US deficit shrinks nearly nine percent in fiscal 2010

macedoniaonline.eu...

The US budget deficit shrank by nearly nine percent in the last fiscal year, according to government figures published yesterday, as spending decreased and revenues rose, AFP news agency reports.

The figures "underscored the administration's commitment" to cutting the massive government deficit, Treasury Secretary Timothy Geithner said in a statement.

For the 2010 fiscal year that ended on September 30, the government had a budget deficit of 1.294 trillion dollars, down 8.6 percent from a record-setting 1.416 trillion dollars in the previous year.

Obama bringing down the debt, who would have ever thought.

It's not some great drop but it's better then what it was.

reply to post by Misoir


This is where the politicians love the fact that people are not engaged in the administration of the country, too busy or just ignorant to the fact.

Yes, it is a drop in deficit spending, but still a deficit. The way its reported, in half truths and misnomers leads people to think there was a positive in all this.

Think of it in smaller terms. You spend $1000 more than you actually have. The next year you spend $920 more than you actually have. You are still in the red, but you can claim an 8% cut! Big freaking deal. You still are spending more money than you are receiving. This country does this year after year. Then they come out and proclaim a drop in the budget deficit and bam! People are thinking that we must be doing something good here and turning it around.

Chris Angel, David Blaine and David Copperfield can't even hold a candle to the great illusionist of what is the most Imperialist government I have ever studied. The wool is so drawn over the people's eyes and yet they think they are waking up.

This wasn't directed at you Misoir

Originally posted by ownbestenemy
reply to post by Misoir

 

Then they come out and proclaim a drop in the budget deficit and bam! People are thinking that we must be doing something good here and turning it around.oh, and it wasnt a debate,

really? what people are thinking that?

show me these people!

reply to post by Misoir


Great..only another 91% to go...

then the 14 trillion accrued debt.....yay....er......hmm...er....doh!

Whats the interest on 14 trillion again?....Aaaaaaaaaaaaaaaaaaaarrggghhh!!!

reply to post by justadood


Most likely not persons here. As I hope those engaging here have a bit of an ability to critical think and look beyond the lackadaisical reporting that we are afforded on a daily basis.

But when an everyday American that is struggling to make ends meet has their plate full all the time and is not that interested in the politics of the nation reads an article that is designed specifically to be vague, most likely will see this as a gigantic positive and might even believe we are in the black.

Go out on a country or city street and ask anyone to explain how a budget deficit works and that will just show you that an article such as this one will win over those that haven't a clue.

While its positive in that our country isn't spending all 100% of what they spend last year, its still just as much. 8% of a trillion and a half is not a lot of money. But hey, they don't have to prove it to you or me, just those that enjoy their bread and circus.

reply to post by Misoir

Obama bringing down the debt, who would have ever thought. It's not some great drop but it's better then what it was.

What are you talking about in 2009, that was the biggest deficit on record. As far as I can remember Obama was president then right?

I don't wan to hear how its all Bush's fault either, Seeing how this years deficit wasn't any better. In the red is in the red.

Obama sucks as president, maybe even the worst one ever. He hasn't done nothing since he got in office expect screw up.

reply to post by Misoir


" The US budget deficit shrank by nearly nine percent in the last fiscal year, according to government figures published yesterday, as spending decreased and revenues rose, AFP news agency reports. "


But........Goverment SPENDING was up 16 Percent over Last Year ...............So the Point Is >?

Respectfully, Misoir (& I *do* respect your posts)...riiight. This administration (& every one before it) has already been outed for commissioning a "study" to fudge the Obamacare numbers. I don't believe a word they say.
If Washington DC told me the sky was blue, I'd not only go look, I'd get 2 other people to verify it.

reply to post by theability


Actually the budget for 2009 was done by president Bush because a budget is constructed the year prior. So the '09 budget was made in '08 and guess who was president.

But like another poster stated it is still 91% to go so it's not like we are going to jump for joy. We are virtually screwed and things are about to completely collapse, there's no saving this they only prolonged the inevitable.

Originally posted by Misoir

Obama bringing down the debt, who would have ever thought.

With all due respect, I have to disagree...

Bringing down the deficit from last years record high does not mean Obama is bringing down the dept. In fact, he is increasing the dept(hence a deficit of 1.294 trillion dollars). To bring down dept you would need a surplus.

