October deficit bigger than expected

posted at 12:15 pm on November 13, 2009 by Ed Morrissey

What better way to kick off Barack Obama’s first full budget year as President than with a deficit that exceeded the White House’s own projections as well as analysts’ expectations?  The federal government busted the budget worse than last October by $20 billion with a deficit of $176.36 billion for the month.  That used to be considered a decent deficit target … for an entire year:

The federal government kicked off fiscal year 2010 by posting its widest-ever October budget deficit, the Treasury Department said Thursday.

The $176.36 billion gap is more than $20 billion wider than the shortfall recorded in October 2008, driven up by lower tax receipts, stimulus-related revenue reductions and consistently high government outlays.

Treasury’s monthly budget statement shows receipts were $135.33 billion in October, down 18% from a year earlier and at the lowest level since October 2002. Meanwhile, outlays were $311.69 billion, down 3% from a year earlier and at their second-highest monthly level on record.

When revenues drop 18% and outlays only drop 3%, it’s not hard to hit record deficits.  It’s roughly four times as large as September’s deficit, which closed out FY2009 with an annual deficit just under $1.4 trillion.  September’s deficit of $46 billion will serve as a nostalgia point in the coming months of the FY2010 budget.

Higher deficits mean more borrowing.  More borrowing means more debt service.  As deficits continue to rise, the federal government will have to direct more and more of its revenues to paying the interest on the accumulated debt.  In September, that came to over $17 billion — just for the interest, not for principle reduction.  Investors Business Daily warns that Obama’s spending spree will eventually force Washington to spend 40% of its revenues on debt service:

Here is one key datapoint: From 2008 to 2019, federal revenues are projected to grow by $1.45 trillion, but extra interest payments on the public debt of $550 billion will soak up nearly 40% of those extra tax dollars.

Here is another: Consider that in 2008, Washington spent about half as much on interest payments ($253 billion) as it did on the nondefense programs that it budgets on an annual basis ($508 billion).

Those nondefense outlays cover homeland security, education, job training, housing assistance, veterans’ health, science, workplace safety, transportation, the environment and foreign aid.

But by 2019, interest costs would reach $800 billion under the Obama budget compared with $720 billion in spending on nondefense discretionary programs.

From 2008 to 2019, interest costs are projected to grow more than twice as fast as the economy, from 1.8% of GDP to 3.8%. That extra 2% of GDP is roughly equal to the projected cost of Medicaid in 2019.

In other words, we’ve created a new entitlement program equal to Medicare, and with about the same financial stability.  And the problem will get worse as government creates new programs in health care, energy production, and more.  The inefficiencies of government programs will force the government into ever-increasing borrowing.

Obama now says he wants to attack the deficit, but without serious spending cuts and reduction in the size of government, any such reductions would have to rely on heavier taxation — which would kill the economy, reduce federal revenues, and put us even further behind on debt reduction.  The only way to fix the problem is to dismantle Leviathan, and unfortunately Obama is headed in the opposite direction.


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It’s always “worse than expected”.

scrubjay on November 13, 2009 at 12:19 PM

only drop 3%, it’s not hard to hit record deficits.

The 3% drop is a myth. I wrote about this yesterday. It only -seems- to be a drop because $33 billion of the 2008 spending was the initial TARP payment.

If you take away the $33 billion, to get to a number would be “normal” spending, spending rose 3%, instead.

Here’s my question. If the 2009 deficit (as this story states) was driven by TARP and Porkulus (700 and 787 billion) and the deficit was 1.8 trillion (1.4 after they moved 400 billion off book), why is the deficit for 2010 projected at 1.5 trillion? If those two are one time events, wouldn’t the 2010 deficit be back down to like 400 billion? Why is it so high in 2010? Am I missing something?

BTW – the $400 billion they moved off-book to get the 2009 deficit to 1.4 trillion is now going to (somehow) be used to make the deficit look smaller in 2010 as well. Not sure what math makes that possible. But that’s what is going on.

lorien1973 on November 13, 2009 at 12:20 PM

Every time I see something like this, I become more and more convinced that this is being done on purpose. That can honestly be the only explanation, now.

