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CBO: U.S. Budget Deficit to Hit $1.5 Trillion
Jan 26, 2011 MSNBC
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The Full CBO Report
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  New York Times Auto Crisis Page
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$9 TRILLION IN NEW DEBT OVER NEXT 10 YEARS

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  New York Times Auto Crisis Page
http://topics.nytimes.com/top/reference/timestopics/subjects/c/credit_crisis/auto_industry/index.html?scp=1-spot&sq=auto%20bailout&st=cse

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Visit msnbc.com for breaking news, world news, and news about the economy





CBO: Federal deficit projected at $1.35T
Associated Press Jan 26, 2010

By ANDREW TAYLORThe Associated Press
WASHINGTON -- The Senate on Tuesday rejected a plan backed by President Barack Obama to create a bipartisan task force to tackle the federal deficit this year, despite glaring new figures showing the enormity of the red-ink threat. ”
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/26/AR2010012600173.html

Senate rejects plan to create commission on federal deficit
Washington Post Jan 26, 2010
http://www.washingtonpost.com/wp-dyn/content/article/2010/01/26/AR2010012601270.html?hpid=topnews
The Senate on Tuesday rejected a plan to create a bipartisan commission to tackle the nation's budget problems this year, leaving it up to President Obama to create such a panel by executive order.”

Obama to freeze pay of top government officials
Washington Post Jan 26, 2010
President Obama will freeze the salaries of senior White House officials and other top political appointees and eliminate bonuses for all political appointees, the White House said Tuesday. The payroll decision will likely get a mention in Wednesday's State of the Union address, officials said.
http://voices.washingtonpost.com/federal-eye/2010/01/obama_issues_pay_freeze_will_n.html?hpid=topnews

“Death Panels”
FactCheck.org
In an Aug. 20 appearance on "The Daily Show with Jon Stewart," former New York Lt. Gov. (and health care legislation critic) Betsy McCaughey referred to our organization as "spot-check dot org," claiming we failed to adequately read the House health care bill. McCaughey is the source of the false claim that the bill calls for mandatory counseling for seniors "to do what’s in society’s best interest … and cut your life short."
As we said in our article "False Euthanasia Claims," McCaughey misinterprets the bill. It calls for Medicare to pay for voluntary counseling sessions between seniors and their doctors on what care they want to receive at the end of their lives. Such sessions focus on living wills or designating a health care proxy, among other considerations. On "The Daily Show," McCaughey continued to assert that such counseling sessions were mandatory.”

http://www.factcheck.org/2009/08/spotcheckorg-we-disagree/

“False ‘Death Panel’ Rumor Has Some Familiar Roots”
http://www.nytimes.com/2009/08/14/health/policy/14panel.html?bl&ex=1250481600&en=62116d8ea4946a79&ei=5087%0A
Former Lt. Gov. Betsy McCaughey leads 'death panel' charge writing up talking points

NY Daily News Aug 13, 2009

http://www.nydailynews.com/news/2009/08/13/2009-08-13_former_lt_gov_mccaughey_leads_death_panel_charge_writing_up_talking_points_on_he.html

Most red ink ever: $9 trillion over next decade
Citing worse than expected economy, White House and Congress offer bleak budget outlooks
Yahoo Financial News Aug 25, 2009

http://finance.yahoo.com/news/Most-red-ink-ever-9-trillion-apf-2714959279.html?x=0&.v=12
New deficit projections pose
risks to Obama's agenda
By Jeff MasonWASHINGTON (Reuters) -Aug 23, 2009
“ President Barack Obama's domestic policy proposals will face the reality of skyrocketing deficits on Tuesday when officials release two government reports projecting huge budget shortfalls over the next decade”

http://www.reuters.com/article/topNews/idUSTRE57M0WV20090823?feedType=nl&feedName=ustopnewsearly&rpc=408

Buffett says unchecked U.S. debt
threatens economy: report

REUTERS, Wed Aug 19, 2009 10:22am ED
WASHINGTON (Reuters) - Billionaire investor Warren Buffett said the U.S. economy has avoided a meltdown and appears on a slow path to recovery, but Congress must now deal with enormous amounts of debt that threaten to erode U.S. purchasing power”
http://www.reuters.com/article/businessNews/idUSTRE57I0T620090819?feedType=RSS&feedName=businessNews

