Government to report on $1 trillion-plus deficit

[The Northerner]

Source: Associated Press

WASHINGTON – The Obama administration is set to report on Friday that the federal budget deficit exceeded $1 trillion for the second straight year, providing critics of government spending with fresh ammunition ahead of the midterm congressional elections.

The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended on Sept. 30 will total $1.29 trillion. That's down by $125 billion from the $1.4 trillion in 2009 - the highest deficit on record.

Soaring deficits have become a problem for Democrats in an election year focused on the weak economy.

Republicans have tapped into voter angst over the deficits, using the $814 billion economic stimulus and $700 billion Wall Street bailout to paint President Barack Obama and his party as big spenders.


Read more: http://news.yahoo.com/s/ap/20101015/ap_on_re_us/us_budget_deficit

[Deep13]

1. End the wars. Raise taxes, especially on the rich.

End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich. End the wars. Raise taxes, especially on the rich.

I guess what I'm trying to say is we should end the wars and raise taxes, especially on the rich.

[Luciferous]

5. They should, but they won't.

[Tony_FLADEM]

2. The deficit is down 9% this year. I can accept that.

Is Obama supposed to close a 1.2 trillion budget deficit within 2 years of taking office?

[Deep13]

6. Ssssh! The public isn't supposed to know about that! nt

[gateley]

3. Just pull the cost of the wars out and it'll look much better. Sheesh - didn't

we learn ANYTHING from those Republicans? :crazy:

[denverbill]

4. Republicker plan: Make it worse with more tax cuts. n/t

[jtuck004]

7. That cost is nothing compared to what we are losing with

30 million people unemployed, underemployed, or too di scourged to continue getting rejected.

There is no plan to put them back to work. Bernanke has announced his willingness to embrace another round of money laundering quantitative easing, a plan to put more money into the hands of the wealthy. George Gilder, author of Reagan's favorite "Wealth and Poverty" would agree with this, I am sure. In his philosophy the rich deserve their wealth because they will invest it, expecting no return, simply because it is good for the community. It then trickles down to the lesser people.

Where is that altruism today, Mr. Gilder? How is it good for the community when money, part of it taxes paid by the people in this country, is invested in other countries for their competitive advantage? How is it altruistic to seek profits outside our borders while more people lose their homes, their jobs, their communities?

An acquaintance mailed me yesterday noting that we need the rich, the corporations, because they are the ones that create the jobs.

He is wrong, and so is Gilder.

The only people that have ever created jobs are the consumers. Demand creates jobs. The capitalists, the wealthy, the greedy are merely organizers, whose compensation is far out of line for what they bring to the table.

Want to pay back the deficit and increase the security of this country? Put those people back to work, so they can pay their taxes. 'Cause that's what pays the bills.