Government Racked up $1.3 Trillion in Red Ink Last Year, Second-Highest Ever

1 trillion dollars a year for the three wars to nowhere.....what do you expect?

It's not like it's real money. The Federal Reserve will jsut print more money. As long as ev eryone keeps telling themselves the US dollar has value, everything will be ok. Just Believe!

The usual friday afternoon news dump...

Geithner's comment interpreted: "We're blowing a sh!t ton of money, but this year, we're blowing slightly less than a sh!t ton of money. And you get to pay for it! You can thank us later, when your tax bill comes in the mail."

STOP SPENDING OUR TAXMONEY!!!

Don't worry, this number will be revised upward in the next few nonths. Just like unemployment and the GDP.

Except for a short period during the presidency of Andrew Jackson since its inception the United States federal government has always been in debt. During the two terms of president Bill Clinton the country ran a yearly budget surplus which disappeared under Bush with the tax cuts in 2001 which was the largest shift in personal wealth in the nation's history. Cuts in safety nets have always led to crippling affects that take decades to recover from. Unless we do recognize that we have 1.9 million children going to bed hungry every night in this land of plenty, 40% of homeless being children and a climbing and alarming poverty rate our nation will slip backward into the 19th century. I do not contend [repeat do not] that undisciplined deficits are good - but since the time of Eisenhower and his movement of the Social Security Trust funds to the unstricted Health, Education and Welfare Department no Republican can look me in the eye and attempt to claim fiscal responsibility. You cannot reverse eight years of total government mismanagement in 1 year and 10 months - the destruction and desire to do so was too enormous. Common sense cannot be thrown out the window in times of grave national/international turmoil.

Chap is correct. It is Reaganomics that created this mess. A quick lesson on Reaganomics which is: 1) deregulation; 2) reduce the growth of government spending; 3) reduce the marginal tax on income and production; and 4) control the supply of money. This country operated on a system where government growth was regulated by the revenues it collected and controlled the money supply by the amount of precious metals it maintained in its treasury. The gold exchange standard was finally killed by Pres. Nixon in 1971. There were sporadic regulations of the economy up to the Reagan era. During the first years of the reign of George II, a Republican controlled Congress and president increased government growth without raising the marginal taxes, therefore creating new deficits. Part of the Reagan Plan was to shift social spending to pay interest on the deficits, and the military. What most people do not understand is that the reason that the United States can take out loans that create the deficits, is that the revenues taken in by the Federal government have been diverted to paying interest on the loans. Taking away the deregulation of the economy under Reaganomics accelerated the economic collapse. One hiccup tipped the already doomed government growth without the increase in taxes defect.

Thanks to the wars-for-profit money launderers.

I KNOW ! WE CAN BLAME IT ON BUSH !!!! SPEND BARRY SPEND !

It's not my money Said:I KNOW ! WE CAN BLAME IT ON BUSH !!!! SPEND BARRY SPEND!"
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LOL...pure ignorance, at it's best.

Well, a $1.3 Trillion dollar deficit sure is a better result than the last Bush budget results ($1.5 Trillion).

...and Yes, the 2009 federal budget was Bush's budget:

Go ahead Dumbo SPEND SPEND did you learn that being a community organizer ?????

Hold your breath. Obama's spending over the 3 years will go down in history as the worse. Another bailout perhaps on the card?

Let's do a simple math here: Show me how much deficit Bush racked up with his bogus wars; compare that to what Obama has spent to avert another great depression; then, and only then will I give this article a grain of salt.

More deficit fewer jobs. What kind of woodoo economics is that. Wonder what the consequences would have been if government was run like a private business.

what667 Said: "Show me how much deficit Bush racked up with his bogus wars; compare that to what Obama has spent to avert another great depression"
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You're EXACTLY on the money, what667.

Most of the right-whiners "whining" about the deficit are actually ABSOLUTELY clueless as to what is causing that deficit:

(1) 50,000 troops still in Iraq based upon the two agreements signed by the Bush administration just 3 months before Bush left the White House.

(2) Bush tax cuts for the top 3% income brackets which have resulted in annual deficits every year since they were implemented, resulting in a shortfall each year of about 500 billion dollars.

(3) Funding required to continue operating a whole new federal DEPARTMENT (not just an agency, a DEPARTMENT) created under the Bush administration (i.e., Department of Homeland Security).

(4) MEDICARE PART D (Prescription Drug Plan)-->not budgeted for when Bush and his Republican congress put it into effect in 2004, AND which that particular law DOES NOT permit the federal government to negotiate drug prices with pharmaceutical companies making the same drugs much more expensive in comparison with what the VA pays for them.

(5) The extra $150 Billion(+) dollars worth of interest on the national debt, which we all started paying when the Bush administration doubled the national debt from $5 to $10 Trillion dollars.

All of these "bills" are still there folks....they didn't just go away because we changed presidents.

Don't forget about this years budget. Wait...BO and the dems haven't come up with one.

Georgie Bushie, You will find many Democrats slamming Obama's record.
So do not assume we are all right wingers here. I voted Democrat, but not next time.

Allen Said: "Don't forget about this years budget. Wait...BO and the dems haven't come up with one."
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That's funny, I went straight to the White House's Office of Management and Budget webpage and pulled up the FY11 budget within seconds.

Must have been too hard for you... LOL.

Right-whiners are hilarious!

This deficit was done without without TARP or "Stimulus".
My kid's not going to be happy when he gets the bill.