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White House Projects Record Deficit


Hazy Dayz
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the record broken was from 2004, you know that year that some of you voted him back in because he was doing such a fantastic job....you voted for those wealthy tax breaks as if it would help the economy, even in time of war.....well here is your boy....oh and he's still blaming it on Clinton.....at what length of presidential term do you finally have to stop blaming the previous president?....if we gave him 20 years would he eventually have to stop blaming the previous president?

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White House projects record deficit for 2009Story Highlights

NEW: White House spokeswoman says increased deficit needed to spur economy

Deficit in budget year 2009 expected to grow to $490 billion, official says

White House points to faltering economy, budget stimulus package for increase

In March, congressional auditors predicted 2008 deficit to be $396 billion

Next Article in Politics »

From Brianna Keilar

CNN Washington Bureau

WASHINGTON (CNN) -- The White House on Monday predicted a record deficit of $490 billion for the 2009 budget year, a senior government official told CNN.

The White House blames a faltering economy and the stimulus package for the increased budget deficit.

The deficit would amount to roughly 3.5 percent of the nation's $14 trillion economy.

The official pointed to a faltering economy and the bipartisan $170 billion stimulus package that passed earlier this year for the record deficit.

The fiscal year begins October 1, 2008.

The federal deficit is the difference between what the government spends and what it takes in from taxes and other revenue sources. The government must borrow money to make up the difference.

The official spoke on the condition of anonymity, citing lack of authorization to speak publicly ahead of an official briefing later Monday by Office of Management and Budget Director Jim Nussle.

White House spokeswoman Dana Perino said the stimulus package was necessary, even if it increased the deficit.

"We do think the plan was the right one, and it will have an effect," Perino said. "And the best way to help reduce the deficit is to make sure you are keeping a lock on spending, but also that you can also try to help to build the economy. So we hope this will help us pull out of the economic downturn over the next few months because of the stimulus package.

"I remember that back when we were discussing the stimulus package, both parties recognized that the deficit would increase, and that would be the price that we pay in order to help improve the economy," she said.

President Bush inherited a budget surplus of $128 billion when he took office in 2001 but has since posted a budget deficit every year.

The Bush administration has spent heavily on the wars in Iraq and Afghanistan, and faces a large budget shortfall in tax revenue because of Bush's tax cuts and a souring economy.

But the senior administration official says the budgetary problems stem from what is believed to be inadequate defense, intelligence and homeland security resources that were handed down from President Bill Clinton.

The nonpartisan Congressional Budget Office in March projected the deficit for the 2008 fiscal year, which ends September 30, would be $396 billion. It predicted the 2009 deficit to be $342 billion, if the president's proposals were adopte

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Billions here, 100's of billion here, pretty soon you're talking about big money.

No fear, we can just raise the debt limit when the time comes.....we're at a paltry 9.538 trillion now.

Hey Dad, can I take a couple trillion dollars for health care for old people ????

Sure son, just take my DUMBASSAMERICANPEOPLE Express Card....oh, and pick up some Cash for Freddie Mac and Fannie Mae

from the ATM.

Dad, can you toss me a couple billion for gas money ?????

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wow, so some of you DO still blame Clinton.....Bush could be president for 20 years and we could have the same bs leadership we have now and you would continue to blame it on the guy before just because he's not affiliated with your party....again i say partisanship over patriotism...run the country (country = land and people by the way) into the ground as long we have a republican president. good lord.

this must have been what it was like dealing with nixon supporters after watergate.

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Billions here, 100's of billion here, pretty soon you're talking about big money.

No fear, we can just raise the debt limit when the time comes.....we're at a paltry 9.538 trillion now.

Hey Dad, can I take a couple trillion dollars for health care for old people ????

Sure son, just take my DUMBASSAMERICANPEOPLE Express Card....oh, and pick up some Cash for Freddie Mac and Fannie Mae

from the ATM.

Dad, can you toss me a couple billion for gas money ?????

oh and jjjooeee, your sig makes no sense, seeing as OBAMA IS LOWERING TAXES FOR MOST OF THE CITIZENS OF THIS COUNTRY.

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He will confiscate too many taxes from the people who have CAPITAL.....YOU NEED CAPITAL IN A CAPITALISTIC SOCIETY, NOT POLITICIANS WHO JUST WANT TO DEMONIZE THOSE WITH CAPITAL SO THEY CAN STEAL IT.

WE DON'T NEED TO BE CONDEMNING THOSE WITH CAPITAL ....WE NEED TO BE FREEING UP CAPITAL.

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oh and jjjooeee, your sig makes no sense, seeing as OBAMA IS LOWERING TAXES FOR MOST OF THE CITIZENS OF THIS COUNTRY.
He's lowering taxes on those that already pay a lower percentage of their incomes in tax. But he's raising overall tax revenues by totally soaking the rich. Don't worry though, they'll take their ball and go play someplace else. Atlas Shrugged.
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It makes a lot of sense if you think about it.

You live in a capitalistic society where wealth produces wealth.

SO, YOU JUST GIVE THE WEALTH TO THE GOVERNMENT.

KINDA LIKE GIVING BUDWEISER CORPORATION TO A HOMELESS WINO...THE MONETARY DECISIONS THAT FOLLOW WOULD PROBABLY BE BETTER THAN THE GOVERNMENT DECISIONS BY POLITICIANS THOUGH.

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He's lowering taxes on those that already pay a lower percentage of their incomes in tax. But he's raising overall tax revenues by totally soaking the rich. Don't worry though, they'll take their ball and go play someplace else. Atlas Shrugged.

And we wonder why businesses go overseas to escape our MONEY HUNGRY, CONFISCATORY GOVERNMENT FULL OF SOCAILIST LEANING POLITICIANS.