Johnnyreb on November 13, 2009 at 12:20 PM

“It’s not the recession I knew…”

Fletch54 on November 13, 2009 at 12:20 PM

Where’s a dem lib troll that I can smack?

Eat the crap sandwich here Dems. Yeppers, EXCEEDED expectations?

Previous budget deficit projections can now be appropriately characterized as being “wildly exaggerated”….

ted c on November 13, 2009 at 12:20 PM

Damn the deficit, full speed ahead, turn up those printing presses! Buy more ink, get more paper, start cranking out them benjamins!

ted c on November 13, 2009 at 12:21 PM

It’s always “worse than expected”.

Giggles’ entire tenure thus far is “worse than expected.”

crazy_legs on November 13, 2009 at 12:21 PM

I got a B+ in AP Honors Economics in high school and I totally expected this.

myrenovations on November 13, 2009 at 12:22 PM

“I’m sorry we have to raise taxes, but I inherited….”

Wethal on November 13, 2009 at 12:22 PM

Just dreaming here, but would like to see a taxpayer revolt that would greatly reduce the tax cash flow to government, if they enact Obamacare. The Pelosi-Reid jerks who are ignoring what Americans feel could then themselves feel the sting. They would push back hard, however, probably with confiscatory penalties against non-payers with assets.

GaltBlvnAtty on November 13, 2009 at 12:22 PM

WAY TO GO, DONKS!
Let’s put the brakes on spending now, then ram HC through next year! No one will know, they’ll all forget, and we’ll all be fine.
Gee, it’s kinda like the subprime mortgage market. Can’t afford the payments? Just take a cash advance from a different account.
IDIOTS.

Yellowdog12 on November 13, 2009 at 12:22 PM

This is sooooooo good for my kids. Thanks Barack Obama, Democrats, and illiberals!!!

WashJeff on November 13, 2009 at 12:23 PM

Every time I see something like this, I become more and more convinced that this is being done on purpose. That can honestly be the only explanation, now.

Johnnyreb on November 13, 2009 at 12:20 PM

Ding. Ding. Ding. We have a winner!

VegasRick on November 13, 2009 at 12:23 PM

According to plan.

Akzed on November 13, 2009 at 12:23 PM

If there are not strong Christmas sales the retail sector of this country is going to die. There will not be strong Christmas sales. Gird your loins. Dwindling tax base and exploding government spending is economic suicide.

jimmy2shoes on November 13, 2009 at 12:24 PM

I got a B+ in AP Honors Economics in high school and I totally expected this.

myrenovations on November 13, 2009 at 12:22 PM

Barack took economics too…home economics. He can make a mean egg in the hole.

WashJeff on November 13, 2009 at 12:24 PM

Obama now says he wants to attack the deficit,

Warmonger! We need to have a dialogue with the deficit.

I’ll start:
No new spending.

rbj on November 13, 2009 at 12:24 PM

In other news, continually pouring gasoline on a raging fire doesn’t really help.
Unless of course you had no intention of actually saving the building.
Then its all going according to plan.

jjshaka on November 13, 2009 at 12:24 PM

Every time I see something like this, I become more and more convinced that this is being done on purpose. That can honestly be the only explanation, now.

Johnnyreb on November 13, 2009 at 12:20 PM

Obama knows that you can’t break the system until you break the engine and the best way to do that is to feed the engine mass quantities of government sand dressed up as lubricant, ignore the warning lights and step on the gas.

Fletch54 on November 13, 2009 at 12:24 PM

The deficit is actually projected to be a little larger next year than this year- and that’s without TARP.

This ain’t Bush’s fault no more.

Chuck Schick on November 13, 2009 at 12:24 PM

The only way to fix this problem is through universal healthcare. /BHO

WisCon on November 13, 2009 at 12:25 PM

Unexpected by whom?

