While everyone is concerned about pig lips, it was announced the US is facing a $400 billion deficit

[madinmaryland]

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/09/AR2008090901029.html?hpid=moreheadlines

A weak economy and a sharp increase in government spending will drive the federal budget deficit to a near-record $407 billion when the budget year ends later this month, and the next president is likely to face a shortfall in January of well over $500 billion, congressional budget analysts said yesterday.

A deficit of that magnitude could severely constrain the next administration's agenda, regardless of whether Sen. John McCain (Ariz.), the Republican candidate, or Sen. Barack Obama (Ill.), his Democratic opponent, wins in November. Each has promised billions in new tax cuts or new spending. The expanding deficit also will increase the national debt and could impair future economic growth, particularly if lawmakers are forced to pay down that debt by raising taxes.

This year's deficit will be more than double last year's $161 billion, and it will rise from 1.2 percent of the gross domestic product to nearly 3 percent. If the next president extends some or all of President Bush's signature tax cuts, as both candidates have promised, annual deficits could balloon to as much as 5 percent of the economy, rivaling the dark fiscal days of the early-1990s and those of the Reagan administration, said Peter Orszag, director of the Congressional Budget Office.

..snip

[Ian David]

1. $407 billion. n/t

[madinmaryland]

4. A billion here, a billion there....

[SpiralHawk]

2. "Smirk." - Commander AWOL & cabal of republicon homelander cronies

"Shock and awe, baby. Smirk."

- Commander AWOL & cabal of republicon homelander cronies

[groovedaddy]

3. I guess we just don't have our priorities straight! ;-> n.t

[Andy823]

5. Yes, but I was on CSPAN

This morning that according to the "republicans" it's all the fault of the democrats who have only been in control for less than 2 years, not the repukes, not the president, but the democrats! I just can't believe this shit sometimes, and I can't believe that republican voters are that stupid to believe this crap! :crazy:

I really think that there are more republicans that are tired of this current "conservative" party that has put us so far in debt! I really think that when it comes time to vote, a hell of a lot of them will be voting for Obama, or not voting at all. My dad always votes republican, and we always argue about the two parties, and the candidates. He has told me that he will "NOT" be voting this year, period! While there is no way I can get him to vote for Obama, at least he won't be voting for McCain, and he is not alone. I have talked with other republicans who will "NOT" be voting for McCain this year, and that's after he has picked Palin. I really think the only good Palin has done is to energize the right wing religious radicals who were going to vote for McCain anyway, but were going to have to hold their nose when they did it. Now they feel they don't have to hold their nose!

[madinmaryland]

7. I think there will be alot of people who will "NOT" vote for McCain and will

either not vote at all, or will vote for Bob Barr (with the backing of Ron Paul).

[seasat]

6. And McSame will add 250 billion more to it.

Just using his tax plan. However, he claims he'll make it up by cutting the 17 to 18 billion in earmarks. Ummm, but he'll exclude the earmarks that go to Israel and other foreign support. He'll exclude the earmarks that go to good projects. He'll also increase the defense budget including the boondoggle projects that Bush has approved. By my estimate he may the first to break a trillion with the deficit if elected.

[madinmaryland]

8. Quite likely. If the Bush tax cuts are not rescinded, we will be looking

at massive deficits for years to come.