Federal deficit rises to $455 billion, or 3.2% of GDP (US Borrows $1.04 TRILLION in 2008)

[UpInArms]

Source: CBS Marketwatch

WASHINGTON (MarketWatch) - The U.S. federal government budget deficit widened to $455 billion in fiscal 2008 as the impact of a slower economy and the extraordinary federal response to the financial crisis took its toll on the public finances. In nominal dollar terms, it was the largest deficit ever, but it was not a record as a proportion of the economy. The deficit widened from 1.2% of gross domestic product in 2007 to 3.2% in 2008, the largest deficit since 3.6% in 2004. The deficit was $162 billion in 2007. Excluding the surplus of $183.3 billion from Social Security and other trust funds, the on-balance deficit soared to $638 billion from $343 billion last year.

09. U.S. 2008 federal outlays hit 21% of GDP, most since 1994
4:01 PM ET, Oct 14, 2008

10. U.S. government borrows $1.04 trillion in 2008
4:01 PM ET, Oct 14, 2008

16. U.S. federal deficit widens to $455 billion, or 3.2% of GDP
4:01 PM ET, Oct 14, 2008

Read more: http://www.marketwatch.com/news/story/federal-deficit-rises-455-billion/story.aspx?guid=%7BD0E938F0%2D0A29%2D4159%2D8436%2DE6791869E3AB%7D&dist=hplatest

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:faint:

[louis-t]

1. Wait, back up the armored car....

What happened to "cut the deficit in half in 5 years"? Was that just a slogan? Does that promise appear anywhere on the WH website?
Would any repug repeat that promise out loud?

[angstlessk]

2. well, mcsame promises to 'balance' the budget by the end of his first term!

does that count?

[SpiralHawk]

3. "Thanks a pantload, 'conservative' republicons. Ptoooey." - America

[David__77]

4. Aggregate debt as share of GDP on the rise too.

50-year high. We can clearly see that Reagan-Bush I and Bush II were the main periods of debt explosion.