U.S. Debt
The time when Obama and the Democrats can blame the Bush administration for the economic woes of the United States is fast disappearing. Their theory of spend and tax is proving to be an Alice in Wonderland scenario while the reality continues to be exposed in the Congressional Budget Office (GBO) reports. What Obama didn't count on is that when once the public begins to see through the charade, his celebrity status would begin to fade along with his poll numbers.
According to the (GBO), the federal budget deficit was more that $800 billion greater than was recorded through June 2008 for the first nine months of fiscal year 2009. Outlays are 21 percent higher than they were in the first three quarters of 2008, with revenues falling by 18 percent.
Outlays this June were $85 billion greater than in June 2008. Fannie Mae and Freddie Mac added a $24 billion in outlays; TARP spending totaled $11 billion.
CBO estimates that the federal government incurred a deficit of $1.1 trillion in the first three quarters of fiscal 2009, $457 billion higher than in the October-June period of 2008. The net interest received on the public debt is estimated to be $143 billion, down 25.5 percent.
To read the Monthy Budget Review from the GBO, go to:
http://cbo.gov/ftpdocs/104xx/doc10433/07-2009-MBR.pdf
To read more about Obama and economic forecasts, go to:
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Comments
Speaking truth to the political zombies on the left!
Martha, you are some journalist. Thank you for your articles.
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