More Good News: CBO Reports Deficit is down another $200 Billion

[ProSense]

More Good News: CBO Reports Deficit is down another $200 Billion

by Vyan

Matching the good news on the Jobs numbers along with the report that the Obama Administration just took in a record $181 Million in donations in September, the CBO - at the close of FY2012 - is reporting that the Federal Deficit has dropped another $200 Billion to a level of $1.1 Trillion - which is the lowest level it has been since 2008 when the Financial Crisis began.

The federal government’s fiscal year 2012 has come to a close, and CBO estimates that the federal budget deficit for the year was about $1.1 trillion, approximately $200 billion lower than the shortfall recorded in 2011. The 2012 deficit was equal to 7.0 percent of gross domestic product, CBO estimates, down from 8.7 percent in 2011, 9.0 percent in 2010, and 10.1 percent in 2009, but greater than in any other year since 1947. CBO’s deficit estimate is based on data from the Daily Treasury Statements; the Treasury Department will report the actual deficit for fiscal year 2012 later this month.

- more -

http://www.dailykos.com/story/2012/10/06/1141002/-More-Good-News-CBO-Reports-Deficit-is-down-another-200-Million

Cue Republican conspiracy theory.

Link: http://www.cbo.gov/publication/43657

[rsweets]

1. kick n/t

[spanone]

2. k&r...

[BenzoDia]

3. Man, thinking back on the debate where Romney was going on about jobs and deficit.

This should take the wind out of his sails.

[bigtree]

4. k&r

[littlemissmartypants]

5. This is great news!

Please don't come up behind me when I least expect it and whisper "sarcasm" in my ear... I so want this to be true. Thank you for the thread. LMSP

[lonestarnot]

6. Are they going to trot out the lizard with the fan around it's neck again?

http://www.bing.com/images/search?q=lizard+with+fan+neck&qpvt=lizard+with+fan+neck&FORM=IQFRML

[BumRushDaShow]

9. Probably this one

[lonestarnot]

11. LMAO!

[ffr]

13. I love good news that benefits us all.

Despite the spiteful.

[lonestarnot]

17. Me too.

[BumRushDaShow]

7. And the 3rd TKO

What is better? "Style" or "Substance"?

[treestar]

8. Another false report!

It's projection. The Rs are telling us they would falsify government statistics in power.

[lonestarnot]

18. Exactly what they are saying they would do while in power if it were possible.

[kentuck]

10. Since when is a $trillion dollar deficit good news?

I guess it's all relative?

[BenzoDia]

12. Yeah it's relative. The optimism is more in the direction as opposed to the number itself.

Let's say we get partial Bush tax-cut extension and a reasonable reduction in military spending, then 2013 would be another step in the right direction.

[kentuck]

14. But with all the fears about the "fiscal cliff"...?

what are the chances of that happening??

[SoapBox]

15. The Repukes will simply say it should be zero.

Like their IQ's.

[JackN415]

16. 1-Must be some accounting trick....

2-Must have been planned from the beginning of the FY because Obama knew he was up for election
3- Only $200 B??? lousy $200 B??? But the deficit is $1.1 trillions!!! Terrible results
4- Obama is terrible, because the $200 B cut is hurting the poor and the middle class, that explained why the country median income has gone down under Obama. "It broke my heart... I care, I care" - Mitt

[ananda]

19. Kick!

nt

[flyguyjake]

20. They'll say that these are only estimates and wait for the real Treasury figures later this month.

[Jamaal510]

21. You won't see this piece of news on Fox Business or anywhere else on that channel.

In fact, they actually put up some debt clock and made it look like the debt has been increasing when the opposite is true. Filthy crooks.
http://mediamatters.org/research/2012/09/05/fox-hypes-rnc-debt-clock-with-false-attack-on-o/189745

[bhikkhu]

25. Those are two different measure

Their debt clock measures total government debt, while the deficit refers to the difference between income and expense in any given year.

Of course one relates directly to the other, but the debt clock is sufficiently arbitrary guess work that resetting it would be pointless and more or less unnoticeable. Its a bunch of spinning numbers, which would be quickly shuffled out of sight or spun some other way under Romney if it came to that.

[Jamaal510]

28. Ok thank you for making it clearer.

[OldDem2012]

22. Crap!! Another conspiracy posting false data!! Where's Jack Welch?? nt.

[pasto76]

23. follow the link and read; cites increase in revenues from corporate taxes as the reason

pound that into everyone you talk to. Taxing corporations is a key to eliminating the deficit

[bhikkhu]

26. That "Corporate Profits Hit All-Time High!" from last year, which remains unspun by either side

http://www.businessinsider.com/corporate-profits-just-hit-an-all-time-high-wages-just-hit-an-all-time-low-2012-6

...ignored by republicans because it contradicts their meme about the economy stuck in long-term decline under Obama. And ignored by our side, perhaps, because its aggravating to watch (and to be able to do little) the corporations do so well for themselves, yet have such a small impact on jobs or wages.

[oswaldactedalone]

24. Yeah,

We're only 1.1 Trillion dollars in the hole!!!!

Think about how much money that is and how much only .0000001 of it would do for you.

[ProSense]

27. Yeah, Obama is working to bring that down.

Fuck yeah!

[sellitman]

29. Oh snap!