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And we wonder why businesses go overseas to escape our MONEY HUNGRY, CONFISCATORY GOVERNMENT FULL OF SOCAILIST LEANING POLITICIANS.

You mean escaping to places like China? Uhm, communists still in charge... or did you mean Europe? Ugh, that is actually the place where all those socialists ideas already became reality... so I wonder what fabulous "overseas island, country or continent" you mean

Anyway, I have a message for my fellow Americans fans here. The problem is not your government but you. As long as you want everything without paying for it, as long you and your government will see the debt growing with each year. At some point you guys really need to self-reflect your own actions and demands and realize, that the only reason your government screws up is because alot of you guys fail to realize it´s 2008 and not the 1950´s anymore. I am not talkign about dems vs reps but about something I have noticed in generell

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LET ME GET THIS STRAIGHT....POLITICIANS HAVE CREATED THE DEBT AND NOW THEY WANT US TO ELECT CERTAIN "OTHER" POLITICIANS TO ERASE THE DEBT ??????

YEAH RIGHT....HERE TAKE MY MONEY...AND SOLVE THE PROBLEM YOU CREATED......WHAT A JOKE.

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PROBABLY ABOUT 25%...IF THAT MUCH

A few weeks ago, the Internal Revenue Service released data on tax year . The data show that the top 1 percent of taxpayers, ranked by adjusted gross income, paid 34.3 percent of all federal income taxes that year. The top 5 percent paid 54.4 percent, the top 10 percent paid 65.8 percent, and the top 25 percent paid 83.9 percent.

so that adds up to about 16% of total taxes..Now you get into the bottom 30% you are looking at , well , looks like about nothing..In fact how about getting back more then is paid in.. :rolleyes:

This is info from 2005...Not much has changed..Except tax stimulus , which puts people more in the green..Tax breaks for the middle class my ***! How about wealth redistribution..

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the record broken was from 2004, you know that year that some of you voted him back in because he was doing such a fantastic job....you voted for those wealthy tax breaks as if it would help the economy, even in time of war.....well here is your boy....oh and he's still blaming it on Clinton.....at what length of presidential term do you finally have to stop blaming the previous president?....if we gave him 20 years would he eventually have to stop blaming the previous president?

link

White House projects record deficit for 2009Story Highlights

NEW: White House spokeswoman says increased deficit needed to spur economy

Deficit in budget year 2009 expected to grow to $490 billion, official says

White House points to faltering economy, budget stimulus package for increase

In March, congressional auditors predicted 2008 deficit to be $396 billion

Next Article in Politics »

From Brianna Keilar

CNN Washington Bureau

WASHINGTON (CNN) -- The White House on Monday predicted a record deficit of $490 billion for the 2009 budget year, a senior government official told CNN.

The White House blames a faltering economy and the stimulus package for the increased budget deficit.

The deficit would amount to roughly 3.5 percent of the nation's $14 trillion economy.

The official pointed to a faltering economy and the bipartisan $170 billion stimulus package that passed earlier this year for the record deficit.

The fiscal year begins October 1, 2008.

The federal deficit is the difference between what the government spends and what it takes in from taxes and other revenue sources. The government must borrow money to make up the difference.

The official spoke on the condition of anonymity, citing lack of authorization to speak publicly ahead of an official briefing later Monday by Office of Management and Budget Director Jim Nussle.

White House spokeswoman Dana Perino said the stimulus package was necessary, even if it increased the deficit.

"We do think the plan was the right one, and it will have an effect," Perino said. "And the best way to help reduce the deficit is to make sure you are keeping a lock on spending, but also that you can also try to help to build the economy. So we hope this will help us pull out of the economic downturn over the next few months because of the stimulus package.

"I remember that back when we were discussing the stimulus package, both parties recognized that the deficit would increase, and that would be the price that we pay in order to help improve the economy," she said.

President Bush inherited a budget surplus of $128 billion when he took office in 2001 but has since posted a budget deficit every year.

The Bush administration has spent heavily on the wars in Iraq and Afghanistan, and faces a large budget shortfall in tax revenue because of Bush's tax cuts and a souring economy.

But the senior administration official says the budgetary problems stem from what is believed to be inadequate defense, intelligence and homeland security resources that were handed down from President Bill Clinton.

The nonpartisan Congressional Budget Office in March projected the deficit for the 2008 fiscal year, which ends September 30, would be $396 billion. It predicted the 2009 deficit to be $342 billion, if the president's proposals were adopte

And Bush could not have done it without Nancy Pelosi and your Democrats. I admit Bush is no fiscal conservative, I am not happy at all with that, but both parties were falling all over themselves to send out those stimulus checks this election year. Its called buying votes, and as long as you keep handing the money they will keep promising to people for votes. I might add, that maybe if we keep that $845 billions dollars Obama plans to send to the U.N., this would not be an issue next year.

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You mean escaping to places like China? Uhm, communists still in charge... or did you mean Europe? Ugh, that is actually the place where all those socialists ideas already became reality... so I wonder what fabulous "overseas island, country or continent" you mean

Anyway, I have a message for my fellow Americans fans here. The problem is not your government but you. As long as you want everything without paying for it, as long you and your government will see the debt growing with each year. At some point you guys really need to self-reflect your own actions and demands and realize, that the only reason your government screws up is because alot of you guys fail to realize it´s 2008 and not the 1950´s anymore. I am not talkign about dems vs reps but about something I have noticed in generell

Completely ignorant statement. Just goes to show you how little you understand this country.

The people getting it want THE RICH to pay for it, not themselves. The rich could care less about the benefits in this country, yet are being asked to foot the bill. If Obama is elected, New Yorkers in the upper tax brackets will pay 58% of their income in taxes.

Falconbeast, you need to stick to things you know about...like sauerkraut.

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