WASHINGTON, Aug. 10, 2007
Federal Deficit Shrinking In 2007
So Far, Government Debt Is $157.3B, Nearly $80B Improvement From Last Year, Treasury Department Reports
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The Treasury Department reported on Friday that the government produced a deficit of $157.3 billion for the budget year that began last Oct. 1. That's a substantial improvement from the red ink figure of $239.6 billion produced for the corresponding 10-month period last year.
The lower year-to-date deficit was the result of a record of $2.12 in revenues. Spending, however, was higher — $2.27 trillion, which also marked an all-time high.
The White House predicts that the deficit this year drop to $205 billion.
But the nonpartisan Congressional Budget Office predicts the government will produce even less red ink this year. It recently said the deficit will be "toward the lower end" of a $150 billion to $200 billion range.
Democrats and the Bush administration have been at odds over the fiscal situation of the United States. Democrats believe the shrinking deficits won't last. President George W. Bush, meanwhile, has called on the Democratic-controlled Congress to show some restraint in its spending.
In a 60 Minutes, the comptroller general of the Government Accountability Office, David Walker, warned that entitlement programs such as Medicare and Social Security are making the U.S.'s current standard of living is unsustainable.
"The fact is, is that we don't face an immediate crisis. And, so people say, 'What's the problem?' The answer is, we suffer from a fiscal cancer. It is growing within us. And if we do not treat it, it could have catastrophic consequences for our country," Walker said.
"If nothing changes, the federal government's not gonna be able to do much more than pay interest on the mounting debt and some entitlement benefits. It won't have money left for anything else – national defense, homeland security, education, you name it," Walker warned.
© MMVII, CBS Interactive Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.
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See all 79 CommentsThe Outstanding Public Debt as of 10 Aug 2007 at 07:28:24 PM GMT is: $8,944,604,308,472.14
The estimated population of the United States is 302,670,243 so each citizen's share of this debt is $29,552.31.
The National Debt has continued to increase an average of
$1.39 billion per day since September 29, 2006!
http://www.brillig.com/debt_clock/
$1.39 billion per day since September 29, 2006!
http://www.brillig.com/debt_c
lock/
Posted by IOWEIGN at 03:31 PM : Aug 10, 2007
Yet, as a percentage of GDP it continues to decline. The tax cuts have WORKED! The federal treasury is receiving RECORD REVENUES. Bush deserves great praise for his handling of the economy.
Yet, as a percentage of GDP it continues to decline. The tax cuts have WORKED! The federal treasury is receiving RECORD REVENUES.
Only a braindead fascist would make such an arrogant comment. This is all you Southern GOPigs have to go by? % of GDP declines? 2007 INTEREST on the Reagan/Bush debt now over $500 BILLION per year. That's over $1650 per person in 2007 in wasted money to service an aggregious debt. Your ignorant posts suggests you're also an avid Fascist FOX viewer, same as all you the other inbred southern fools pigs that hang around these boards.
Yet, as a percentage of GDP it continues to decline. The tax cuts have WORKED! The federal treasury is receiving RECORD REVENUES. Bush deserves great praise for his handling of the economy.
The US GDP was $13.13 Trillion last year (public debt is about 65% of GDP), that's a per citizen rate of about $44,000. The per capita debt is about $30,000. Seem like a lot? Not really, how many people do you know that make more money than their total debt in a year? In fact most American's total debt in their mortgage(s) is more than they make in a given year, and that doesn't count car loans, credit cards, etc. Personal debt is a bigger problem than the Federal debt. As an example look at the panic related to all the people who took out mortgages they can't pay.
That being said we should still work towards a leaner, less wasteful government, because in the end it is still our money.
All I can say is, don't let the door hit you on the way out!!!! LOL
Posted by ConDumism at 04:12 PM : Aug 10, 2007
And you are obviously an uneducated Oprah stooge. Where does your economic acumen come from? Rosie O'Lardass? The dailykoz? Or some anti cracker site that you need a secret "brutha" handshake to gain access to?
And what's your deal with the south? Was your momma raped by the white devil slave master???
What a f**king loser you are.
Posted by history_101 at 04:15 PM : Aug 10, 2007
Thank you Karl Rove. You going to praise him for his handling of the war on terror next? Or maybe his blazing fast reaction to Katrina?
Far from being "praised", Bush deserves to be set on fire, then pis*sed on to put it out and then thrown in prison to awaited sentencing from an international court.
Posted by RandalDS at 04:26 PM : Aug 10, 2007
Typical jealousy, god bless the rich, they pay the majority of the taxes (top 5% pay %50 of revenues) while the lower incomes pay $0. Ya know if you made more than miniumum wage you might get back more than $20 in your tax cut.
