Administration official projects record deficit Monday July 28, 10:40 am ET By Andrew Taylor, Associated Press Writer Administration official: 2008 deficit will approach $490 billion, record driven by economy sag WASHINGTON (AP) -- The next president will inherit a record budget deficit approaching $490 billion, a Bush administration official said Monday. The official said the deficit was being... [more]
Administration official projects record deficit
Monday July 28, 10:40 am ET
By Andrew Taylor, Associated Press Writer
Administration official: 2008 deficit will approach $490 billion, record driven by economy sag
WASHINGTON (AP) -- The next president will inherit a record budget deficit approaching $490 billion, a Bush administration official said Monday.
The official said the deficit was being driven to an all-time high 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.
The new figure actually underestimates the deficit, since it leaves out about $80 billion in war costs. In a break from tradition -- and in violation of new mandates from Congress -- the White House did not include its full estimate of war costs.
What I want to know if where is the Trickle Down? I think that the American Taxpayer is being trickled on by this disaster of an administration and their irresponsible tax cuts.
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Response by east_cider
almost 18 years ago
Posts: 200
Member since: Feb 2008
So even including the one time stimulus payments, the annualized rate of growth of the deficit is 4.3% since 2004, which is lower than the long-run growth rate of nominal GDP. So our deficit is growing slower than long-run economic growth. Somehow the AP writer forgot to mention that.
Just want to be sure we're all clear.
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Response by petrfitz
almost 18 years ago
Posts: 2533
Member since: Mar 2008
oh east cider that explains why our economy is so strong? You mean all the data that says the opposite and the millions of pople losing homes and going bankrupt is not really happening?
I see you are saying that the Republican Bush Administration policies have really brought the country into a new golden age and that we just dont realize it.
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Response by east_cider
almost 18 years ago
Posts: 200
Member since: Feb 2008
For what it's worth, I don't recall saying anything about mortgages, Republicans or a golden age.
My point was that journalists tend to print the numbers that sell papers - not necessarily the ones that present facts in a consistent and meaningful way.
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Response by petrfitz
almost 18 years ago
Posts: 2533
Member since: Mar 2008
so you are saying the facts are that the economy is actually good? or is it a disaster?
If it is a disaster whose fault is it?
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Response by Sizzlack
almost 18 years ago
Posts: 782
Member since: Apr 2008
this never gets old for you petrfitz does it?
if everyone just said for the sake of your argument that George Bush is the root of all evil would it make you stop?
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Response by petrfitz
almost 18 years ago
Posts: 2533
Member since: Mar 2008
Sizzlack if that happened the Republicans would actually be a party of accountability again.
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Response by totallyanonymous
almost 18 years ago
Posts: 661
Member since: Jul 2007
Yes, the moment Obama is elected all will change overnight. Daisies will start springing from betwixt the sidewalk cracks. Little children will start singing in the streets. Dogs and cats will live together. Folks will immediately start hiring again. I cannot wait.
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Response by LICComment
almost 18 years ago
Posts: 3610
Member since: Dec 2007
How can you entirely blame Republicans for economic problems when Democrats have taken just as stupid positions on key areas such as social security, energy, etc. Wasn't it the democrats who kept pushing for freer lending standards and more loans issued in lower income areas? Hasn't it been the democrats that have blocked increasing domestic oil production? Didn't the democrats block social security reform? Didn't the democrats lead the charge to give away massive pork in the farm bill?
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Response by petrfitz
almost 18 years ago
Posts: 2533
Member since: Mar 2008
No the Democrats were a minority who couldnt even bring a bill onto the agenda. This is completely the republicans fault.
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Response by Sizzlack
almost 18 years ago
Posts: 782
Member since: Apr 2008
LICC, you should know when involving yourself in a conversation of this sort that regardless of the point(s) you make, if Petrfitz is on the other end it will ALWAYS be the Republicans fault (no matter the issue). The Democrats are poor helpless stewards of society who achieve nothing because the evil warmongering Republicans stop them at every turn. Bwaaahaaahaaahaaa. Petrfritz I am honestly surprised you haven't blamed most of the country's ills on Karl Rove (spawn of Satan?)
/
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Response by totallyanonymous
almost 18 years ago
Posts: 661
Member since: Jul 2007
haven't Dems been in the majority since 2006. I think the honeymoon phase is over at this point.
I say why drill in new holes when we can drill in the ones already emptied out. And why should people who actually invest their money see all the profits? I say, the government's role is to buy flat screens and funyuns for everyone. If you don't like it, go buy a SMART car, wear hemp clothes and live in Vermont!
So even including the one time stimulus payments, the annualized rate of growth of the deficit is 4.3% since 2004, which is lower than the long-run growth rate of nominal GDP. So our deficit is growing slower than long-run economic growth. Somehow the AP writer forgot to mention that.
Just want to be sure we're all clear.
oh east cider that explains why our economy is so strong? You mean all the data that says the opposite and the millions of pople losing homes and going bankrupt is not really happening?
I see you are saying that the Republican Bush Administration policies have really brought the country into a new golden age and that we just dont realize it.
For what it's worth, I don't recall saying anything about mortgages, Republicans or a golden age.
My point was that journalists tend to print the numbers that sell papers - not necessarily the ones that present facts in a consistent and meaningful way.
so you are saying the facts are that the economy is actually good? or is it a disaster?
If it is a disaster whose fault is it?
this never gets old for you petrfitz does it?
if everyone just said for the sake of your argument that George Bush is the root of all evil would it make you stop?
Sizzlack if that happened the Republicans would actually be a party of accountability again.
Yes, the moment Obama is elected all will change overnight. Daisies will start springing from betwixt the sidewalk cracks. Little children will start singing in the streets. Dogs and cats will live together. Folks will immediately start hiring again. I cannot wait.
How can you entirely blame Republicans for economic problems when Democrats have taken just as stupid positions on key areas such as social security, energy, etc. Wasn't it the democrats who kept pushing for freer lending standards and more loans issued in lower income areas? Hasn't it been the democrats that have blocked increasing domestic oil production? Didn't the democrats block social security reform? Didn't the democrats lead the charge to give away massive pork in the farm bill?
No the Democrats were a minority who couldnt even bring a bill onto the agenda. This is completely the republicans fault.
LICC, you should know when involving yourself in a conversation of this sort that regardless of the point(s) you make, if Petrfitz is on the other end it will ALWAYS be the Republicans fault (no matter the issue). The Democrats are poor helpless stewards of society who achieve nothing because the evil warmongering Republicans stop them at every turn. Bwaaahaaahaaahaaa. Petrfritz I am honestly surprised you haven't blamed most of the country's ills on Karl Rove (spawn of Satan?)
/
haven't Dems been in the majority since 2006. I think the honeymoon phase is over at this point.
I say why drill in new holes when we can drill in the ones already emptied out. And why should people who actually invest their money see all the profits? I say, the government's role is to buy flat screens and funyuns for everyone. If you don't like it, go buy a SMART car, wear hemp clothes and live in Vermont!