U.S. Deficit Estimated at $250 Billion

[Lone_Star_Dem]

Source: AP

WASHINGTON (AP) — The budget deficit for the current budget year will jump to about $250 billion, the Congressional Budget Office estimated Wednesday, citing the weakening economy. And that figure does not reflect at least $100 billion in additional red ink from an upcoming deficit-financed economic stimulus measure.

The nonpartisan CBO says that once the cost of wars is added to its "baseline" deficit estimate of $219 billion, the deficit would be about $250 billion.

"After three years of declining budget deficits, a slowing economy this year will contribute to an increase in the deficit," the CBO report said.

Such a figure greatly exceeds the $163 billion in red ink registered last year. Including likely but still unapproved outlays for the wars in Iraq and Afghanistan, the deficit for 2008 would total about $250 billion, CBO said.

Read more: http://ap.google.com/article/ALeqM5gMSVWqL3tikhx7L_ompt0hDXO-5AD8UBKNUG0

[Zynx]

1. This is why I said if you let the economy implode the deficit will increase

by as much if not more than the stimulus.

[Pale Blue Dot]

8. The economy's going to implode with or without the "stimulus".

I want some politicians who will recognize this and begin to make the tough choices needed to keep this from being permanent.

[flashl]

2. Using which accounting standard? That's always been a Washington inside joke. nt

[balantz]

3. Damn.

Why is it so expensive to kill a million or so people including our own, wreck a huge number of lives, make the world hate us, all to get at that texas tea, and to make a handful of greedy, control-freak bastards filthy, and I mean FILTHY rich?!

[debbierlus]

4. From my understanding, it doesn't include the war & other costs

Isn't it actually in the trillions of dollars?

[flashl]

5. Yes. n/t

[Tuttle]

6. That was my understanding as well

creative accounting: add that to the list of lies
http://www.msnbc.msn.com/id/22794451/

Tut-tut

[Lone_Star_Dem]

7. Our National Debt is $9 trillion

What the above article is referring to is our 2008 budget deficit only. Which will add to our debt and increase the amount that the US owes interest on.

This is the amount that exceeds the governments projected income for this year. In other words this is what they plan to put on the credit card to make ends meet.


edit: to explain more clearly.

[kelligesq]

10. I seriously doubt that 9 trillion figure - prolly closer to 30 tril, remember boooshco

plays with numbers and never tells the truth

[november3rd]

9. I think it doesn't include war outlays

That funding for Iraq and Afghanistan is "off the books," isn't it?

[gratuitous]

11. Well, if you want to get all technical and stuff

Then yes, the cost of the ongoing occupation of the conquered territories of Afghanistan and Iraq should be added to the deficit estimate. And no, we're not getting any tribute from these vassal states, but then George never really paid that much attention in Dictatorship class, so you can't really hold that minor detail against him. I'm sure the money from Iraq's oil is going somewhere safe and secure, and we don't need to worry our pretty little heads about that.

So, yeah, if you're going to count every little expenditure, the deficit numbers are probably a lot higher. But think how it would make George feel if the real numbers came out. I thought you libruls were supposed to be all compassionate and everything?

[JBoy]

12. A quick comparison to Canada

arguably similar economic environments, showing federal budget performances as % of GDP. Looks relatively comparable up to about yr 2000, then....

[Orsino]

13. Pennant to cellar in one presidency. n/t

[Doctor_J]

14. All the Repuke prez wannabes want to make the tax cuts permanent

they should be asked point-blank how they can justify that given the reckless spending they want to continue.