Just in time for the fall campaign, the Congressional Budget Office reports today that the budget deficit for this year will be $1.3 trillion.
That's a fraction better -- $27 billion -- than the CBO predicted in March.
And it’s a fraction better than last year's deficit -- $71 billion lower.
But it's still awful.
Measured as a share of the total economy, it's 9.1 percent of Gross Domestic Product, the second largest in the last 65 years. The worst? Last year, when it measured 9.9 percent of the total economy.
"As was the case last year," the CBO says, "this year's deficit is attributable in large part to a combination of weak revenues and elevated spending associated with the economic downturn and the policies implemented in response to it."
GOD BLESS ALL OUR MILITARY,
TO ARMS ALL CIVILIANS AND MILITARY, REVOLUTION IS THE ONLY ANSWER. SENATORS AND COMGRESSMEN DRINK THE BLOOD OF THE BOYS YOU KILLED WITH YOUR OWN HARDS AND PRAY THAT THE ALMIGHTY HAS MERCY ON YOUR SOULS. REGINALD BEAM
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Posted by: cheap nike air max shoes | August 30, 2010 at 04:29 AM
There are those who recognize and propagate the truth...
And then there are those who somehow benefit from propagating the lie that Obama is responsible for the cumulative damage caused by three decades of Republican assaults upon our economy with "flood-up/trickle-down" economics, deregulation, inequitable free trade, more "flood-up/trickle-down" economics, more trade with countries having an artificial competitive advantage...
And, to top it all off, an expensive and mismanaged war in one country and yet another, more expensive war in another country that was based solely upon lies...
I am of the opinion that those who seek to blame this economy - this tattered nation - upon Obama bear ill will towards the American people, for they themselves say that allowing them to have their way will only yield us more of what has so harmed us.
Posted by: ibsteve2u | August 20, 2010 at 07:08 PM
Ohhhh I get it now! Its a contest, little Barry wants to get his name in Guinness! Well I personally am glad to see that he will have an income after his Presidency...I'm sure the book sales will be through the roof when he publishes his next book.
"How to Destroy a Country in Four Years or Less" by Not Bill Ayers.
Posted by: Godblesstexas | August 20, 2010 at 08:46 AM