exceptions, we’ve never even attempted to reduce spending. It’s no coincidence that the Democrats were the majority in Congress during this time. And we all know that the Reps that came in in 1994 were just paying lip-service to fiscal conservatism to aggravate the Dems.


  37. jakee308
    38 | July 14, 2009 6:15 am

    re: #35 by Speranza

    Bob Bechtel is a bloviating, bubble butt, blubbering and blithering for his supper.


  38. m
    39 | July 14, 2009 6:32 am

    I added the link from yahoo, Bob. I’m not sure if that’s the one you quoted from, but the content matched.


  39. Speranza
    40 | July 14, 2009 6:45 am

    re: #37 by jakee308

    From 2004
    “Crossfire” panelist Bob Beckel admits to paying $600 for 2 hours with 21-year-old prostitute

    http://www.freerepublic.com/focus/f-news/1283080/posts


  40. off with my head
    41 | July 14, 2009 7:31 am

    re: #39 by Speranza

    You can do that? :)
    Hope she was hot.


  41. Speranza
    42 | July 14, 2009 8:21 am

    re: #40 by off with my head

    Sexual relations with Bob Beckel, yecch!!!


  42. mjazz
    43 | July 14, 2009 9:53 am

    re: #5 by jakee308

    Look at the comments there. The Left is so full of hatred. Those people are sad.


  43. mjazz
    44 | July 14, 2009 10:00 am

    re: #29 by jakee308

    Exactly. It reminds me of the part in the movie, O Brother Where Art Thou, where John Goodman picks up the board and whacks the guy in the head and the dude next to him just keeps talking to Goodman as if nothing has happened.


  44. Bob in Breckenridge
    45 | July 14, 2009 10:59 am

    re: #35 by Speranza

    Bob Beckel on Hannity’s show last night claimed that Obama is the best economic president since FDR. I kid you not.

    Of course, it’s now common knowledge that FDR’s fiscal policies during the 1930′s prolonged the great depression and made things worse, they did not end it!

    It was World War 2 that ended the depression. When WW2 started, unemployment was still hovering around 18%.

    Bob Beckel thought Jimmah Carter was a great President, and Mondale would have been a better president than President Reagan.

    How can you take an imbecile who believes that bullshit seriously? Bob Beckel is a moron.


  45. Bob in Breckenridge
    46 | July 14, 2009 11:01 am

    re: #38 by m

    Actually, I think I got it from myway.com, but thanks! :)


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