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View Full Version : First Obama Budget (2010) Closed Deficit By 13%



Gayle in MD
09-14-2010, 11:21 AM
September 14, 2010 08:00 AM
The "tax and spend Dems" GOP loves to bash just reduced the deficit by 13%
By karoli
That's right. In spite of the stimulus bill, in spite of TARP, in spite of the GM/AIG/Wall Street bailouts, the first Obama budget (2010) has closed the deficit by 13%, according to Bloomberg.

The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time.

This is not to say that all is hunky-dorry in budgetland, yet:

The economic recovery has helped generate more tax revenue for the Treasury, even as the Congressional Budget Office forecasts the deficit this fiscal year will reach $1.34 trillion, the second-largest on record. The Obama administration faces the challenge of trying to limit the shortfall while stimulating an economy with joblessness close to 10 percent.

Now remember this when the debate over tax cuts ratchets up beyond what it is right now and Republicans refuse to admit that tax cuts for the wealthy balloon the deficit even more with no pay-fors. John Boehner's admission that he would support the compromise that extends tax cuts without the benefits for the super-rich folks has the GOP in a lather, scrambling.



<span style='font-size: 14pt'>Please note that the recession started in December of 2007, BEFORE the Democratic Party had the Majority, beginning in January of 07.

At that time, we had a Republican President, and a Republicans Majority, for eight, and twelve yars, respectively.</span>

pooltchr
09-14-2010, 02:38 PM
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Gayle in MD</div><div class="ubbcode-body">
<span style='font-size: 23pt'>The excess of spending over revenue totaled $90.5 billion last month,</span> </div></div>

Here is the real meat of the matter. The rest is just spin.

Steve

eg8r
09-14-2010, 04:02 PM
LOL, are we going to see a post from you in 2 weeks when they adjust that number to something like, "oh forget what we said before it is definitely still getting worse"?

eg8r

LWW
09-14-2010, 04:49 PM
Which doesn't change the facts that:

- Between 2007 and 2010 the dem congress increased the anual deficit from $160B to $1,400B.
- Obama voted for the deficit increases in 2007 and 2008 as a senator.
- Obama approved the deficit increases in 2009 and 2010 as POTUS.
- Obama lobbied for even l;arger spending increases in each of those years.
- Obama has lied in blaming Bush for the actions he and his party took.
- The moonbat crazy left will accept any lie Obama places on the spoon to "EXPLAIN" things away.

LWW