None of this is unexpected, it’s all perfectly predictable.

jhffmn on November 13, 2009 at 12:25 PM

BUSH!!!!!!

jnelchef on November 13, 2009 at 12:25 PM

Johnnyreb on November 13, 2009 at 12:20 PM

I completely agree. It’s being done on purpose. How they sleep at night I will never know. How I wish those little shadow monsters from the movie “Ghost” would come and drag them into H*ll.

Yellowdog12 on November 13, 2009 at 12:25 PM

Wow, shocker. No one could have predicted this.

Missy on November 13, 2009 at 12:26 PM

Well then, under the Obama doctrine if we’re drowning in debt then we must increase your massive debt and deficits by spending even more. Insanity? You bet it is, but this is what our enlightened voters gave us.

rplat on November 13, 2009 at 12:26 PM

And the stock market rises…

Government backed bubble, baby.

BadgerHawk on November 13, 2009 at 12:27 PM

Every time I see something like this, I become more and more convinced that this is being done on purpose. That can honestly be the only explanation, now.

Johnnyreb on November 13, 2009 at 12:20 PM

Either Obama is either doing a national seppuku, or a great kamikaze…but for who?

portlandon on November 13, 2009 at 12:27 PM

It’s little wonder why they now want our payroll taxes paid weekly instead of quarterly

boomer on November 13, 2009 at 12:28 PM

This is so out of control, it’s insane. What is needed is a Congress with some cajones to FLATLINE all spending until this is gone. ZERO increases in ANY program. ZERO increases in taxes, at least then it would be consistent and people can plan for and work with current rates without the uncertainty.

After the debt is retired, we need to completely change the way the Federal budget is done. I suggest that budget negotiations and outlays are written as a percentage of income. Extremely simplified, but for example, for each dollar in taxes they get, 10 cents goes to defense, 3 cents to highways, 2 cents to State, etc. Lawmakers can then trade basis points for programs in the negotiation process.

Any need to run a deficit, which there are legit reasons for it (wars, natural disasters, etc), must be approved by roll call vote by a super-duper majority of both houses, with incurred debt repaid as rapidly as possible in future fiscal year budgets.

JamesLee on November 13, 2009 at 12:28 PM

add in

Nov. 13 (Bloomberg) — The trade deficit in the U.S. widened in September by the most in a decade, reflecting rising demand for imported oil and automobiles as the economy rebounded from the worst recession since the 1930s.

The gap grew a larger-than-anticipated 18 percent to $36.5 billion, the highest level since January, from a revised $30.8 billion in August, the Commerce Department said today in Washington. Imports surged by the most in 16 years, swamping a gain in exports.

Unemployment is about to take off.

WoosterOh on November 13, 2009 at 12:28 PM

..and they haven’t spent the stimulus money yet!

Just wait until the states and party loyalists start getting their walking around money.

Skandia Recluse on November 13, 2009 at 12:29 PM

Our leftist readers need to start cutting some checks to the IRS.

Step up to the plate, Bleeds.

BadgerHawk on November 13, 2009 at 12:29 PM

He.Is.Failing

YAY!!!!!

Ltlgeneral64 on November 13, 2009 at 12:29 PM

This disaster is just starting to unfold.

forest on November 13, 2009 at 12:29 PM

lorien1973 on November 13, 2009 at 12:20 PM

glad you pointed that out. . . the -3% was a year over year number. We all remember how frugal the federal government was with money last year this time, don\’t we?

ThackerAgency on November 13, 2009 at 12:29 PM

Yeah, but it’s not ‘rape’ rape…

Seven Percent Solution on November 13, 2009 at 12:29 PM

I completely agree. It’s being done on purpose. How they sleep at night I will never know. How I wish those little shadow monsters from the movie “Ghost” would come and drag them into H*ll.

