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WASHINGTON – The federal budget deficit will hit an unprecedented $1.2 trillion for the 2009 budget year, according to grim new Congressional Budget Office figures.

The eye-popping estimates reflect plummeting tax revenues because of the recession and about $400 billion to bail out the financial industry and take over Fannie Mae and Freddie Mac. Last year's deficit was $455 billion.

The CBO estimate released Wednesday also sees the economy shrinking by 2.2 percent this year and recovering only slightly in 2010, and the unemployment rate eclipsing 9 percent early next year unless the Obama administration steps in.

"The recession — which began about a year ago — will last well into 2009," the CBO report says. The agency said "the ongoing turmoil in the housing and financial markets has taken a major toll on the federal budget."

The dismal figures come a day after President-elect Barack Obama warned of "trillion-dollar deficits for years to come."

http://news.yahoo.com/s/ap/20090107/ap_ ... et_deficit

Bravo, Dubya, Bravo...

Thanks a lot Harry. Thanks a lot Nancy.

dbackjon wrote:Bravo, Dubya, Bravo...

Congress has to approve spending. Nancy's Harry Bush are all responsible.

HI54UNI wrote:

dbackjon wrote:Bravo, Dubya, Bravo...

Congress has to approve spending. Nancy's Harry Bush are all responsible.

Much of the deficit is from programs from before the Dems took over in 2007, as well as the effects from Bush's depression, and Bush's Quagmire...

dbackjon wrote:

HI54UNI wrote: Congress has to approve spending. Nancy's Harry Bush are all responsible.

Much of the deficit is from programs from before the Dems took over in 2007, as well as the effects from Bush's depression, and Bush's Quagmire...

And much of it is from before the Republicans took over in 1994.

Jon, they're not real Republicans...that's the first thing. Second, Obama is going to add to that deficit, care to discuss that? His new initiative is going to cost billions. It appears you criticize the deficit, but don't criticize the bailout, which makes up about half or more of the deficit in 2009. You have to make up your mind which one you hate more...I choose bailout.

ASUMountaineer wrote:Jon, they're not real Republicans...that's the first thing. Second, Obama is going to add to that deficit, care to discuss that? His new initiative is going to cost billions. It appears you criticize the deficit, but don't criticize the bailout, which makes up about half or more of the deficit in 2009. You have to make up your mind which one you hate more...I choose bailout.

I would agree - the bailout, especially with no strings attached, was a bad idea.

Problem is, it we had had the lack of regulation, free spending, etc of the 95-06 House/Senate, we wouldn't be in the absolute mess we are in.

And that includes the lack of oversight by idiots like Harry Reid, and other Dems that didn't challenge the Republicans.

Barney Frank, Jimmy Carter, Bill Clinton, Barney Frank, George Bush, 2007 Congress, 2008 Congress, Barney Frank, George Bush.

dbackjon wrote:

ASUMountaineer wrote:Jon, they're not real Republicans...that's the first thing. Second, Obama is going to add to that deficit, care to discuss that? His new initiative is going to cost billions. It appears you criticize the deficit, but don't criticize the bailout, which makes up about half or more of the deficit in 2009. You have to make up your mind which one you hate more...I choose bailout.

I would agree - the bailout, especially with no strings attached, was a bad idea.

Problem is, it we had had the lack of regulation, free spending, etc of the 95-06 House/Senate, we wouldn't be in the absolute mess we are in.

And that includes the lack of oversight by idiots like Harry Reid, and other Dems that didn't challenge the Republicans.

Ok, those policies were continued through the time the Dems had control of Congress. So, would the 87 down turn/ recession the fault of the previous 30 years of Democratic control of Congress, or would you choose to blame it on Reagan? By your own definition, Democratic policies caused that recession. So, by that logic, real change would not involve Democrats or Republicans...I'm ok with that.

Outside of that, that bailout has been and will be a bust...and any additional bailouts will be as well, all while mortgaging mine, and my children's futures (as well as all future Americans).