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December Budget Deficit Hits $91.9 Billion, $389 Billion So Far In Fiscal 2010
The December budget numbers are out and they are ugly. December was the record 15th straight budget deficit in a row with -$91.9 billion more in outflows than inflows, compared to a $51.8 billion deficit in December of 2008. Fiscal 2010 budget deficit so far is -$388.5 billion, and $1.47 trillion for the trailing twelve months.
As Zero Hedge pointed out previously, $14 billion in December was spent on jobless benefits alone, double the prior year's spending. The government spent $1.416 trillion more than it took in during all of fiscal 2009. Spending on interest has hit $52 billion in FY 2010 (three months into the year).
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*facepalm* for the whole year.
Got Ink and Paper? All is well. Dollar going to $40.
...and gold going to $1,400.
Didn't they get a bunch of TARP money payments in December from C and BAC?
Emergency unemployment benefits.
The question being....
If the dollar drops precipitously....
What would be the interest rate spectrum....????
Part of their plan to "spend their way out of it"
FCKING MORONS
I could tell there was more bad news like this just announced - I noticed the market started rallying.
It's completely out of control.
Do not fear, these things must come to pass before the great and terrible day of the utter collapse.
when all trading shall cease and friendships be no more.
It's always darkest just before it goes pitch black.
hey, it's good news...looks like we will probably keep that deficit under 2 trillion.
And, Obama said today that he is looking for some cost containment to "reduce the deficit"
The campaign pitch for mid terms from Obama: "In light of a horrible recession inherited from the previous administration and their financial masters (bernanke, geithner, wall street and the banks, whom I was forced to hire) we have successfully, against all odds, managed to keep the USA budget deficit below 2 trillion dollars, coming in 1.5 trillion, a massive savings of 25%."
Sad thing is I fear you are right...worse I have a feeling that a lot of the sheep will buy this line too.
I disagree. No one (okay, very few ones) are buying what Obama says any more. He has a tin ear as far as that goes. He apparently still feels that the "power of his oratory" is all he needs and it doesn't matter what BS comes out of his pie-hole.
actually, i think you are correct elvisdog.
seems to me from my reading people are coming to the conclusion that more and more he is just a silk tongued bullshit artist.
when it comes to action, his primary goal seems to be appeasing everyone.
the guy has no stones
Sure looks that way.
I figured out whatever good impression I initially had of him was grossly mistaken the day he nominated Tim Geithner for Treasury Secretary, since I had already slotted Timmah under "criminal." The next thing I hear is the amount of $$$ GS had sent him for campaign donations and I knew my worst fears weren't enough to cover what Obama really is: Rubin's guy.
Not that McCain would have been any better, or any different, just less pleasant to listen to - although at least we would have had a GILF for a VP, as in "Governor I'd. . . ".
OK that was in bad taste.
I think that every month will be a new "xxth straight budget deficit in a row". No way are we showing a positive cash-flow here not for a good long time. The real question is can we about double 2010 yty Dec budget deficit? "Yes we can!"
We stillhave April. Remember last year they changed the tax withholding tables and many people did not go in and add the difference to their withholding so April may show a surplus, but the sheeple will be mad again at being ripped off.
And it looks all the worse when you consider that, for the comparable period last year, there was $85B in TARP payouts contributing to the deficit. Subtract out those 'extraordinary' payments, and the structural deficit this time last year was *only* $250B, compared with $389B now...a 56% increase. All those extra food stamps, social security payments and unemployment benefits start adding up pretty quick...
The real problem, however, is a growing sense that the U.S. government is no longer a legitimate authority.
Many polls indicate that citizens of the U.S. have come to view the U.S. government as an enemy, a corrupt domestic leviathan which operates
against the general interests of the people and
in favor of a small group of insiders who seized control and are openly using the power to enrich themselves at the expense of taxpayers.
Ultimately, nature would imply this is a "good" thing......REAL change is good, and is necessary to keep things functioning.
+1
The best symptom of this is the fact that the extreme left and extreme right are in agreement regarding the travesty in raiding the public treasury for the benefit of the few elite. The only citizens without outrage are the uninformed. This is one of the few examples where populist outrage is well-placed.