Posted by history_101 at 04:31 PM : Aug 10, 2007
Again thank you Karl Rove. How much does the RNC pay you for handing out this cr*ap that you're posting here? Our family income is none of your business, but it's not minimum wage. As for Bush's handling of the economy, tell it to the Chinese who he's borrowed more then $1 trillion dollars from. I'm sure they'll get a good chuckle out of it.
And what's your deal with the south? Was your momma raped by the white devil slave master???
What a f**king loser you are.
I'm still looking for a reply as to your family heritage. You speak as though you're an inbred, which is apparent with soooooo many Southern idiots that can't speak English correctly. I'm guessing that your Daddy is also your mommy's first cousin. Your posts are so full of hatred for America it's shocking to most. Now how about your kids? You married your first, or second cousin? Must be a drag to know that you come from recycled DNA............... Yet you're probaly in such deep denial, you can't even think with any accuracy whatsoever. Too hungover from yesterday, are you?
Code Pink members leave Move On.Org becuase it supports the Dems vote on the Iraq funding bill. The Daily Kos boots Cindy Sheehan cause she's going to run against Pelosi for not Impeaching Bush.
Its all about appeasing the base while doing what's right, fighting the war on terror over there.
Posted by RandalDS at
I actually like that we borrow from the Chinese, it keeps them out of other countries cuz if they get out of line we'll just default on the debt. What are they going to do swim over here to collect? And besides, who'll buy all the stuff they make?
"I actually like that we borrow from the Chinese, it keeps them out of other countries cuz if they get out of line we'll just default on the debt."
Posted by history_101
Both of those comments are so breathtakingly ignorant that they defy a serious response. You really ARE a neoconservative republican! You must be because the RNC could never find anyone so ignorant and with such little self-respect as to say such incredibly stupid things for mere money. I can only shake my head in wonder at how such a tiny brain could generate enough energy for you to be able to type. You are one of nature's wonders for sure.
Posted by RandalDS at 04:50 PM : Aug 10, 2007
And who's pulling who's chain on the "We'll get the troops out Iraq" line?
Did anyone else hear Senator Dick Durbin (D-Illinois) say on CNN that in his opinion the surge is working in Iraq and that we are %u201Cintercepting al Qaeda%u201D with our operations.
Sounds like the Dems are setting up the base for a change of rhetoric on the war in Iraq.
How long before Hillary claims that she supported the war all along?
Get ready Libs the Dems are setting up a 180 degree shift on Iraq before November '08. Of course the Democrat base will follow by their noses all the way to the ballot box.
I think you have the deal with China backwards. You seem to think we can turn the tables on the Chinese. Actually, we are in debt to them. And wait until they get rid of our treasury bills. Then we will watch you and the rest of the neocons get drunk and publicly weep while the banks repossess your houses, cars, boats. etc.
The Chinese do not have to come over here to collect anything. They will watch us implode. I think you ought to retake History 101.
I think you have the deal with China backwards. You seem to think we can turn the tables on the Chinese. Actually, we are in debt to them. And wait until they get rid of our treasury bills. Then we will watch you and the rest of the neocons get drunk and publicly weep while the banks repossess your houses, cars, boats. etc.
I know the US Government owes them the money, and what are they going to do Nuke us to get theor $$$ back? And how would the bank reposses our homes, cars and luxury yachts if we already own them outright? Remember we neocons are all filthy rich from *** over joe-six pack, hahahaa.
Oh and don't forget that Senator Bob Casey (D-Penn. ) also said the surge in Iraq is working on the same CNN spot that Dick Durbin was on.
Haha, you Libs still think the Dems are being honest with you while they support the President's every whim, the FISA bill, funding the war, you guys are such suckers.
The Chinese do not have to come over here to collect anything. They will watch us implode. I think you ought to retake History 101.
And they will implode with us. Remember we buy 21% of their exports, more than any other country and so they'll have to keep warm by burning our T-bills.
Keep voting Democrat, they are going to support the war in '08!!
Absolutely. The Chinese have us by the short and curlies right now. Sure they're our friend for the time being because we buy much of there exports, but the second they decide to dump those T-Bills on the market (in effect, call in their loans) our dollar won't be worth using as furnace fuel. Of course by that time Bush and company will be safely in exile in the Middle-Eat. That's what fools like history101 doesn't understand. Bush and Cheney don't give a dam*n about America or our economy beyond what they can borrow and then steal. Once the bills come do they'll hit the road laughing at the people who were stupid enough to put these internationalist thieves in charge of our bank. Bush and Cheney are NOT Americans! They are internationalists who care only about stealing our money.
