"Federal budget deficit hits new high"

[primroselane]

A new estimate predicts the federal budget deficit will hit almost $1.5 trillion this year, a stunning new record.

The bipartisan legislation passed in December to extend tax cuts, unemployment benefits for the long-term jobless and provide a 2 percent payroll tax cut this year adds almost $400 billion to this year's deficit.

http://www.chron.com/disp/story.mpl/nation/7398541.html

This was the Republican sellout to get tax breaks for the rich and super rich. The thing is, they were going to get them anyway if they had waited a couple of months.

[primroselane]

By participating in what Charles Krauthammer calls "The Great Tax Cut Deal of 2010", the Republicans also sanctioned "a $6 billion subsidy for ethanol." Krauthammer went on to write, " Why, just a few weeks ago Al Gore, the Earth King, finally confessed that ethanol subsidies were a mistake. There is not a single economic or environmental rationale left for this boondoggle that has induced American farmers to dedicate an amazing 40 percent of the U.S. corn crop - for burning! And the Republicans have just revived it."

http://www.washingtonpost.com/wp-dyn...d=opinionsbox1

[Tom in TN]

Primroselane,


[sarcasm light on]

Yah, but it's all better now because the president proposed last night that spending be frozen for the next five years. That'll fix the problem.

[sarcasm light off]

Tom in TN

[arabian knight]

Originally Posted by primroselane

By participating in what Charles Krauthammer calls "The Great Tax Cut Deal of 2010", the Republicans also sanctioned "a $6 billion subsidy for ethanol." Krauthammer went on to write, " Why, just a few weeks ago Al Gore, the Earth King, finally confessed that ethanol subsidies were a mistake. There is not a single economic or environmental rationale left for this boondoggle that has induced American farmers to dedicate an amazing 40 percent of the U.S. corn crop - for burning! And the Republicans have just revived it."

http://www.washingtonpost.com/wp-dyn...d=opinionsbox1

And Obama wants to UP the E10 to E15 so there you have it. And I am sure there is going to be a larger subsidy also, going to happen at the same time, coming from the Obama administration.

[Heritagefarm]

Translation: "How to kill a country."

[edcopp]

Why bother to care?

I pay no income tax, because my income is low. Thrift is fun, as well as gardening. Since I pay no tax the government can not depend on me to repay a deficit. Personally I think repayment is impossible unless fake money is used. Now if fake money is good enough to pay the thing off, the deficit must be fake too.

So in that case why worry about it.

[Heritagefarm]

Because it threatens the integrity of the entire country, THAT is why you should be worried about it.

[JeffreyD]

Originally Posted by Heritagefarm

Because it threatens the integrity of the entire country, THAT is why you should be worried about it.

Then the government needs to cut spending. The last few administrations couldn't do it, and the current one is spending us into oblivion!

[Heritagefarm]

Because the public won't let them stop spending.