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Thread: Budget deficit dives -- again

  1. #1

    Default Budget deficit dives -- again

    Maybe things aren't as bad as some claim, after all. It looks like those tax cuts are working, too. We're in a war-spending situation and the tax cuts are STILL increasing government revenue.



    http://online.wsj.com/article/SB119189497675953035.html?mod=rss_Today's_Most_Pop ular

    The Shrinking Deficit

    The Congressional Budget Office has released its preliminary estimates for Fiscal Year 2007 that ended September 30, and the federal budget deficit fell again, this time by 35% to $161 billion.

    Since 2004, deficit spending has tumbled by $251 billion, which is one of the most rapid three-year declines in U.S. history.
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    http://www.cbo.gov/ftpdoc.cfm?index=8654&type=0

    The budget surplus was about $113 billion in September, CBO estimates, $57 billion more than the surplus recorded in the same month last year. The government typically runs a surplus in September because of the influx of revenues from quarterly tax payments.

    CBO estimates that the federal deficit was about $161 billion in 2007, down from $248 billion in the previous year.
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  2. #2

    Default Re: Budget deficit dives -- again

    Let me get this right now. The national debt is now over 9.1 TRILLION dollars. In 2006 the US government spent $406 BILLION dollars of OUR money on interest payments to holders of our national debt. For the fiscal year 2007 we added at a minimum 161 BILLION to this total that we will have to pay back principal and interest on and........you would like us to celebrate the
    wonderful job that our elected officials are doing managing the countries fiscal health. Oh, I almost forgot to yell yipee in regard to the tax cuts. Yipee.

  3. #3

    Default Re: Budget deficit dives -- again

    Can you read?? The thread is about a budget deficit, NOT a national debt!! If you don't know the difference, just say so and someone on this board will gladly help you.

    If you want to decrease the national debt a bit, cash in you savings bonds. The national debt is made entirely of government bonds -- mostly owned by US citizens. I don't think the government is in danger of going bankrupt to its own citizens, is it?

  4. #4
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    Default Re: Budget deficit dives -- again

    Special thanks to the stock market dive of this past summer inspiring a selloff and many running off with their profits and boosting capital gains tax payment income to the US Treasury.

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    Default Re: Budget deficit dives -- again

    Quote Originally Posted by skipster View Post
    Can you read?? The thread is about a budget deficit, NOT a national debt!! If you don't know the difference, just say so and someone on this board will gladly help you.
    I figured any discussion of a budget deficit would naturally lead to the issue of national debt--in the same way that if I spend more than I planned (and earned) in a month, and can't pay off my credit cards, that credit card debt becomes an isssue. I guess I need help too.

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    Default Re: Budget deficit dives -- again

    I figured any discussion of a budget deficit would naturally lead to the issue of national debt--in the same way that if I spend more than I planned (and earned) in a month, and can't pay off my credit cards, that credit card debt becomes an isssue. I guess I need help too.

    You mean I have to pay off the debt I run up on my credit cards????

    Oh crap, I think I screwed up!
    I am 49, bald, ugly, and don't own a single cool thing. Kids like me though.

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    Default Re: Budget deficit dives -- again

    Quote Originally Posted by sgallan View Post
    You mean I have to pay off the debt I run up on my credit cards????
    Aw, don't worry about it. Just bask in the glow of knowing that you met your budget this month.

  8. #8

    Default Re: Budget deficit dives -- again

    I figured that people might respond who don't know the difference between a budget deficit and a national debt. I also figured that those people would equate government finances to personal finances, but they're totally different things. How many people owe debt to their own citizens? None, because individuals don't have citizens, but governments do.

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    Default Re: Budget deficit dives -- again

    I guess you know alot about things the rest of us don't know.

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