Yellowdog12 on November 13, 2009 at 12:25 PM

Mussolini slept well at night. These people are having dreams of all the power they’ll have once they destroy this country and remake it in their image. Just like Castro and Chavez.

rbj on November 13, 2009 at 12:29 PM

I got a B+ in AP Honors Economics in high school and I totally expected this.

myrenovations on November 13, 2009 at 12:22 PM

I taught micro and macro econ to business majors. I, too, totally expected this. We have idiots in Washington.

karenhasfreedom on November 13, 2009 at 12:30 PM

“Obama now says he wants to attack the deficit”

So we can expect to see nutters yelling “down with the deficit” as they spray bullets into crowded rooms.

notagool on November 13, 2009 at 12:31 PM

But, since the job creation numbers are lower than expected, it all balances out.

Lily on November 13, 2009 at 12:31 PM

Social-Fiscal Justice.

Let the Wealth spreading begin.

portlandon on November 13, 2009 at 12:31 PM

I’m shocked, shocked I tell you, that no lefties are on this thread.

BadgerHawk on November 13, 2009 at 12:32 PM

Is he officially the worse president ever, or do we have to wait for things to get worse before stating the obvious?

Hening on November 13, 2009 at 12:33 PM

BUSH!!!!!!

jnelchef on November 13, 2009 at 12:25 PM

3 October, 2008 was a watershed day when Obama was presented with a 5 star gift of precedence by Bush.

Fletch54 on November 13, 2009 at 12:33 PM

Can’t wait for hyper-inflation to kick in to add to all the fun…

Won’t it be nice to see Obama on another ‘Date Night’ when you eating a cold potato by candle light?

Seven Percent Solution on November 13, 2009 at 12:33 PM

The 3 Stooges meet the Keystone Cops.

Obama, Biden, Axelrod meet with Dem Congressional leaders.

BobMbx on November 13, 2009 at 12:34 PM

I wonder what the dems will use for a campaign slogan in 2012?

obama/biden:
“Well, We Tried”

“No, We Can’t!”

“Best Two out of Three?”

“We Know what We’re Doing Now”

“Suckers!”

“Bush’s Fault!”

The next presidential election should be so easy for the GOP. Unfornately, I am not so optimistic.

Spectreman on November 13, 2009 at 12:34 PM

I got a B+ in AP Honors Economics in high school and I totally expected this.

myrenovations on November 13, 2009 at 12:22 PM

Anybody who’s ever balanced a checkbook could have predicted this…anybody who’s read Dicken’s ‘David Copperfield’ could have expected this:

Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

AUINSC on November 13, 2009 at 12:34 PM

Payup liberal troll suckas!

From 1040 instructions page 91.

How Do You Make a Gift To Reduce Debt

Held By the Public? If you wish to do so, make a check payable to “Bureau of the Public Debt.” You can send it to: Bureau of the Public Debt, De- partment G, P.O. Box 2188, Parkersburg, WV 26106-2188. Or you can enclose the check with your income tax return when you file. Do not add your gift to any tax you may owe. See page 74 for details on how to pay any tax you owe.

WashJeff on November 13, 2009 at 12:34 PM

“Obama now says he wants to attack the deficit”

So we can expect to see nutters yelling “down with the deficit” as they spray bullets into crowded rooms.

notagool on November 13, 2009 at 12:31 PM

or…..he will do nothing until all the facts are in. That strategy seems to be working well in Afghanistan, and is his hallmark next to voting “present”.

Hening on November 13, 2009 at 12:34 PM

the stock market seems to be out of sync with everything else here. Specifically, it goes up when the dollar goes down. Can anyone explain why?

james23 on November 13, 2009 at 12:35 PM

Treasury officials also have said they have less maneuvering room than in the past. Tactics such as tapping federal retirement funds would free up roughly $150 billion – about the same amount as the interest payments that come due on Dec. 31.

Now that is just downright scary. They are out of wiggle room in juggling the Fed’s books.

Johnnyreb on November 13, 2009 at 12:35 PM

I’m shocked, shocked I tell you, that no lefties are on this thread.

BadgerHawk on November 13, 2009 at 12:32 PM

Change the headline…like flies to sh*t:
October deficit bigger than expected; Palin told you this would happen

WashJeff on November 13, 2009 at 12:36 PM

Will the UberDouche be allowed to continue with his excessive douchebaggery? How can the UberDouche be stopped?

