Deficit Balloons to $326.6B So Far in 2004

[UpInArms]

http://story.news.yahoo.com/news?tmpl=story&cid=512&ncid=703&e=8&u=/ap/20040713/ap_on_go_co/federal_deficit

WASHINGTON - The government's deficit ballooned to $326.6 billion in the first nine months of the 2004 budget year, according to a snapshot of U.S. balance sheets released Tuesday.

That's more than 20 percent larger than the $269.7 billion shortfall for the corresponding period last year. For the current budget year which began Oct. 1, this spending has totaled $1.73 trillion, 6.4 percent more than the same period a year ago. Revenues came to $1.40 trillion, 3.5 percent more than the previous year.

So far this year, the biggest spending categories are programs from the Health and Human Services (news - web sites) Department, including Medicare and Medicaid, $407.1 billion; Social Security (news - web sites), $397 billion; military, $322.3 billion; and interest on the public debt, $274.9 billion.

On the revenue side, individual income tax payments came to $596.4 billion for the first nine months of the 2004 budget year, 1.4 percent less than the corresponding period a year ago.

...more...

[trogdor]

1. President Nero fiddling while America burns.

What a maroon.

[tom_paine]

4. He is NOT president!

Emperor Nero*, you mean.

[whistle]

2. My quick calculation says that this year's deficit will hit...

...$436 billion, but income tax revenues ought to slide even further now that American tax payers have passed tax freedom day. The uncontrolled spending of the republicans and the unchecked tax give-aways tells me that this will be another deficit record this year. The hot stock tip: red ink manufacturers!:wtf:

[Don_G]

3. Here Are The CBO Projections

Neatly labeled by President....

[indepat]

6. Hey, it's worth a few trillion dollars to have a President whose politics

are right. Never mind the fiscal irresponsibility and the doom to the social security and Medicare programs. The bonus is perpetual war and a destroyed environment, small prices to pay to have a President whose politics are right.

[Barkley]

9. Great Chart Don-G!

Thanks for sharing this on DU!
:kick:

[gratuitous]

5. But we got there decisively, baby!

And THAT's what counts.

And can that be right??? Revenues are down 1.4% from a year ago? But, but, but, I thought all them tax cuts were going to make a shitload of jobs, and tax revenues would skyrocket! You don't think we're being lied to?

[The_Casual_Observer]

7. Well ya see...ya see.....in other words....

Ya got ta put the money inta the pockets of my base ya see...in other words ya see...

[Hobarticus]

8. But, but...the economy's recovering!

I made 26k jobs in Michigan! Me! Personally!

What are you, some kind of pessimist?