By ANDREW TAYLOR,Associated Press
How long will Obama continue to blame Bush for his own record deficits?
The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week,congressional analysts said Wednesday.
The Congressional Budget Office estimate,while expected,is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.
The unprecedented flood of red ink flows from several factors,including a big drop in tax revenues due to the recession,$245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama’s economic stimulus bill,as well as increases in programs such as unemployment benefits and food stamps.
The previous record deficit was $459 billion and was set just last year.
The Obama health plan would be "paid for"with new revenues and curbs in spending. But the overhaul effort would eat up tax increases and spending cuts that could be used to bring the deficit down.
Obama made the statement,prior to his being elected,that he would bankrupt the coal companies in the name of global warming. He neglected,however,to add that he intended to bankrupt the entire country as well!
and once again they use the "deficit we inherited"line. really,its tripled under obama and his spending,bush didnt take over failing banks and automakers,obama and congress did under obamas administration. now he thinks the health care will be deficit neutral,the math doesnt work. if you can pay for it by cutting waste,cut the waste without forcing any other measure and save even more by only allowing citizens access to healthcare in america. provide a better safety net for those who truly cant afford healthcare,not those here illegally (who are not entitled to it). the more you force something on americans they dont want,the harder we will fight back,and not only in election time. you cant make a country stronger by taking away from the strong to provide for the weak or poor,sooner rather than later we all end up poorer.
U.S. Budget Deficit Hit Record $1.4 Trillion in 2009…
Author:Unknown (No name shown)
Source:Fox News
The previous record deficit was $459 billion and was set just last year.
AP
Wednesday,October 07,2009
WASHINGTON —The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal…
I think that every member of Congress who voted for the Bill,which they did not read —AGAIN!!! I want to know why they have not been impeached or recalled for failure to fulfil their fiduciary duties. We,the people,cannot read every Bill Congress debates and votes on,so we elect reps to do it for us;our reps did not read this largest,wealth-destroying Bill in the history of our country —AGAIN!!! But they voted for it anyway. That should be an impeachable offense!