More Red Ink: Government In May Added Another $135 Billion To Its Tab
EmailABC News' Matthew Jaffe reports:
The government in May added $135.9 billion to its tab, bringing the total deficit for the first eight months of the fiscal year to $935 billion, the Treasury Department announced this afternoon.
The latest flood of red ink comes a day after Federal Reserve chairman Ben Bernanke told Congress that the country’s current fiscal path was “unsustainable” and six days after Treasury released a report that the total US public debt will hit $13.6 trillion this year and rise to $19.6 trillion in 2015.
However, this year’s budget deficit thus far is still slightly lower than last year’s shortfall was at the end of May 2009. Last year ended with a record $1.4 trillion deficit and the administration has projected that this year will end with a new record of $1.56 trillion.
- Matthew Jaffe
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Obama thinks he can spend as much as he wants, and there will be no consequences for his actions.
Posted by: Rick McDaniel | June 10, 2010, 3:45 pm 3:45 pm
Obama thinks he can spend as much as he wants, and there will be no consequences for his actions.
Posted by: Rick McDaniel | Jun 10, 2010 3:45:17 PM
Don’t be silly. This spending has been done to attempt to fend off a complete economic collapse and depression.
On the other hand, the doubling of the national debt under the Bush Republicans was done when the economy was ‘healthy’ – when money could have been stored and taxes paid.
Posted by: Tan | June 10, 2010, 3:57 pm 3:57 pm
Does that include the $400 million check for GAZA?..or has that not had a chance to clear yet…
Posted by: cindy | June 10, 2010, 4:45 pm 4:45 pm
Obama’s spending is Bush on steroids. Apples to oranges and everyone knows it. The emergency spending reasonable people cringe but understand but the outright explosion of spending is unacceptable and as Bernake said unsustainable. Also the even bigger diff between the two Bush did go in with a surplus and spent it, Obama went in knowing we were in the red and spent way more in one year than Bush did in 8- hog wild. One example is just looking at the budget for the US census. In 2000 feds spent $4.5 billion ($15.99/person)on the Census now under this admin the 2010 Census they’ve spent $14.5 billion ($46.93/person) which is more than the cost of all previous Census costs combined.
Posted by: obieone40 | June 10, 2010, 4:59 pm 4:59 pm
The emergency spending reasonable people cringe but understand but the outright explosion of spending is unacceptable and as Bernake said unsustainable
Posted by: obieone40 | Jun 10, 2010 4:59:17 PM
Other than the emergency spending there is no ‘explosion of spending’. Much of the deficit was already written into the books by the Republican tax cuts for the wealthy, their seniors drug program and the 2 unpaid for wars.
Posted by: Barma | June 10, 2010, 5:06 pm 5:06 pm
The government should cut salary (at least 10%) and benefits of all federal employees, officials (including those in Congress), to get the government budgets and fiscal responsibilities under control. Many European countries are doing exactly the cutting like this, even though they don’t have out of control spending like us. Please, Obama, show some fiscal discipline now!
Posted by: cellisis | June 10, 2010, 5:14 pm 5:14 pm
This is all our fault we have elected idiots to run ouyr country. They are all happy they have a job and Obama will never have to work the rest of his life.
Both the dens (the worst) and republicans are responsible for our situation – Obama would bnever had been elected if the republicans did there job better.
We need to put these clowns on term limits. Can any one believe a person like boxer has been around 18 years – she is too ignorant to get a real job but in Washinton no one works so she fits in perfectly. Look at frans and pelosi – reid OMG.
The day will come when everyone will wake up to the fact we elected a person worst than Jimmy Carter. At least Carter was involved and tried his best, which was awful. Obama is just a zero
Posted by: a citizen | June 10, 2010, 5:38 pm 5:38 pm
I will beleive this administration is different from the bush admisistration when I see congress actully CUT some spending. So far they have spent like a bunch of drunken sailors and there is no end in sight. Why can’t they (Congress) take a pay cut? Are they so detached from America that they see their salaries as a given while everyone else suffers? It is really disgusting. They take, they spend, and it affects them not at all.
Posted by: Edward80 | June 10, 2010, 7:31 pm 7:31 pm
When will Obummer learn he can NOT spend more than he takes in!! I know he has never worked at a REAL job, voted present 90% of the time as a Senator, never run a business, never served in the military, just a “glorified college student” that has went to school most of his life. Not a leader. The British newspapers are giving him “heck” as weak leader. We can change this in 2012!!! Get a REAL leader!!!! If we have any money left at the end of his term, we can turn things around!!!
