CBO: this year's budget deficit to hit $1.5T

[The Northerner]

Washington (AP) — A new estimate predicts the federal budget deficit will hit almost $1.5 trillion this year, a stunning new record.

The latest figures from the Congressional Budget Office are up from previous estimates because Congress and President Barack Obama teamed up in December on bipartisan legislation to extend Bush-era tax cuts that were due to expire. The new estimates will only add fuel to a raging debate over cutting spending and looming legislation that's required to allow the government to borrow more money.

The nonpartisan budget agency predicts the deficit will drop to $1.1 trillion next year.

Legislation passed in December to extend tax cuts, unemployment benefits for the long-term jobless and provide a 2 percent payroll tax cut this year adds almost $400 billion to this year's deficit.

Source: http://www.google.com/hostednews/ap/article/ALeqM5iHl2pjSLvsB4iEnZ4vuPzG3hWnKQ?docId=839518e1ddf242e1afc34ac1e8b34107

[Statistical]

1. Of course if they extend UI, bush/Obama tax cuts, and payroll tax cuts ...

$1.1 trillion + $400 billion = $1.5 trillion again.

[Romulox]

2. The deficit will shrink when the Obama tax cuts for the rich "expire normally", you say?

:rofl:

[frazzled]

3. Wasn't it $1.2T when Bush left office?

So that's not so bad, considering the disastrous recession and all that had to be poured in to right it.

[Southerner]

5. More like $400 billion when Bush left office

http://uspolitics.about.com/b/2008/09/10/us-budget-deficit-2008-double-2007.htm

$400 billion is still an astronomically high debt for just one year though.

[girl gone mad]

7. Bush was responsible for the 2009 budget, too.

So, technically, it was a 1.4 Trillion deficit when Obama took over.

[girl gone mad]

8. $1.4T. n/t

[bluestateguy]

4. So?

[spanone]

6. nothing stunning at all, when you reduce you intake thru taxes you have less money

no fucking genius going on here

a bipartisan fucking of america

[thelordofhell]

9. Amazing how high it is when you count the war spending

Y'know like when * didn't

[Southerner]

10. Doesn't add up

According to this:

http://en.wikipedia.org/wiki/2009_United_States_federal_budget

The budget Bush submitted for fiscal year 2009 expected to overspend by about $400 billion.

According to this:

http://www.infoplease.com/ipa/A0933935.html

The two wars cost us about $155 billion for the year 2009.

So $400 billion plus $155 billion equals a total of about $555 billion overspent that could be blamed on Bushco for 2009. That doesn’t get me to the $1.2 or $1.4 trillion people are posting about here. What am I missing? Did revenue just make a huge drop in 2009?

[Festivito]

11. Notice how the deficits are going down while the report seems to imply it rises...

Notice how they carefully give NO NUMBERS for prior years.

FY2009 +1,885,104,106,599.30 The Bush budget Obama took over
FY2010 +1,651,794,027,380.00 The first Obama budget where Obama reigned
FY2011 +1,578,076,265,323.24 PROJECTION by days left to Sep 30 2011, when the budget year ends.

In other words the ACTUAL deficit is going down under Obama and the right wing must contort itself in order to make it look like he is worse.

Notice how they say the numbers are up from previous estimates, not that the deficits are up under Obama which is what you hear if you do not read critically -- as most Americans these days do not!

Check out debt to the penny yourself and do the calculations yourself -- you'll see.

[Southerner]

12. "Actual debt going down under Obama"?

Where are you getting your numbers? I've got a tea bagger coworker who won't shut up and I'm trying to find data. I did find this:

http://www.usgovernmentspending.com/federal_deficit_chart.html

Looks pretty tragic for 2009 and 2010. Maybe those numbers include all the Federal Reserve bailouts and such.