Democrats wild $1.3 trillion deficit waking up Americans

AP Photo

The Democrats in Congress are beginning to look like college freshmen with their first credit card.  Now, like an observant parent, the American public is saying "enough already " as reflected in a Rasmussen poll survey of likely voters. It  found that 71 percent believe that it is Obama's policies that are responsible for the trillion dollar deficit. And as evidenced by the recent Town Hall outpouring, they are not happy about it.

According to the Investors Guide, a deficit is described as the amount by which a government, company, or individual's spending exceeds its income over a particular period of time. also called deficit or deficit spending. opposite of budget surplus.

The Independent Congressional Budget Office reported that the deficit hit $1.3 trillion in July 2009. Increased spending on bailouts for the financial sector and auto companies as well as the economic stimulus package along with falling tax receipts has created a nightmare for American's future.  In July alone, the deficit grew by $181 billion.

Spending through July 2009 increased by $530 billion, 21 percent over the same period of 2008. At the same time, tax revenue fell to $350 billion or 17% compared to the same period last year.

It is ironic that this comes at a time when the extended shopping spree that Americans enjoyed for the better part of two decades has come to a screeching halt, thanks to the recession, high energy prices and a seemingly unending stream of layoffs. So while Americans are tightening their belts, the Democrats keep piling up more debt.

Meanwhile, Obama and the Democrats continue to push for their health care program which is expected to cost roughly $1 trillion over the next decade.  However, it appears that those big figures---billions and trillions---have begun to impact how the American public is looking at the wild spending that has occurred in the last six months. It seems that a sleeping giant is waking up and saying, "Stop the spending."

Sources:

http://www.openmarket.org/2009/08/08/deficit-rises-880-billion-to-13-trillion-due-to-massive-unprecedented-levels-of-federal-spending/

http://thehill.com/leading-the-news/deficit-grew-by-181-billion-in-july-2009-08-09.html

http://www.telegraph.co.uk/news/worldnews/northamerica/usa/barackobama/5985199/Barack-Obama-faces-revolt-over-health-care-overhaul.html

http://www.marketwatch.com/story/more-americans-embrace-money-saving-lifestyles

Articles:

http://www.examiner.com/examiner/x-2547-Watchdog-Politics-Examiner~y2009m7d3-Gen-Colin-Powell-expresses-alarm-about-Obama-spending

http://www.examiner.com/examiner/x-2547-Watchdog-Politics-Examiner~y2009m6d29-Financial-future-of-US-worsens-under-Obama

http://www.examiner.com/examiner/x-2547-Watchdog-Politics-Examiner~y2009m6d25-Obama-luster-fading-as-Americans-face-reality-check

http://www.examiner.com/examiner/x-2547-Watchdog-Politics-Examiner~y2009m6d27-Americans-saving-more-as-Obama-continues-the-spending-spree

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