Posted by: TXAR.55 | June 10, 2010, 7:53 pm 7:53 pm
Time to take away the $35 billion in tax breaks we’re giving the oil companies.
Posted by: Flash Override | June 10, 2010, 10:10 pm 10:10 pm
Is Obama insane? Why does he continue to spend this way? Is he so enamored with himself and his agenda that he doesn’t care what happens to this country? I think we all know these answers.
Posted by: JonF | June 10, 2010, 10:52 pm 10:52 pm
The USA is headed toward collapse. Government is way to big with overinflated salaries. We need to start throwing these porkers out of office.
Posted by: Bill from Pa. | June 10, 2010, 11:05 pm 11:05 pm
By that logic Obama has the right to snort cocaine because Bush did… Oh, hey! Wait a minute!!! Now these guys agenda and carlessness and indifference to the will of the American people actually makes SENSE!!!
Posted by: CBA | June 11, 2010, 1:31 am 1:31 am
“Would you have preferred the unemployment coverage to have run out for millions months ago?” Talif | Jun 11, 2010 1:00:24 AM
I would have preferred Congress to have spent half the effort on reversing the unemployment problem that they wasted shoving through a useless health care refinance bill.
Posted by: Publius | June 11, 2010, 3:14 am 3:14 am
Bingo | Jun 11, 2010 3:33:42 AM….”he health care bill was required to begin to get health care costs under control. Even the RAND institute agrees with that.”……………Is that happening?
Posted by: dmounts000 | June 11, 2010, 7:11 am 7:11 am
This is why we need to replace every one of the incumbents. They spend 3 dollars for every 2 they take in and borrow the rest.What kind of VooDoo math is that? Maybe Obama did not take math at Harvard,could that be why he is hiding his transcripts? Seems like more educated Idiots come out of Harvard than anywhere.
Posted by: stormerF2 | June 11, 2010, 8:45 am 8:45 am
Just when you thought nothing could be more pathetic than Obama’s careless spending, I read comments actually defending Obama and his spending. Blaming Bush.
LMAO! Give it up already! This has been Obama’s ship for quite some time now. You blind deniers look so pathetic and petty when you blindly follow. Where is that backbone you once had just a mere two and a half years ago? Where is that fierce criticism of holding the government’s feet to the fire?
I don’t want to hear that you are a bunch of partisan hacks, who are just fine with whatever happens as long as it is your party in power. That my friends is dangerous. Shape up!
Posted by: Kate | June 11, 2010, 8:50 am 8:50 am
Every month a 100 billion here and a hundred billion there. Do it this way and no one complains as much. You Bush slammers who complained about his over spending where are you today?
Posted by: Jim Rod | June 11, 2010, 9:18 am 9:18 am
China’s exports jumped 48%. We are trapped in NAFTA. Our manufacturing capabilities are gutted and we have record unemployment. We have our economy tied to a treaty that promises failure because The white house turns a blind eye to China’s cheating. But I guess a Healthscam tax and cap and tax will help.
Posted by: sparks | June 11, 2010, 9:24 am 9:24 am
we could get that money back plus more if the ILLEGAL ALIENS WERE KICKED OUT OF AMERICA. They are a big reason for our economic collapse.
Posted by: Don | June 11, 2010, 10:07 am 10:07 am
Obama is a socialist that wants everyone on the same level, like in communists countries. No matter if your a doctor, lawyer, ect. he wants everyone making the same amount of money. He is a product of Saul Alinsky marxist views. Read the Alinsky agenda! Obama will spend us in debt so bad that it will take years and years to recover. The majority whip Eric Cantor said back in April that Obama enacted a 25 tax increase passed by the Democratic-controlled congress that will cost families and small businesses more than $670 BILLION over the next decade. Look how much more he has spent since then!! Got to get him out of there!!!
Posted by: TXAR.55 | June 11, 2010, 2:23 pm 2:23 pm
I would have to say that the border problem and the oil spill didn’t help our country any. People want to complain about Obama not doing anything but when he does they want to complain about the costs to do it. Whatever. Damned if he does and damned if he doesn’t.
Posted by: Kayla71482 | June 12, 2010, 12:42 am 12:42 am