The US deficit shrank nine percent last fiscal year but still topped one trillion dollars, the government said Friday in a report seized on by Democrats’ rivals weeks ahead of mid-term elections.
For the 2010 fiscal year that ended on September 30, the government had a budget shortfall of 1.294 trillion dollars, down 122 billion dollars from the previous year’s record-setting high.
The government took in three percent more revenue in 2010 than a year ago, at 2.162 trillion dollars. It was the first time receipts had increased after two years of decline.
But it spent more than it took in, 3.456 trillion dollars, although that was two percent less than in 2009 and the fastest one-year reduction since 1984.
Oh, and now we get to the COMPLETELY RIDICULOUS LEVEL OF HYPOCRISY AWARD…and it goes to…..
“Just a few years ago, the deficit was under 500 billion dollars,” said Judd Gregg, a Republican on the SenateBudget Committee.
“Now, since the Democrat majority has taken control of the nation’s checkbook, deficits have risen to staggering levels and will average one trillion dollars annually for the next decade under the president’s policies.”
This is a funny one, Mr. Gregg. The sad thing is that many Americans seem to buy it.
Just like they bought Medicare Part D from y’all a few years ago. And by “buy” I mean “put on grandchildren’s credit card”. This is the paragraph that should be run in every story about the Tea Party ever. From this article…
The parties share blame for the current fiscal situation, but federal budget statistics show that Republican policies over the last decade, and the cost of the two wars, added far more to the deficit than initiatives approved by the Democratic Congress since 2006, giving voters reason to be skeptical of campaign promises.
Calculations by the nonpartisan Congressional Budget Office and other independent fiscal experts show that the $1.1 trillion cost over the next 10 years of the Medicare prescription drug program, which the Republican-controlled Congress adopted in 2003, by itself would add more to the deficit than the combined costs of the bailout, the stimulus and the health care law.
Now you get the Tea Party, eh? Republicans bought them off (recall, the majority of Tea Party Patriots are anti-socialists on Social(ist) Security) with free drugs in 2003, now they want to make sure that a) no one else gets any and b) no one else gets theirs. This also explains the popularity of the “keep-your-government-hands-off-my-medicare” meme that is so prominent in Tea Party circles.
Gregg is such a huge hypocrite because it is the tax cuts and service extensions (with simultaneous wars) that the Republicnas championed that led to the mess. And now that Obama hasn’t clean it all up in two years (despite making some progress, see headline), a scared and confused American electorate is heading right back to the ones that abused them.
And thanking them for it.
What. A. Country.
UPDATE: A friend of mine made the following comment in response to this...
Stated differently, guess who has had the two highest (by far) federal budget deficits...I don't see how a trillion dollar budget deficit can be viewed positively
I took that as a wonderful oppotunity to educate a bit on how the U.S. fiscal year cycle works (and throw in a bit of snark, as per). I think it's generally better to head-off common (and wrong) rebuttals for important pieces of information.
Is that a trick question? Because there isn't a correct single answer.
A quick primer...
...The Federal Fiscal Year runs from October 1 of the prior year through September 30 of the next year. For example:
* FY 2010 runs from October 2009 through September 2010.
* FY 2011 is from October 2010 through September 2011.
* FY 2012 is from October 2011 through September 2012.
This allows the new Congress (and anyone else newly elected) to participate in January, when they take office, to prepare the budget for the next year.
So, for FY 2010 (beginning oct 1, 2009 ending sep 30, 2010, set up jan 09), the deficit was $1,294,000,000,000.
For FY 2009, (beginning oct 1, 2008, ending sep 30 2009, set up jan 08), the deficit was $1,416,000,000,000.
Who got inaugurated in Jan 2009?
Who was President in Jan 2008, when the FY 2009 budget was done?
Granted, as you mention, trillion dollar deficits are not a thing to be pleased about. However, I was under the impression that *falling deficits* and *falling federal spending* were things to be desired.
We have them now. Finally.
For those that don't (or can't, because of political reasons) remember the Bush years, it really was that bad. Really.
Remember how we cut taxes, went to war, and gave a huge hand-out to seniors? Remember how we (well, some of us) asked how we are going to pay for all that?
Now we know.