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  1. #1 White House Predicts $482 Billion Deficit 
    Senior Member LogansPapa's Avatar
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    By ROBERT PEAR and DAVID M. HERSZENHORN

    Published: July 29, 2008

    WASHINGTON ó The White House predicted Monday that President Bush would leave a record $482 billion deficit to his successor, a sobering turnabout in the nationís fiscal condition from 2001, when Mr.
    Bush took office after three consecutive years of budget surpluses.

    The worst may be yet to come. The deficit announced by Jim Nussle, the White House budget director, does not reflect the full cost of military operations in Iraq and Afghanistan, the potential $50 billion cost of another economic stimulus package, or the possibility of steeper losses in tax revenues if individual income or corporate profits decline.

    The new deficit numbers also do not account for any drains on the national treasury that might result from further declines in the housing market.

    The White House forecast was prepared before passage of the huge housing assistance package that Mr. Bush has promised to sign. That legislation would put taxpayer money at risk in numerous ways, especially if housing prices continue to decline.

    Mr. Nussle predicted Monday that the deficit would more than double in the current 2008 fiscal year ó to $389 billion, from $162 billion in 2007 ó before shooting up to $482 billion in the 2009 fiscal year, which begins in about two months.

    The deficit projected for 2009 would be the largest in absolute terms, easily surpassing the record of $413 billion in 2004. The White House and many economists prefer to measure the deficit as a share of the economy. The projected 2009 deficit would be 3.3 percent of the economy. That is the largest share since 2004, but well below the percentages recorded in the 1980s and early 1990s. In 1983, the deficit was 6 percent of the overall economy.

    http://www.nytimes.com/2008/07/29/wa...c11&ei=5087%0A
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  2. #2  
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    I must be getting really old. I can remember back to when it wasn't the Republicans who were the party of drunken-sailor style spending.
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    Senior Member FeebMaster's Avatar
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    Quote Originally Posted by linda22003 View Post
    I must be getting really old. I can remember back to when it wasn't the Republicans who were the party of drunken-sailor style spending.
    No one is that old.
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    Hey! I remember presidents before Reagan.
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  5. #5  
    Senior Member Rebel Yell's Avatar
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    Quote Originally Posted by linda22003 View Post
    I must be getting really old. I can remember back to when it wasn't the Republicans who were the party of drunken-sailor style spending.
    Wait until the Prophet's Socialized health care, oil, and life in general kicks in. The republicans are bad enough, now. Imagine if the dems get in control.
    I feel that once a black fella has referred to white foks as "honky paleface devil white-trash cracker redneck Caspers," he's abdicated the right to get upset about the "N" word. But that's just me. -- Jim Goad
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    Senior Member FeebMaster's Avatar
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    Quote Originally Posted by linda22003 View Post
    Hey! I remember presidents before Reagan.
    They liked to spend too.


    Quote Originally Posted by Rebel Yell View Post
    Wait until the Prophet's Socialized health care, oil, and life in general kicks in. The republicans are bad enough, now. Imagine if the dems get in control.
    lol. You guys need some new material.
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  7. #7  
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    Quote Originally Posted by Rebel Yell View Post
    Wait until the Prophet's Socialized health care, oil, and life in general kicks in. The republicans are bad enough, now. Imagine if the dems get in control.
    Which is really the only platform McCain can sucessfully run on. This half-a-trillion dollar fiasco will undoubtedly become GWBís only lasting legacy for future generations.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  8. #8  
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    This is pretty much all GWB's fault.
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    Senior Member Molon Labe's Avatar
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    Quote Originally Posted by Eyelids View Post
    This is pretty much all GWB's fault.
    Get a clue will you. He's about 1/10 the problem. Sure his policies have been some crap...but do you remember who controls the purse strings in this country? The gang of 535 has much to answer for.
    Gun Control: The theory that a woman found dead in an alley, raped and strangled with her panty hose, is somehow morally superior to a woman explaining to police how her attacker got that fatal bullet wound - Unknown


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  10. #10  
    Senior Member Rebel Yell's Avatar
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    Quote Originally Posted by FeebMaster View Post
    They liked to spend too.




    lol. You guys need some new material.
    Some people need to be beaten over the head with the truth. Not referring to you, Linda.:D
    95% of all politicians are crooks in one way or the other. The other 5% just haven't been there long enough.
    I feel that once a black fella has referred to white foks as "honky paleface devil white-trash cracker redneck Caspers," he's abdicated the right to get upset about the "N" word. But that's just me. -- Jim Goad
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