Key West Reader on November 13, 2009 at 12:36 PM

Obama: “What’s the problem…? Just print more money, geesh, do I have to think of everything?”

Seven Percent Solution on November 13, 2009 at 12:36 PM

Treasury officials also have said they have less maneuvering room than in the past. Tactics such as tapping federal retirement funds would free up roughly $150 billion – about the same amount as the interest payments that come due on Dec. 31.

Now that is just downright scary. They are out of wiggle room in juggling the Fed’s books.

Johnnyreb on November 13, 2009 at 12:35 PM

This is just working out great in IL (tapping into public fricken pensions).

WashJeff on November 13, 2009 at 12:38 PM

the stock market seems to be out of sync with everything else here. Specifically, it goes up when the dollar goes down. Can anyone explain why?

james23 on November 13, 2009 at 12:35 PM

Fake bubble.

In Florida, they were talking about “tapping into” our kids’ college funds and “loaning” themselves some cash. I am not kidding you….

We pulled everything out of the market.

Key West Reader on November 13, 2009 at 12:38 PM

the stock market seems to be out of sync with everything else here. Specifically, it goes up when the dollar goes down. Can anyone explain why?

james23 on November 13, 2009 at 12:35 PM

There is a liberal buzz circulating that the stock market is doing great. In fact, B.O. has had the worse stock market performance of any new president in history.

Hening on November 13, 2009 at 12:38 PM

On purpose.
It most certainly is on purpose and there is no way to stop it. For who? That is a good question. Far better than any truther or birther or moon walk didn’t happener can come up with.
Why are we not asking that?

Because it is on purpose, Obama doesn’t even qualify for the worst president. He is incredibbly focussed and efficient. This is totally beyond what we have seen before.

ORconservative on November 13, 2009 at 12:38 PM

Who are these people who keep making these expectations. They always seem to be wrong!

Dark Eden on November 13, 2009 at 12:38 PM

Well I only took one economics class and predicted this. I keep saying wait til April when they will have no way to spin this. I mean with all this unemployment how can they predict a huge sum of money to come in during tax time. How many of those people are going to be able to pay their taxes if they owe money. Trickle down economics Zero how’s that working for ya.
FUBO

Brat4life on November 13, 2009 at 12:39 PM

Cousin Pookie must be in charge of crunching the numbers for Odumbass.

txag92 on November 13, 2009 at 12:39 PM

Good time for Chairman Maobama to leave the country. What can we do to keep him from returning?

james23 on November 13, 2009 at 12:40 PM

Can’t wait for hyper-inflation to kick in to add to all the fun…Seven Percent Solution on November 13, 2009 at 12:33 PM

Hey that’s going to be unexpected too.

Brat4life on November 13, 2009 at 12:40 PM

How many of those people are going to be able to pay their taxes if they owe money. Trickle down economics Zero how’s that working for ya.
FUBO

Brat4life on November 13, 2009 at 12:39 PM

I can afford to pay my taxes. But guess what? I won’t be! Starve the Beast. They can’t arrest 10 million of us. Just keep filing ‘extensions’.

Key West Reader on November 13, 2009 at 12:40 PM

Won’t be long now. We’ll be taxed for breathing, blinking, cracking our knuckles, walking, sitting, eating, sleeping. But probably not before they tax the unemployed of 100% of their unemployment payments.

capejasmine on November 13, 2009 at 12:41 PM

What is the presumed interest rate on the debt through 2019? The current 1% neighborhood? So what happens if the Chinese, etc. decide that buying US debt is too risky and require a higher interest? At, say 3%, would interest on the debt take up all of the tax receipts?

mjzman on November 13, 2009 at 12:44 PM

Somehow, somewhere, this is bushes fault. Right libs???

rolls eyes…

sonofdy on November 13, 2009 at 12:45 PM

Won’t be long now. We’ll be taxed for breathing, blinking, cracking our knuckles, walking, sitting, eating, sleeping. But probably not before they tax the unemployed of 100% of their unemployment payments.

capejasmine on November 13, 2009 at 12:41 PM

But funemployment money will be tax free! A unicorn told me that.