Warren Buffett Editorial in NY Times, Aug 18, 2009
The Greenback Effect

http://www.nytimes.com/2009/08/19/opinion/19buffett.html?scp=1&sq=buffett%20warren&st=cse

Federal budget deficit tops $1 trillion with 3 months left in budget year 
USA Today July 13, 2009

http://blogs.usatoday.com/ondeadline/2009/07/federal-budget-tops-1-trillion-with-3-months-left-in-budget-year.html


MOUNTAIN OF DEBT:
Rising debt may be next crisis
(Deficits Do Matter.org cited as a source)
Associated Press / Yahoo Finance  July 3, 2009
http://finance.yahoo.com/news/MOUNTAIN-OF-DEBT-Rising-debt-apf-140105975.html?x=0

When ‘Deficit’ Isn’t a Dirty Word
NY Times March 2009

http://www.nytimes.com/2009/03/22/business/economy/22econ.html?emc=eta1
Mark Zandi Chief Economist
Moodys.com: Zandi on Stimulus
.
http://www.economy.com/mark-zandi/default.asp?src=economy_homepage
Economists Debate the Quickest Cure
NY Times Jan 2009
http://www.nytimes.com/2008/01/19/business/19stimulus.html?_r=1
Partisanship Emerges in Stimulus Debate
US News Feb 2009
http://www.usnews.com/usnews/politics/bulletin/bulletin_090209.htm

Stimulus Debate

PRO: Paul Krugman, Princeton Univ.
http://krugman.blogs.nytimes.com/?scp=2&sq=PAUL%20KRUGMAN&st=cse
CON: Michael Thompson
http://www.associatedcontent.com/article/1455345/economic_stimulus_package_and_national.html

David Walker (former Comptroller General, President of
Peter G. Petersen Institute) Interview on Stimulus Plan
Mr. Walker expressed skepticism about the $500-per-person and $1,000-per-couple "Making Work Pay" tax credits, which the administration wants to distribute to 95 percent of workers.
"Ninety-five percent is not 'targeted,'" Mr. Walker said. ”

http://www.washingtontimes.com/news/2009/jan/27/stimulus-bill-a-moving-target/


Obama Unveils New Projects, Says Economy Has ‘Long Way to Go’
Bloomberg June 8, 2009

By Kim Chipman

“June 8 (Bloomberg) -- President Barack Obama, trying to bolster an economy he says still has a “long way to go,” announced 10 projects aimed at creating or saving more than 600,000 jobs, according to the administration.

The plans are meant to boost the effectiveness of a $787 billion stimulus measure sought by Obama and approved by Congress in February. The projects will be a key focus of recovery efforts during the next three months and create or save four times more jobs than during the first 100 days since the rescue bill became law, according to a White House news release. “
http://www.bloomberg.com/apps/news?pid=20601087&sid=abeMQoRRXbok

Leap in U.S. debt hits taxpayers with 12% more red ink
USA Today May 29, 2009
http://www.usatoday.com/news/washington/2009-05-28-debt_N.htm?poe=HFMostPopular

Federal budget deficit sets March record as it soars to $192.3B
USA Today April 10, 2009

By Martin Crutsinger, AP Economics Writer
WASHINGTON — The Treasury Department said Friday that the budget deficit soared to $192.3 billion in March and is nearing $1 trillion just halfway through the budget year, largely because of mounting costs of the financial bailout and recession.
Last month's deficit, a record for March, was significantly higher than the $150 billion that economists expected.
The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion.
http://www.usatoday.com/money/economy/2009-04-10-march-budget-deficit_N.htm

