Regulating business out of business But fear not Obama says small business and the private sector are flourishing
iamnothere
2012/06/13 14:21:01
The government posted a budget deficit of $125 billion in May, more than twice the level registered in the same month last year.
The budget has become a key point of political contention in Washington during this election year. Economists worry another budget impasse like the one that cost the United States its "AAA" credit rating last year could be in store at the end of 2012, potentially derailing a fragile economic recovery.
The May deficit, which was close to analyst forecasts, followed a rare month of surplus in April that was due to higher budget receipts during tax season but also other temporary factors.
So far this fiscal year, the budget deficit stands at $844.5 billion, narrower than at the same time a year ago.
Under the government's accounting system, October is the opening month of fiscal 2012. During fiscal 2011 which ended September 30, the budget deficit totaled $1.296 trillion.
The budget has become a key point of political contention in Washington during this election year. Economists worry another budget impasse like the one that cost the United States its "AAA" credit rating last year could be in store at the end of 2012, potentially derailing a fragile economic recovery.
The May deficit, which was close to analyst forecasts, followed a rare month of surplus in April that was due to higher budget receipts during tax season but also other temporary factors.
So far this fiscal year, the budget deficit stands at $844.5 billion, narrower than at the same time a year ago.
Under the government's accounting system, October is the opening month of fiscal 2012. During fiscal 2011 which ended September 30, the budget deficit totaled $1.296 trillion.
Top Opinion
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Reichstolz 2012/06/13 14:25:53
+7It is funny, the democrats including Senator Obama, were running on the platform of cutting the deficit in 2006. But when they took the reigns in 2007 and controlled both houses of Congress until 2011, we saw an explosion of spending. I guess it is further proof a politician is not to be trusted with spending power.
That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion--more than the total national debt of about $4.1672 trillion accumulated by all 41 U.S. presidents from George Washington through George H.W. Bush combined.
This $4.212-trillion increase in the national debt means that during Obama’s term the federal government has already borrowed about an additional $35,835 for every American household--or $44,980 for every full-time private-sector worker. (According to the Census Bureau there were about 117,538,000 households in the country in 2010, and, according to the Bureau of Labor Statistics, there were about 93,641,000 full-time private-sector workers.)
When Obama was inaugurated on Jan. 20, 2009, according to the Treasury Department, the total national debt stood at $10,626,877,048,913.08.
At the end of January 1993, the month that President George H. W. Bush left office, the total national debt was $4.1672 trillion, according to the Treasury. Thus...
That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion--more than the total national debt of about $4.1672 trillion accumulated by all 41 U.S. presidents from George Washington through George H.W. Bush combined.
This $4.212-trillion increase in the national debt means that during Obama’s term the federal government has already borrowed about an additional $35,835 for every American household--or $44,980 for every full-time private-sector worker. (According to the Census Bureau there were about 117,538,000 households in the country in 2010, and, according to the Bureau of Labor Statistics, there were about 93,641,000 full-time private-sector workers.)
When Obama was inaugurated on Jan. 20, 2009, according to the Treasury Department, the total national debt stood at $10,626,877,048,913.08.
At the end of January 1993, the month that President George H. W. Bush left office, the total national debt was $4.1672 trillion, according to the Treasury. Thus, the total national debt accumulated by the first 41 presidents combined was about $44.8 billion less than the approximately $4.212 trillion in new debt added during Obama’s term.
As of Monday, Obama had been in office 986 days—or about 32 and a half months. During that time, the debt increased at an average pace of $4.27 billion per day. Were that rate to continue until Obama’s term ends on Jan. 20, 2013, the debt would then stand at about $16.86534 trillion—an increase of more than $6.2 trillion for Obama’s four years.
That would equal nearly $53,000 for each American household or more than $66,00 for each full-time private-sector worker.
And I will until Right-Wingers stop telling lies about the "HUGE tax load" in America;
obomma is a tax,spend,tax,spend, borrow, spend, borrow,spend,
the guy never had a real job in the real world, he is a politicain , what does he know other
than... tax.,spend,tax,spend, borrow, spend,borrow, spend... ???
just the oposite, I trust obomma to spend, spend,spend.. and he has not let me down.... :)
those that are fanatical about the support of the liberal spend, spend, spend mode of gov't operation..
the only reasonable , rational thought I can have for those liberals, is that it is not their money that is being taxed, they are the 47 % that do not pay ANYTHING in income tax .. so why not spend, spend spend, it is not their money , it is OPM....
I just do not have that much confidence in either the hands that feeds them nor the mouth that is being feed by the gov't nanny state..
I think they will run that horse till it is dead...
hmm,, is that what happened in Animal Farm ???