Johnnyreb on November 13, 2009 at 12:45 PM

And people wonder why I am looking at moving out of the country…

sonofdy on November 13, 2009 at 12:45 PM

the stock market seems to be out of sync with everything else here. Specifically, it goes up when the dollar goes down. Can anyone explain why?

james23 on November 13, 2009 at 12:35 PM

Possibly making a hedge against the inevitable inflation that’s coming. You buy part of a company for $10, which has net revenues of $100. After inflation drives up the cost of the goods and services that company produces, their revenues go to $200. Using percentages, p/e’s, etc, the stock can reasonably be expected to be $20 at that point. You’ve “doubled” your money, on paper, but in fact you have the same purchasing power as before, as opposed to your $10 being able to only by $5 worth of stuff.

JamesLee on November 13, 2009 at 12:45 PM

the stock market seems to be out of sync with everything else here. Specifically, it goes up when the dollar goes down. Can anyone explain why?

james23 on November 13, 2009 at 12:35 PM

It’s a government backed and secured bubble. Most of the ailing banks are using TARP money to prop up their balance sheets, and there’s so much new money floating around from the expanded money supply. I’ve read and heard several business news items in recent weeks from bearish fund manager who have most of their money invested. They don’t want to miss sustained rally and need to justify their fees.

The falling dollar makes U.S. products more attractive overseas, because other countries can buy more of our stuff with less money. This is good for manufacturing companies who can’t sell anything here in the U.S. because of the economy, and companies like McDonald’s which are looking to expand internationally.

BadgerHawk on November 13, 2009 at 12:46 PM

It’s funny that he’s out of the country screwing around when bad news comes out. Where was he last week when 10.2% unemployment hit? Was he home? Doubt it. Just phone it in…right. “Not present” is also a position and a decision….

ted c on November 13, 2009 at 12:46 PM

The furloughs that many Californians have to endure have a couple of side benefits–one, we get an extra day off once or twice a month. Two, our taxable income is decreased, which in my case, will put me back under a threshold that has been killing me in the last few years. I’ll pay less tax once our furloughs (shortening the school year by 5 days is on the table in our district) go through (if they do). I doubt I’m alone.

Bob's Kid on November 13, 2009 at 12:46 PM

Dwindling tax base and exploding government spending is economic suicide.

jimmy2shoes on November 13, 2009 at 12:24 PM

You’re so right, jimmy. And its nothing new. That is the formula that has made most of America’s largest cities the unliveable hellholes they are today. Difference this time? There’s nowhere for tax payers to run when the fed gov’t does it.

james23 on November 13, 2009 at 12:46 PM

You are all just racist…

LOL

sonofdy on November 13, 2009 at 12:47 PM

What is the presumed interest rate on the debt through 2019? The current 1% neighborhood? So what happens if the Chinese, etc. decide that buying US debt is too risky and require a higher interest? At, say 3%, would interest on the debt take up all of the tax receipts?

mjzman on November 13, 2009 at 12:44 PM

Pretty much, but interest on T bills is not going to stop at 3% once we have to raise the debt limit two or three times a year, just to keep up. These guys are not even trying to stop the spending, just fixing it so it can be pushed out for the next 30-40 years in an attempt to hide it.

Johnnyreb on November 13, 2009 at 12:50 PM

With any luck, the Chinese will step in and edumacate Obummer in capitalism by refusing to buy anymore debt.

bloviator on November 13, 2009 at 12:50 PM

Bet you anything that China doesn’t play along this time when Obama begs for a loan. Even the Chinese won’t want to throw good money after bad indefinitely. Once that happens, look out.

hachiban on November 13, 2009 at 12:51 PM

If I owned a business right now, I’d be seriously looking into relocating offshore.

hachiban on November 13, 2009 at 12:52 PM

All this asshole Man-Child needs now is a match, a can of gasoline, and a violin.

cjk on November 13, 2009 at 12:55 PM

Deficit bigger than expected??