Originally posted by theability


I don't wan to hear how its all Bush's fault either, Seeing how this years deficit wasn't any better. In the red is in the red.

so you are under the impression that the economy re-sets after a presidential election

Obama sucks as president, maybe even the worst one ever. He hasn't done nothing since he got in office expect screw up.

Your critique sounds like the opinion of a fifth grader. `Obama Sucks`. Seriously, get some specifics next time.

Originally posted by Misoir
reply to post by theability

 

Actually the budget for 2009 was done by president Bush because a budget is constructed the year prior. So the '09 budget was made in '08 and guess who was president.

But like another poster stated it is still 91% to go so it's not like we are going to jump for joy. We are virtually screwed and things are about to completely collapse, there's no saving this they only prolonged the inevitable.

I'm neither Democrat nor Republican; just wanted to point something out.

As to your first paragraph:

With all due respect, the President doesn't make or set the budget. The President submits a budget REQUEST; Congress (both Houses) go to work on it from there. It is CONGRESS who sets/makes/votes the budget into place.

So, the 2009 budget was set/made/voted in by Congress. Who controlled Congress in '08? The Democratic Party. Budget for FY 2009 ~ only 2 Repub Senators voted in favor of it; only 2 Dem Senators voted against it). Obama voted in favor of it. www.govtrack.us...

Though i did only a quick scan, i see NO Repub Congressman who voted in favor of it, though i do see a couple of Dem Congressmen who voted against it: www.govtrack.us...

While i do not think that Bush was a great (or even good) President, it is illogical to blame him for the deficits of 2009 when neither he nor his Party supported that budget. Obama and almost the entire Democratic Party supported that budget AND its deficits and they are the ones who set it in place and in motion. So, no, that one cannot be pinned on Bush.

Now, look at this coming year's budget (Fiscal Year 2011). Who set that? No one at all. There is NO budget for FY 2011. The Democrats ALONE ~ no Republicans voted in favor of it and several Democrats even refused to vote in favor of it) ~ just arbitrarily decided they could spend over a trillion dollars and then "deemed" it passed ~ a pitiful, sad, and, imo, unforgivable, historical first.

Please forgive that it's a "conservative" website; in this instance it has the information: www.humanevents.com...

By contrast, who made/set/voted the budget in during the Clinton years when we had a slower-growing debt and a BUDGET surplus (NOT an actual money surplus)? The Republican controlled Congress.

As to your second paragraph: I couldn't agree more.

reply to post by justadood

so you are under the impression that the economy re-sets after a presidential election

Seriously your the one giving credit to someone who has done nothing but spend money since he got into office.

Your critique sounds like the opinion of a fifth grader. `Obama Sucks`. Seriously, get some specifics next time.

Oh specifics like you stating that a smaller 250 billion decrease in deficit spending is worthy of kudos??

Where is the specifics about what Obama has actually accomplish? I won't hold my breath while you try to answer that one.

reply to post by Misoir


Misoir, this is why checking facts is important. The CBO also says that deficits will climb back to 1.4 trillion (same as 2009) by 2011.

It's lull in the storm, not an example of some new found fiscal responsibility.

Originally posted by theability

Seriously your the one giving credit to someone who has done nothing but spend money since he got into office.

Really? Where? Show me. Where did I assign credit to anything?

Where is the specifics about what Obama has actually accomplish? I won't hold my breath while you try to answer that one.

WEll, let's see: Your statement was: "Obama sucks as president, maybe even the worst one ever. He hasn't done nothing since he got in office expect screw up.". I asked for specific examples of all his 'screw ups'.

And THAT's your response? How? Why? Are we playing tennis?

Originally posted by Misoir
macedoniaonline.eu...

The US budget deficit shrank by nearly nine percent in the last fiscal year, according to government figures published yesterday, as spending decreased and revenues rose, AFP news agency reports.

The figures "underscored the administration's commitment" to cutting the massive government deficit, Treasury Secretary Timothy Geithner said in a statement.

For the 2010 fiscal year that ended on September 30, the government had a budget deficit of 1.294 trillion dollars, down 8.6 percent from a record-setting 1.416 trillion dollars in the previous year.

Obama bringing down the debt, who would have ever thought.

