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Economy
Federal Government Borrowed 46 Cents Of Every Dollar It Has Spent
2012-12-08
[Washington Times] The federal government borrowed 46 cents of every dollar it has spent so far in fiscal year 2013, which began Oct. 1, according to the latest data the Congressional Budget Office released Friday.

The government notched a $172 billion deficit in November, and is already nearly $300 billion in the hole through the first two months of fiscal year 2013, underscoring just how deep the government's budget problems are as politicians try to negotiate a year-end deal to avoid a budgetary "fiscal cliff."

Higher spending on mandatory items such as Social Security, Medicare and interest on the debt led the way in boosting spending compared with the previous year, which also highlights the trouble spots Congress and President B.O. are struggling to grapple with.

All sides agreed to discretionary spending cuts and automatic spending cuts last year, but have been unable to agree on ways to control entitlement costs, which are the long-term drivers of deficits and debt.

Fiscal year 2013 began on Oct. 1 and so far the government has spent $638 billion and taken in just $346 billion in revenue.
Posted by:Fred

#12  Yokay, I'll bite, I thought it was $0.52 per dollar???

WELL SON, AHZ EZ CONFUSED.
Posted by: JosephMendiola   2012-12-08 21:00  

#11  "Given the President's political party's current large majority in the U.S. Congress"

Huh?

Somebody's very bad at plain ol' arithmetic.
Posted by: Barbara   2012-12-08 20:27  

#10  This was written in '09 and seems to be spot on. Then Dems controlled Congress and their prognosis for a tax rate hike seemed inevitable. However as the Dems lost Congress a spanner was thrown in the works. So they need Boehner to cave for their schemes to work.
"If the Obama administration holds to the recent practice of U.S. politicians of keeping near the lower margin, the expected national debt burden for 2011 of 2.9 indicates that the top marginal income tax rate will increase to roughly 44-45%. Given the President's political party's current large majority in the U.S. Congress, it is possible that tax rates could go much higher. The tax rate corresponding to the central curve for the national debt burden expected in 2011 is 67-68%."
Posted by: tipper   2012-12-08 20:07  

#9   there are certain lines that the Gov't cannot cross in this unfloding financial breakdown. These include: (1) Nationalizing peoples' 401K's and retirement plans

Of course not. Printing money is so much easier---of course, the result...
Posted by: g(r)omgoru   2012-12-08 14:24  

#8  Arrow trauma vs high-powered bullet trauma.

Excellent analogy, Besoeker.
Posted by: no mo uro   2012-12-08 13:33  

#7  I certainly hope you are correct Raider, but most of the available evidence and trend analysis does not appear to support your theory.

Gunshot injuries which do not strike a vital organ seldom result in immediate death. Death comes from blood loss and hypovolemic traumatic shock. We're simply being bled to death.
Posted by: Besoeker   2012-12-08 12:36  

#6  Glenmore ... my theory is that there are certain lines that the Gov't cannot cross in this unfloding financial breakdown. These include: (1) Nationalizing peoples' 401K's and retirement plans, (2) Seizing specific assets like land, hard cash, and gold. If the difference between private property and public property gets eroded too far - we will see a major breakdown in our society.
Posted by: Raider   2012-12-08 11:58  

#5  Anyone here have change for a trillion dollar bill? The soda dispenser won't make change.
Posted by: Perfesser   2012-12-08 11:18  

#4  It's really for your own Glenmore. Who better to invest your money than a treasury headed by a tax cheat, a DOJ headed by a racist and gun-runner, and a President who firmly believes he really is the chosen one?

And you're only be given SS if you really need it and medicare will be replaced by Obamacare (and you get that only if the death panels think you are worthy).
Posted by: CrazyFool   2012-12-08 11:14  

#3  Obama and his minions sure have a misguided notion of what paying one's "fair share" means. Maybe we should be talking about large scale theft of personal property and belongings instead of the phrase "paying one's fair share."
Posted by: JohnQC   2012-12-08 10:24  

#2  No, Besoeker, they will nationalize our 401(k)s, IRAs & pensions FIRST, then 'give' us SS & Medicare.
Posted by: Glenmore   2012-12-08 06:02  

#1  It should be relatively easy for a government teetering on bankruptcy to completely default to a "needs based" entitlement strategy. "Needs" of course, as defined by the government and the IRS. It's really only fair, and an obvious extension of what has already been going on discreetly for decades. I doubt the chronically unemployed living in urban America will object to the imposed emptying of my 401k and stock portfolio, prior to my receiving Medicare or Social Security.
Posted by: Besoeker   2012-12-08 00:48  

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