This is not mere philosophical disagreement: We have laws, and rules, and we do not follow them. The people now suffer the capricious forced looting by people in "office" usurping far beyond their authority.
The correction will come, and it will be dramatic. Ideally, the result will be a return to the rules and laws that already exist, but which are currently ignored. For this reason, it is civic duty (both justified and obligated) that will remove the current rulers from their lofty positions.
I hope this is true, but they aren't called sheeple for nothing. Do you have a link to such poll data?
Of course the government is the enemy, especially if you were born in one of the colonies (Iraq, Afghanistan, etc...). If you were born in the US, you just ask, does the government steal from you or for you?
www.ae911truth.org
F__K-UM
got mt ui check today,sign up again sunday
Doing my taxes and I'm shooting for the $3000 welfare gift
at $450.week I will stay on the forever
Homeless and Hungey people riot!
I'd like to see some good interest rates on my money market (money on the sidelines) - getting rather tedious now..but I aint gonna buy stocks with it.
Wut, 91 Billion, that's it?
The way the Treasury jobless payments are going January will be another $14bn on unemployment benefit. The months so far this financial year have been running at well over 2x last year's monthly totals, though the ratio has very gradually come down October thru December. If the pool remains static this financial year we are looking at a total $234bn vs 2009. If the unemployed numbers in the pool grow, well we could be talking well over $250bn.
So let me see if I get this right, without unemployment payment, the Federal Government would still be totally bankrupt.
The December budget deficit is of course another sign of the booming economy, andis clearly a reflection of that positive jobs number generated in November. Thank you President Soetoro for your wise stewardship of the once wonderful US economy.
The December budget deficit is of course another sign of the booming economy, and is clearly a reflection of that positive jobs number generated in November. Thank you President Soetoro for your wise stewardship of the once wonderful US economy.
The December budget deficit is of course another sign of the booming economy, and is clearly a reflection of that positive jobs number generated in November. Thank you President Soetoro for your wise stewardship of the once wonderful US economy.
Now, now.......
The Prez needs more time.
It ain't his fault, you know.
All the bad stuff thats happenin........... ?
Why.... its all the previous administration's fault.
He's only been in office a year.
C'mon, cut the guy some slack.
Lets hear it for Hope and Change !
4 more years, 4 more years..................
Its coming, guys.
See ya all at the Poor house.
It will be paid back with navel lint.
Hey - As the bad news reigns down - the market breaks through
10666. In the words of Joe Strummer; "Armagideon Time"...
I wonder how many comments i have read over the last months, saying that the markets are rigged and doesnt make any sense anymore ?
I also wonder for how long this will continue. A very long time it seems
A rising equity market is consistent with a rising deficit - that money has to go somewhere. A lot of companies benefit from the taxpayer largess. How many people would be buying Doritos, for example, if not for unemployment checks and food stamps?
What is amazing is how the Treasury market holds up. Definitely an indication that banks are being forced to buy Treasuries, just like in Argentina in 2000. You know what is next - citizens will be forced to buy Treasuries.
Screw the Chinese, pay them pennies on the dollar for the bonds they're holding. They completely destroyed any real manufacturing value with their sub standard bullshit crap. Let them eat their own poisonous toys, tooth paste and canned foods on top of it.
Kill the dollar, destroy the debt load. Start with a new currency.
um, yeah. US policymakers shot the economy in the foot there, by deciding not to compete with the Chinese. (Not that their command labor force was easy to compete against, just that we enabled the outsourcing.) We're a "service economy" now, remember? Too good for menial jobs like making stuff. We sortof did it to ourselves.
But I agree, US default is looming on the horizon.
The Feds have implemented a stealth tax increase by increasing witholding on paychecks. They'll give a refund next year when tax returns are filed. Until then, the deficit will look better than it really is.
Smoke and mirrors.
The Feds have implemented a stealth tax increase by increasing witholding on paychecks. They'll give a refund next year when tax returns are filed. Until then, the deficit will look better than it really is.
Smoke and mirrors.