Budget projects deficit will quadruple, jump to $1.75T 
USA TODAY Feb 26, 2009
WASHINGTON — Federal deficits would remain above $500 billion annually for the next decade under the budget proposed by President Obama Thursday, sending the
 federal debt soaring to $23 trillion by 2019.
The deficit this year would jump to a record $1.75 trillion, nearly quadrupling the 2008 figure.
http://www.usatoday.com/money/economy/2009-02-26-deficit_N.htm 
Official: Obama aims to halve federal deficit
USA Today Feb 22, 2009
http://www.usatoday.com/news/washington/2009-02-21-obama-deficit_N.htm?POE=click-refer
WASHINGTON (AP) — President Obama wants to cut the federal deficit in half by the end of his first term, mostly by scaling back Iraq war spending, raising taxes on the wealthiest and streamlining government, an administration official said Saturday as the president worked to finalize his first budget request

National Debt Clock draws worried glances, reactions
CNN Oct 12, 2008
http://www.cnn.com/2008/US/10/12/national.debt.clock.ap/index.html?eref=rss_topstories


Record deficit expected in 2009
USA Today July 28, 2008
WASHINGTON — The White House has increased its estimate for next year's deficit to nearly $490 billion, a record figure that will saddle the next president with deepening budget problems in his first year in office, a report due out Monday shows”
http://www.usatoday.com/news/washington/2008-07-27-deficit_N.htm

Debt Trap Series:
Given a Shovel, Americans Dig Deeper Into Debt
New York Times, July 20, 2008

http://www.nytimes.com/2008/07/20/business/20debt.html?_r=1&th&emc=th&oref=slogin#

'Deficit hawks' revive attacks on nation's fiscal woes
USA Today June 25, 2008

By Richard Wolf
“WASHINGTON — Eleven years after the last major effort to balance the federal government's books, advocates of fiscal integrity are seeking to make a comeback.
Most notable is Pete Peterson, a son of Greek immigrants and Wall Street chieftain who has vowed to invest $1 billion of his personal fortune to alert Americans that their government is going broke.
http://www.usatoday.com/news/washington/2008-06-24-budget-hawks_n.htm

Former Fed Chief Attacks . . . on Fiscal Role
NY Times Sept 15, 2007

By EDMUND L. ANDREWS and DAVID E. SANGER

WASHINGTON, Sept. 14 — Alan Greenspan, who was chairman of the Federal Reserve for nearly two decades, in a long-awaited memoir, is harshly critical of President  . . ., Vice President  . . . and the Republican-controlled Congress, as abandoning their party’s principles on spending and deficits. 
Of the presidents he worked with, Mr. Greenspan reserves his highest praise for  . . ., whom he described in his book as a sponge for economic data who maintained “a consistent, disciplined focus on long-term economic growth.”  

http://www.nytimes.com/2007/09/15/business/15greenspan.html?em&ex=1190001600&en=ac71669598b1a694&ei=5087%0A

Greenspan Book Criticizes . . .
Wall Street Journal  Sept 15, 2007

By GREG IP and EMILY STEEL
September 15, 2007; Page A1

In a withering critique of his fellow Republicans, former Federal Reserve Chairman Alan Greenspan says in his memoir that the party to which he has belonged all his life deserved to lose power last year for forsaking its small-government principles.

In "The Age of Turbulence: Adventures in a New World," published by Penguin Press, Mr. Greenspan criticizes both congressional Republicans and President  . . . for abandoning fiscal discipline.

The book is scheduled for public release Monday. The Wall Street Journal bought a copy at a bookstore in the New York area.”
http://online.wsj.com/article/SB118978549183327730.html?mod=hpp_us_whats_news

Fuzzy . . . math
You're about to hear that the budget deficit is falling. Don't believe it, warns Fortune's Allan Sloan. The deficit is much, much bigger than you think.
September 4 2007: 5:21 PM EDT
“(Fortune Magazine) -- There will be lots of celebrating in Washington next month when the Treasury announces that the federal budget deficit for fiscal 2007, which ends September 30, will have dropped to a mere $158 billion, give or take a few bucks.

That will be $90 billion below the reported 2006 deficit and will be toasted by the White House and Treasury as a great accomplishment.