Posted by RandalDS at 05:55 PM : Aug 10, 2007
Now that's some deluded stuff. We'll I'm glad you've got it all figured out, of course how good of a plan could it be if you figured it out.
Oh, and don't forget that the Dems are supporting Bush's every initiative; the war in Iraq, FISA warrants, etc. They must be in on it to, eh? Guess your the only one on the outside of this conspiracy.
Posted by gracchus1 at 06:02 PM : Aug 10, 2007
That's one of the apparent "nuances" that most people seem to be able to see who are not die hard Bush supporters. Both Russia and China, for their own separate reasons, are going to react very badly to an American war with Iran. Russia because it's just too close to their neighborhood and they have a strong alliance with Iran. China because they buy the bulk of their oil from Iran and they won't be happy about seeing that supply cut off or the price going through the roof. Yet the overly arrogant in the Bush administration (which includes the lot of them) are swollen up with the idea that America is the only remaining "superpower" and completely for get that both Russia and China are also nuclear powers, with delivery systems and a lot less to lose by using them.
And you're really so stupid as to think that the $12 billion dollars that the GAO says the administration can't account for in the Iraq war just disappeared due to bad book-keeping? That the $11 billion dollars in missing oil revenues from the first 3 years of the Iraq occupation disappeared the same way? Or that it's a coincidence that Halliburton is relocating to Dubai just as Cheney gets ready to take the CEO job back?
Oh any no, the democrats are not siding with Bush. A few are, but then again more then a few republicans are coming over to the right side with the vast majority of the democrats. So your statement is an out and out lie. Not surprising, but a lie nonetheless.
So why are we still in Iraq, and why are Dick Durbin and Bob Casey (not blue dog democrats by any stretch) saying on CNN that thw surge is working?
And why do the democrats wait until they know the FISA bill has enough votes to pass before the remainder (only half of them) jump in to vote against so they can tell the base "i voted against the bill"
Its called appeasement sucker! Meanwhile they do what's right for the country.
Gotta hand it to the Dems, they can talk a good game to the Libs while still making sure to pass bills that the anti-Bush people oppose. Good political manuevering while still looking out for the country, kudos!
Libs are such suckers, hillary will be their nominee and she will sayb she supported the war all along.
Or she'll be like Nixon did with Vietnam and promise to get us out, which Nixon did, in his SECOND TERM!
There will be TWO pro Iraq war parties in '08!
The US GDP was $13.13 Trillion last year (public debt is about 65% of GDP), that's a per citizen rate of about $44,000. The per capita debt is about $30,000. Seem like a lot? Not really, how many people do you know that make more money than their total debt in a year? In fact most American's total debt in their mortgage(s) is more than they make in a given year, and that doesn't count car loans, credit cards, etc. Personal debt is a bigger problem than the Federal debt. As an example look at the panic related to all the people who took out mortgages they can't pay.
That being said we should still work towards a leaner, less wasteful government, because in the end it is still our money.
Posted by history_101 at 04:15 PM : Aug 10, 2007
It is the military spending ( war-time economy ). It touchs all segments in our ecomony.
The Fed had to step in how many times today (8/10). Federal Reserve injected billions of dollars into the banking system to calm markets torn by worries about evaporating credit.
It is not that rosy.
Posted by history_101 at 06:43 PM : Aug 10, 2007
Ah actually that would be because obstructionist republicans have blocked every attempt to end the war and yes, militarily the surge has had some success, but they are also saying that the needed political solution is not and therefore any military success is completely moot.
Still you are a republican, so of course I don't expect you to tell the truth and you are not disappointing anyone. have you considered medication for your compulsive lying? Or did you catch it from Rove? If you're not Rove that is.
It is not that rosy.
This type of correction always happens after the markets realize there was to much speculating in one sector (real estate is the culprit this time). It happened to the Tech heavy NASDAQ in early 2000 and it will happen again. I just follow Warren Buffet's credo, buy when people are afraid and sell when people are greedy.
Either way he's sure not coming up with anything new or original.
Ah, actually I'm a recently reformed Democrat.
And yes, you're right, the Iraqi parliament, just like every multi-party democratic goverment needs to get along. Maybe someday the Dems and Repubs will join together and koom-by-ya and the sectarian and political violence will end on the streets of America. Oh please let there be peace in Washington, so there will be no more car bombs in Boston, let there be peace in DC so the kidnappings and executions will end in Chicago. Let there be peace!
Sounds like a lame excuse to me.
Appease the Libs oh ye Democrats, promise to end the war just one more time, pretty please!
Isn't saying everything is great and pursuing more war when Public Debt is 65 percent of GDP (Gross Domestic Product) sort of like a Corporate CEO declaring for himself a multi-million dollar bonus because corporate debt is "only" 65 percent of SALES?
