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Old 07-28-2008, 09:37 AM   #1
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Setting records

http://news.yahoo.com/s/ap/20080728/...budget_deficit

By ANDREW TAYLOR, Associated Press Writer
1 hour, 4 minutes ago



WASHINGTON - A senior Bush administration official says the budget deficit for this year will set a record in dollar terms, approaching $490 billion.


The official said Monday the deficit was being driven to record levels by the sagging economy and the stimulus payments being made to 130 million households in an effort to keep the country from falling into a deep recession. A deficit approaching $490 billion would easily surpass the current record deficit of $413 billion set in 2004.

The official spoke on condition of anonymity because the new deficit estimate had not been formally released. Bush administration officials were scheduled to do that at a news conference later Monday.
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Old 07-28-2008, 09:41 AM   #2
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I'm not defending Bush.
However, let's not lose sight of the fact though that we have and have had a majority Democrat congress for a while as well.
The blame needs to be applied evenly.
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Old 07-28-2008, 09:47 AM   #3
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Quote:
Originally Posted by Scotsman View Post
I'm not defending Bush.
However, let's not lose sight of the fact though that we have and have had a majority Democrat congress for a while as well.
The blame needs to be applied evenly.
I concur we are dealing with 2 groups that know how to spend money at record setting paces
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Old 07-28-2008, 09:53 AM   #4
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User is banned

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Old 07-28-2008, 09:55 AM   #5
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I remember when the Dems to control and everything was supposed to turn around ... Dems or Repubs ... it's pretty much all the same as far as progress goes.
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Old 07-28-2008, 10:42 AM   #6
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Quote:
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Yawn...old news. Bush is almost out of here so who cares anymore.
Look forward to the future!!!!

I filled up at $3.50 a gallon on Saturday. I'm good.
The future is not bright from my point of view.

There's a LOT of issues that this country needs to address that keep getting swept under the rug, and Joe Average doesn't seem to care.
As long as they can buy their $5.00 Starbucks, drive their gas guzzling SUV and buy their plasma T.V. so they can watch American Idol and keep their head in the sand / up their .

The government knows this and will try to keep the sheep content as long as they can until they find themselves enslaved.

Enjoy the $3.50 gas while you can, it's going to do nothing but increase.
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Old 07-28-2008, 11:21 AM   #7
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My projections for the rise of gas where to see close to $5 at the pump by Labor day. At my suprise they went for the throat a lot faster by pushing those prices by the 4th of July. This is a scary picture for those who understand the realities of how things work.

Anybody else here ever been shark fishing? Understand where I am going with this?
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Old 07-28-2008, 04:14 PM   #8
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Asians nations are buying Treasury debt and thereby keeping U.S. interest rates lower than would be the case if they stopped buying. At some point, they will stop buying: private investors, central banks, and commercial banks. At that point, the Treasury will have to find replacement buyers. It is unlikely that the Treasury will be able to persuade new buyers of its debt to do so at the low rates that prevailed before Asians politely bowed out.

The vast majority of Americans know nothing about this. They are not aware of the relationship between U.S. government debt, mortgage interest rates, the economy, and Asian central banks. They do not spend time thinking about possible scenarios that might result if Asian central banks cease buying dollar-denominated debt, including Treasury debt. They assume that someone is taking care of this. But nobody is.
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Old 07-28-2008, 04:15 PM   #9
NorthHoustonGSXR
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my fiance must be running congress...she spends $ like that. lol

All kidding aside...Congress and the house and such should be populated with those individuals who are middle class making an average income. In order for the general public to be represented fairly, when should be governed by peers of equal wealth and educational backgrounds. Some one making a few hundred thousand a year cannot completely understand what it is like for a family of four making a combined income of $40,000 and share the same views and spending habits of those less priveldged. IMO
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Last edited by NorthHoustonGSXR; 07-28-2008 at 04:20 PM.
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Old 07-28-2008, 04:29 PM   #10
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Good luck with middle class, I think most politicians in Congress or the Texas Legislature are lawyers.

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Congress and the house and such should be populated with those individuals who are middle class making an average income. In order for the general public to be represented fairly, when should be governed by peers of equal wealth and educational backgrounds. Some one making a few hundred thousand a year cannot completely understand what it is like for a family of four making a combined income of $40,000 and share the same views and spending habits of those less priveldged. IMO
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