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July Budget Deficit Hits ($165 Billion), Slightly Better Than Expectation Of ($169), Longest String Of Monthly Deficits On Record
The FMS has released its July monthly budget: on receipts of $156 billion and outlays of ($321) billion, the total budget deficit was ($165) billion, on expectations of ($169) billion. This marks the 22nd straight month of budget deficits and is the longest string on record. The comparable numbers in 2009 were receipts of $152 billion, or roughly comparable to this year, while outlays were $11 billion higher at ($332), for a total deficit of ($180) billion Total YTD receipts now amount to $1.752 trillion. With just two months left the in the fiscal year, the budget estimate is for total revenue of $2.132 trillion. On the outlays side, the US has spent $2.922 trillion YTD, and budgets total outlays of $3.603 trillion. More importantly, with 22 months of deficits, it is now increasingly clear that America will never have a monthly surplus ever again. And the more debt is issued, the riskier the budget picture becomes, as the second rates begin increasing, now that the duration of US debt has increased by one year in the past 18 months, the interest payments are sure to explode, requiring even more borrowing, and so on, in true subprime borrower fashion, ad inf.
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They are not bankrupting us fast enough!! More deficits!! More Tax Credits!! More WARS!!
Well, alot more wars probably will save the US? WW3 and the US just obliterates all the countries we owe money to...that kinda works.
was referring to some CA congressman about being called back to congress to vote on the $26 billion teachers aid package as saying sarcastically, we were called back because we'renot bankrupting our country fast enough.
Oh joy.
Madoff is turning in his grave....i mean 8X10.
Am I wrong or does the deficit go up more then 1% per month?
No, you're wrong. The Core Deficit figure is -0.2% on a per-month basis.
I mean the total American deficit. And it's actually rising 1.3% per month.
Ahem, I was being facetious. I was trying to equivalate the deficit with the bollocks reports of "Core" CPI.
Oh cool, so annualized that comes to an impressive $1,980bn - but at least it didn't break the $2tn mark, which it would, had the figure been $169bn.
Party on!
I've been told that Reagan said that deficits don't matter. So I'm not worried.
You were told wrong because Reagan never said it. Never did Cheney. Both are urban myths, the Cheney comment appearing in a book, designed to sell books. Hyperbole, and nothing else.
I was being sarcastic, but since we are on the subject, Reagan may not have said it, but Cheney most certainly did. Without a doubt.
Of course, Cheney probably wasn't talking about economics when he said it. He was probably talking about politics.
"Bush Bitchez" -- Barrack H. Obama
Tyler, today a friend of mine brought back from China a electric car. I was a brand I've never heard of: BYD E6 and costed him 19.300$
The car can drive 300 miles on total battery power and goes from 1 to 100 in 10 seconds.
It will soon get permisson for sales in Europe. And to be honest, the car REALLY drives good.
If these are launched I get the feeling the total car market will crash and surrender to these chinese cars.
You should write a piece about these chinese cars man. He told me, they have dozens of the same kind of cars in all type of models over there.
http://www.byd.com/showroom.php?car=e6
Clear violation of too good to be true principle. I am skeptical of the claims.
not a claim man. I drove the car. It's good, really good.
Best thing is, it charges in less then 2 hours.
The only downside it the weight, so the brakes will need to be replaced twice as fast as a normal car.
I've just became a believer.
Good call. 300 miles on 1 charge is absurd. The poster doesn't have accurate data.
If you checked out the link I provided, you wouldn't say such remarks.
Kilometers bitchez.
I sure hope the lithium ion battery in that car works better than the one in my cell phone.
Not pretty. Hot summer. Not looking too good.
on receipts of $156 billion and outlays of ($321) billion,
2 to 1! Farking unbelievable. Crash damn you!
... it is now increasingly clear that America will never have a monthly surplus ever again.
Recovery summer, right?
And yet, we just today auctioned-off another 10-figures of 10-year debt completely without so much as a hiccup. So sure, eventually Bondzilla is almost certainly going to get a little pissed about being overfed on crap (debt) lo these many years - but she seems to be sleeping quite soundly at the moment, no?
The FED can buy till the end of time with shill bidders in the room to glossy up the Bid-to-Cover ratio. There will never be an auction hiccup.
It appears the only way to destroy this monster is a hyperinflation fucking nightmare.
Obama saved some impressive jobs in NC, take a look at this awesome work the illegal immigrants did.
http://news.yahoo.com/s/yblog_upshot/20100811/od_yblog_upshot/behold-americas-educational-system-captured-in-a-single-photograph
Totally agree. Treasury auctions, at this point, are a dog and pony show. What I would like to know is the level of involvement of other countries/governments in this farce. I just don't believe the Fed and US Treasury can continue this crookery without an understanding in place with other governments. My guess is that the understanding goes something like "well, we're all bankrupt.. we can either let our societies unravel, or we can toss away the constraints of a monetary system and hope the whole thing holds together".
DOW/SP500 daily charts are now bearish.
So the downtrend I first mentioned in early May this year, can now resume.
http://stockmarket618.wordpress.com
talk about Germany damnit, let's talk about Germany, Greece, Portugal, Spain, Ireland.... fuck, even Iceland... anyone. MUST KEEP EYES OFF OUR OWN SHIT AT ALL COST.
Biden's plan isn't working. We need to spend more dammit it all!
lulz
http://www.youtube.com/watch?v=-lwiRFLsm_U
So beating expectations by 4 billion is bullish right? Quick everyone into bonds, lets get those yields to 0% across the board!