Whatever happened to factoring in LIABILITIES, equity and costs BEFORE saying it's all wonderful?
In 1973 I read a book called "Lying With Statistics". It's an eye opener for the naive that I would like to recommend to all those Economic Pollyannas.
They're the same ones that sold Tulips in Holland, Teapot Dome, Enron, the Tech Boom and now eternally appreciating Real Estate to the gullible.
Pyramid Schemes all - and the taxpaying public is their mark.
Between the DIRECT infusion by EUROPEAN Bankers and the PRIVATELY OWNED Fed I've counted somewhere around 200 Billion in CASH ginned up in the last couple of days that's been PUBLICLY acknowledged.
In business when there's much More of something the total value might stay the same but the parts are given a lower value. So, down goes the value of the DOLLAR.
Usually the European Bankers shunt that kind of transaction THROUGH the Privately owned FED.
HECKUVA emergency there Bernacke.
Like I've said before when assets and through them the MARKETS narrow to the top 5 percent and there is NO WIDE CONSUMER BASE LEFT there WILL be a collapse.
Yep, the top 5 percent supposedly pay around 50 percent of revenue then get it back in lobbied for benefits. They also spend only a small fraction of their accumulated assets whereas those "minimum wagers" that are being made fun of spend a majority of their assets and have until recently KEPT this economy from collapsing SOONER.
Shell game really.
But, this nation has lost it's generation of REAL value.
It IS NOT real value blowing up nations and depleting OUR national resources in a spending and asset diversion scheme; then selling it to gullible Americans as as "investment".
What REAL VALUE is there in annoying a hornets nest?
Whatever happened to factoring in LIABILITIES, equity and costs BEFORE saying it's all wonderful?
Actually, during the Clinton presidency the national debt as a percentage of GDP averaged higher than it is now, and will any of you say the Clinton economy was horrible?
And by the way I've been shorting mortgage lenders since early this year, gonna make a killing, keep selling boys!!
this may be better than the 2000 tech crash!
Probably why I've been considering moving from my avowed Independent status - Just to vote in the Republican Primary.
Ron Paul isn't perfect but he's at least a Constitutionalist and the ONLY one to JUST SAY NO to misbegotten "nation building" schemes that are DESTROYING needed American assets - those include international goodwill, financial and infrastructure assets.
Our National Leaders in Destroying the future asset base of this nation are like parents eating their own children - temporarily filling maybe but with horrendous consequences!
Posted by history_101 at 07:58 PM : Aug 10, 2007
Did you short AA and UA in late 2001 too?
Always Wondered who that financial advisor was talking about in his 9/10/01 newsletter.
No, I just watch the pundits start to cheer for this and that and when there is the first whisper of a bubble (irrational exuberance as the great Mr. Greenspan called it) and I dump and short.
OK, so now you're agreeing with me that Iraq is a huge mess and we need to get out. Sounds good to me, but the democrats can not do it without some votes from the republicans. That's just the way it works in Washington. They don't have the votes (yet) to over-ride Bush veto and that's why the war drags on. That's hardly the same thing as going along with it though.
OK, so now you're agreeing with me that Iraq is a huge mess and we need to get out. Sounds good to me, but the democrats can not do it without some votes from the republicans. That's just the way it works in Washington. They don't have the votes (yet) to over-ride Bush veto and that's why the war drags on. That's hardly the same thing as going along with it though.
Posted by RandalDS at 08:34 PM : Aug 10, 2007
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No, I distinctly remember the Democrats saying that if the Aerican people gave them control of the house and Senate that they would get us out of Iraq. What happened Dems, was this all just political rhetoric to gain power?
And I don't think we should get out of Iraq, I agree with Senator Durbin (D - Ill.) and Senator Casey (D - Penn.) that the surge is working.'
Just letting you Libs know that the Dems are manuevering for a 180 degree turn on Iraq so they can continue to fund the war past the '08 elections.
And I don't think we should get out of Iraq, I agree with Senator Durbin (D - Ill.) and Senator Casey (D - Penn.) that the surge is working.'
Just letting you Libs know that the Dems are manuevering for a 180 degree turn on Iraq so they can continue to fund the war past the '08 elections.
Posted by history_101 at 08:41 PM : Aug 10, 2007
Well then you distinctly remember wrong because they did not say that. They did say if they had control of the House and Senate (which they need more then a simple majority to do) then they would get us out of Iraq. they do not have control of the House and Senate. Also yes, some democrats do agree (as do I) that parts of the military surge are working, but they do NOT say that means we should stay in Iraq, because the political solutions are not there. There is a big difference between the two things. As you know, but will not point out. When the democrats gain control of the White House and full control of the House and Senate, they will end the war just like they said they would.
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