Hey Bleeds Blue, want to tell us again how the economy has turned around?

MarkTheGreat on November 13, 2009 at 12:59 PM

All this a-hole Man-Child needs now is a match, a can of gasoline, and a violin.

cjk on November 13, 2009 at 12:59 PM

hopey
changey

D2Boston on November 13, 2009 at 1:00 PM

the stock market seems to be out of sync with everything else here. Specifically, it goes up when the dollar goes down. Can anyone explain why?

james23 on November 13, 2009 at 12:35 PM

Just like oil, the value of the item hasn’t changed, but the dollars that purchase it are worth less.

Vashta.Nerada on November 13, 2009 at 1:01 PM

I’m amazed liberal citizens, those outside of government, still think news like this is somehow fine and dandy. Don’t average Dem voters ever see a point where’s it’s time to at least stop this madness and freeze the budget?

Liam on November 13, 2009 at 1:01 PM

BUSH BOOOOOOOOOOOSH!!!!!!

jnelchef on November 13, 2009 at 12:25 PM

FIFY

jbh45 on November 13, 2009 at 1:01 PM

What do we expect?

Obama’s lived on the dimes of others all his life. With the exception of a short-term in the private sector, and his half-ass attempt at practicing law, the guy has always received a paycheck from organizations that really don’t create any value and certainly no wealth.

But that December summit will turn everything around. At what point does he and Congress stop extending unemployment benefits?

BuckeyeSam on November 13, 2009 at 1:01 PM

I’m so happy the adults are in charge

Fed45 on November 13, 2009 at 1:03 PM

He.Is.Failing

YAY!!!!!
Ltlgeneral64 on November 13, 2009 at 12:29 PM

No, he’s succeeding. His plan is coming together just as he hoped. He is fundamentally transforming America (his own words).

Transforming it into a wasteland, but he is transforming it.

UltimateBob on November 13, 2009 at 1:03 PM

Here’s my question. If the 2009 deficit (as this story states) was driven by TARP and Porkulus (700 and 787 billion) and the deficit was 1.8 trillion (1.4 after they moved 400 billion off book), why is the deficit for 2010 projected at 1.5 trillion?

lorien1973 on November 13, 2009 at 12:20 PM

Only about 20 to 30 percent of the Porkulus money was actually spent during the last fiscal year.

MarkTheGreat on November 13, 2009 at 1:03 PM

Do you remember in the Bush years (sigh…) that the economic performance was mostly better than expected? The MSM always projected low expectations and then when the results came out, it was always better than that. Remember when they were finding the few folks who were hurting and made the American public think it was the worst economy in decades when really we were growing well? Do you notice now how the projections are always better than the results? The results are always poorer than expected? And they revise even published results from last month downward (except for unemployment)?

Christian Conservative on November 13, 2009 at 1:04 PM

If I owned a business right now, I’d be seriously looking into relocating offshore.

hachiban on November 13, 2009 at 12:52 PM

Red China is starting to look more capitalistic than the good ole US of A these days.

UltimateBob on November 13, 2009 at 1:05 PM

OK, who goes under the bus?

Mason on November 13, 2009 at 1:08 PM

MarkTheGreat on November 13, 2009 at 1:03 PM

Yes, but it was all budgeted for this year, doesn’t that mean it doesn’t carry forth to this year?

lorien1973 on November 13, 2009 at 1:08 PM


Obama now says he wants to attack the deficit

Hahahahahahahahahahaha!!!!!!!!

GarandFan on November 13, 2009 at 1:11 PM

It seems like Obama and Dems are sticking to their 1 million jobs created or saved meme.

They were so quick to give us so many Suzy waitress or homeless bum sob stories with children as backdrop before.

Let them show the faces of the jobs created/saved beneficiary. 1 millions of them shouldn’t be too hard to showcase.

Sir Napsalot on November 13, 2009 at 1:11 PM

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