FEDERAL BUDGET DEFICIT FOR NEXT YEAR WILL APPROACH $490 BILLION
July 28th, 2008Via: AP:
A Bush administration official said Monday the next administration will inherit a record federal budget deficit for next year that approaches $490 billion.
The official said the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the record deficit of $413 billion set in 2004.
The administration official spoke on condition of anonymity because the new estimate had not been formally released. Administration officials were scheduled to do that at a news conference later Monday.
White House press secretary Dana Perino had no comment on the $490 billion figure. But she told reporters that the White House and lawmakers acknowledged months ago that they were going to increase the deficit by approving a short-term boost for the slumping economy.
“Both parties recognized that the deficit would increase, and that that was going to be the price that we pay,” Perino said.
The White House had predicted next year’s deficit at $407 billion. Figures for the 2008 budget year ending Sept. 30 may also set a record.
February’s White House estimate predicted the next administration would inherit a $407 billion deficit. That’s expected to rise too, given the continuing weak performance of the economy.
Wow! Newt “Contract with America” Gingrich must be shitting a brick over this, right? HA! We won’t here a peep from him an his ilk.
What’s that? A budget deficit?
What a bunch of lame ducks. Math? Remember that class? 1+1=2. Such difficult concepts.
You’d think these suits (including the chix wearing the brazen red ones) would hang their heads in shame.
Blaming the deficit on the rebate. Who do these people think they are kidding?
It’s insulting. Really.Really. Really.
Uh, who cut the income of the U.S. government with their tax breaks?
Who continues to provide taxpayer funding for two wars whose daily cost in the treasure of this country bleeds into the sand – the human cost first, then the Treasury?
Not EVERYONE in the world has a short term memory lapse.
Its like saying I parked on the corner and got a Denver Boot put on it, and now I can’t drive it. Yuh well you ignoramous’s, there is such a thing as having to pay all of your former tickets before you can drive the car again.
It still amazes me that we play this “election game.” Why bother?
The dope that inherits the title of the U.S. Pope is going to be hanging on the financial insolvency consequence rope.
Brings to mind the stories of soap in a prison shower.