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Budget Deficit for October was $120 Billion

by Phantom Ace ( 4 Comments › )
Filed under Business, Economy, Headlines at November 13th, 2012 - 11:16 pm

The Budget deficit for this October was 120 Billion. That’s an increase from last year’s 98 Billion.

WASHINGTON (Reuters) – The budget deficit rose in October, the first month of fiscal year 2013, as looming negotiations over expiring tax cuts and imminent spending reductions dominated the post-election political landscape.

The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.

Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.

None of this matters anyway, since the American people love their man-god Obama.

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4 Responses to “Budget Deficit for October was $120 Billion”
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  1. yenta-fada
    1 | November 14, 2012 12:46 am

    Imo, they have no intention of paying back the debt. They will just debase the currency until there is a re-set. Whatever the composition of the new currency will be, it will no longer have the dollar as the de facto world’s reserve currency. The “petrodollar” will be gone, as evidenced by the ongoing trading for oil in other currencies as well as gold. The Iran sanctions served to quickly move the ‘outside of the dollar’ trade for oil.

    I have no idea what governments have planned for those in a great deal of debt. Perhaps they will denominate it in a new basket of currencies and/or commodities. I dunno.

  2. 2 | November 14, 2012 12:36 pm

    FYI to admins:

    Somehow if you click “Tweet” the tweet text says 0 Billion, not 120 Billion. I retyped it manually before tweeting.

  3. buzzsawmonkey
    3 | November 14, 2012 12:38 pm

    The increase was to cover the free Obamaphones™ handed out all over Ohio prior to the election.

  4. buzzsawmonkey
    4 | November 14, 2012 12:40 pm

    1389AD wrote:

    if you click “Tweet”

    Click or Tweet was back on October 31.

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