That's right. In spite of the stimulus bill, in spite of TARP, in spite of the GM/AIG/Wall Street bailouts, the first Obama budget (2010) has closed the deficit by 13%, according to Bloomberg.
The excess of spending over revenue totaled $90.5 billion last month, smaller than the median forecast of economists surveyed by Bloomberg News and down 13 percent from $103.6 billion in August 2009, according to a Treasury Department report issued today in Washington. The gap for the fiscal year that started in October was $1.26 trillion compared with $1.37 trillion last year at the same time.
This is not to say that all is hunky-dorry in budgetland, yet:
The economic recovery has helped generate more tax revenue for the Treasury, even as the Congressional Budget Office forecasts the deficit this fiscal year will reach $1.34 trillion, the second-largest on record. The Obama administration faces the challenge of trying to limit the shortfall while stimulating an economy with joblessness close to 10 percent.
Now remember this when the debate over tax cuts ratchets up beyond what it is right now and Republicans refuse to admit that tax cuts for the wealthy balloon the deficit even more with no pay-fors. John Boehner's admission that he would support the compromise that extends tax cuts without the benefits for the super-rich folks has the GOP in a lather
How ever will the poor Republicans deal with this ugly reality? STAY TUNED!
How ever will the poor Republicans deal with this ugly reality? STAY TUNED!
4 comments:
Hello Microdot,
You ask, “How ever will the poor Republicans deal with this ugly reality?” Surely you know as well as I do, the extreme, fanatic right wing Republicans don’t deal with ugly reality!!
This past Sunday, two days before the primary vote, I got my Sarah Palin recorded Republican message telling me who she supported in all of the Republican primary races. I took due notice of each and every name and made sure that I voted the opposite Republican candidate tonight.
I want to remind every reader of this posting that I intend not to vote for the vast majority, (if any) in the election this November.
This news of the current administration’s success needs to be touted and made blatantly public.
I did hear on the news that the Republicans are voting in the primary at a record turnout. The Republicans have out voted the Democrats for the first time since the early 1930’s. I am afraid that the Republicans will show up in numbers this November, more so than the Democrats causing Republicans victory in all races from dog catcher to Senator.
Two news events today may throw some cold water on the GOP race to the finish.
The Senate voted to override the GOP filibuster on the small business aid package 61- 37 and is expected to receive that as the final vote. The GOP has to defend its anti- small business fillabuster which the voters may find odd.
Secondly, pollsters say that the GOP insistence on tax cuts for the top 2% polls well for Democrats.
Now, will that change the momentum? Time will tell.
I know the definition of zealot, fundamentalist is one who puts doctrine in front of evidence to the contrary....
The sheer manipulation of ignorance astounds me. An undeniably elitist Party in ideological disarray, beset by scandals can by blunt force trauma of the use of fear and lies, manage to play their yahoo base like flock of choreographed hand puppets.
The frightening thing is the " hand puppets" don't even realize they have a fist manipulating them....
This is an interesting post since you wouldn't know this fact from USMSM.
Interesting comment EoK that "the extreme, fanatic right wing Republicans don’t deal with ugly reality!!"
I also agree that "This news of the current administration’s success needs to be touted and made blatantly public."
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