But I have a nasty little secret for you, folks. If you use realistic numbers rather than what I call WAAP - Washington Accepted Accounting Principles - the real federal deficit for the current fiscal year is more than 2-1/2 times the stated deficit.
http://money.cnn.com/2007/08/31/magazines/fortune/deficit_sloan.fortune/index.htm?postversion=2007090417

US Trade Deficit Falls to 4-Month Low
By MARTIN CRUTSINGER, AP Economics Writer
Tuesday, August 14, 2007
The U.S. trade deficit declined to a four-month low even though imports from China hit an all-time high. Demand for Chinese goods has remained strong despite recalls of unsafe products this year.

In other economic news Tuesday, inflation at the wholesale level jumped 0.6 percent in July, driven up by higher energy costs. However, outside of energy, wholesale inflation remained under control with core prices rising just 0.1 percent.
http://www.sfgate.com/cgi-bin/article.cgi?f=/n/a/2007/08/14/financial/f123318D96.DTL&feed=rss.business

U.S. Congress passes $2.9 trillion 2008 budget
Reuters May 17, 2007
http://www.reuters.com/article/bondsNews/idUSN1742195320070517

Federal deficit forecast at $477B
USA TODAY  Jan 27, 2004
“WASHINGTON — The federal budget deficit will reach $477 billion this year, the biggest ever in dollar terms, the Congressional Budget Office said Monday.

The deficit hit $375 billion in 2003, the highest in dollar terms ever. The previous record was $290 billion in 1992
http://www.usatoday.com/news/washington/2004-01-26-def_x.htm

Earmarks Stall Legislation in the House
NPR July 23, 2007

The House of Representatives has been having trouble moving appropriations bills with the usual earmarks — legislative hooks that lawmakers use to get funding for projects back home.

Anti-deficit activists sometimes cooperate with environmental activists and other activists to expose and embarrass the lawmakers involved.
http://www.npr.org/templates/story/story.php?storyId=12178367

Think tank thinks U.S. economy tanking
Moldova.org, Aug 15, 2007
The Center for American Progress research group said Tuesday it sees the weakening labor and housing markets pulling U.S. economy downward this month.

The left-of-center Washington think tank said in a news release the economy faces large risks such as massive household debt, a comparatively high trade deficit and continued budget deficits.
http://economie.moldova.org/stiri/eng/66566

Illionois Governor Cuts $500 Million from Budget to Increase Healthcare Funding
http://www.news-gazette.com/news/politics/2007/08/16/budget_hot_topic_at_fair_rally


Debunking One of the Worst Ideas in Economics
by Charles Wheelan, Ph.D.
Let me be perfectly clear: I'm not arguing that tax cuts are bad. I'm simply pointing out that we can't pretend that tax cuts won't require reductions on the spending side to balance the budget. In fact, you can disregard every other argument in this column and think about one thing: If Laffer were right, lower taxes would never require any spending sacrifice. We could pay a mere one percent of our income in taxes and still fund all of our government spending -- and maybe more! Do you think that's really possible?”
http://finance.yahoo.com/expert/article/economist/4065  

U.S. eventually will pay for deficits

By Patrick Buchanan  Creators Syndicate  Published: August 18, 2007

"Social Security, Medicare and Medicaid ... already exceed 40 percent of the $2.7 trillion federal budget. By 2030, their share could hit 75 percent of the present budget," writes columnist Robert Samuelson. "To keep federal spending stable as a share of the economy would mean eliminating all defense spending and most other domestic programs. ... To balance the budget with existing programs at their present economic shares would require ... tax increases of 30 percent to 50 percent - or budget deficits could quadruple."
http://www.argusleader.com/apps/pbcs.dll/article?AID=/20070818/COLUMNISTS0202/708180306/1119/COLUMNISTS

 

U.S. FEDERAL DEBT
 $
10,000,000,000,000.00
Sept 30, 2008 Debt Hits 10 Trillion !

($10 TRILLION= 10 Thousand Billion = 10 Million Million Dollars)

That’s $48,000 per adult in the u.s.
That’s $96,000 per married couple
That could be the ave increased tax burden over years
209,279,149 U.S. adults by 2000 Census
BIG DEFICITS ALWAYS = BIGGER TAXES

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