It's not some great drop but it's better then what it was.

You seriously are going to give Obama credit for a reduction of the deficit from 1.4 trillion to 1.3? Really are you insane?

You do realize the greatest deficit in US history before Obama was less than 450 billion by George W. So he triples the largest deficit in US history than cuts it by 9% still making it 300% greater than any deficit ever run by an administration other than his own - and you want to give him credit for it?????

Do you not understand that over 40% of the federal spending is deficit spending currently?

Do you realize that current tax receipts are only enough to just cover medicare, medicaid, and Social Security - and that's it - No national defense, nothing else.

This is not some joke - National Defense is not getting cut, and we aren't going to continue to be able to borrow for much longer at all - why do you think the fed just announced QE2 - its because no one else wants anymore of our debt.

What that means is big cuts to Social security, medicare and medicaid - You can count on them, they are at this point basically guaranteed.

We don't need some 100 billion cut - we need to basically run no deficit now if we want any chance of ever getting out of the debt mess we are in. Do you understand currently we are paying about 5% of federal spending just on interest on the debt with the lowest rates ever - they will not stay there. When the rates double or triple or more that becomes a much bigger problem especially if we are continuing to add to the amount we are paying interest on. We are very quickly digging a hole that may become Impossible to dig out of.

We will all suffer greatly very soon - and the Obama administration has managed to increase the suffering greatly through its actions.

reply to post by Misoir


First of all, correct me if I've misread, but from CBO's website

Their math seems off.

CBO estimates that the federal budget deficit was slightly less than $1.3 trillion in fiscal year 2010 and $125 billion less than the shortfall recorded in 2009. The 2010 deficit was equal to 8.9 percent of gross domestic product (GDP), CBO estimates, down from 10.0 percent in 2009 (based on the most current estimate of GDP). The 2010 deficit was the second-highest shortfall—and 2009 the highest—since 1945, relative to the size of the economy.

On top of that, I've said for many years, the CBO is skewed.

From Wiki:

The Speaker of the House of Representatives and the President pro tempore of the Senate jointly appoint the CBO Director, after considering recommendations from the two budget committees. The term of office is four years, with no limit on the number of terms a Director may serve. Either House of Congress, however, may remove the Director by resolution. At the expiration of a term of office, the person serving as Director may continue in the position until his or her successor is appointed.

Wiki

So, Pelosi and Byrd (now Inouye) are responsible for appointments.

I'm sure their is no agenda there.

reply to post by SeesFar


your forgetting one fact. yes the congress is responsible for the final budget but the sitting president has to sign the budget into law or veto it. and since neither Bush or Obama has vetoed a budget then they both are responsible for the budgets passed by congress under their time in office.

Now it would be a completely different story if they would have vetoed the budgets and the democrat controlled congress overrode the veto then you could lay all the blame on congress.

But that wasn't the case so lets lay the blame where it belongs. between both presidents and the congresses at the time equally!

The CBO always uses funny math to tweak the numbers anyway, they always always try and make their bosses look better than they are or else they would be out of a job!

Originally posted by Misoir
macedoniaonline.eu...

The US budget deficit shrank by nearly nine percent in the last fiscal year, according to government figures published yesterday, as spending decreased and revenues rose, AFP news agency reports.

The figures "underscored the administration's commitment" to cutting the massive government deficit, Treasury Secretary Timothy Geithner said in a statement.

For the 2010 fiscal year that ended on September 30, the government had a budget deficit of 1.294 trillion dollars, down 8.6 percent from a record-setting 1.416 trillion dollars in the previous year.

Obama bringing down the debt, who would have ever thought.

It's not some great drop but it's better then what it was.

That's because he's using accounting trickery.

The GSE debt isn't recorded as public debt and neither is the QE Bernanke has been busy dumping into the markets.

Oh, and lets not forget about the unfunded liabilities on things like socialist security and medicare, those aren't recorded as public debt either.

That said, I find it next to impossible to believe that any debt was reduced during last year. So I'm sure there's far more trickery than just that. I'm sure the fraud will surface sooner or later. Someone will pick that claim apart shortly.

That report is a joke.

reply to post by Misoir


This is #@!##@! awful!!!

They raised the debt more... No wonder these guys are mad, we ever gonna get any slightly positive news?