Obama administration posts widest-ever October budget deficit

US Posts $176.36 Billion Deficit for October

“America has a debt problem and a failure of leadership.” – Barack Obama in 2006

WASHINGTON — The federal government kicked off fiscal year 2010 by posting its widest-ever October budget deficit, the Treasury Department said Thursday.

The $176.36 billion gap is more than $20 billion wider than the shortfall recorded in October 2008, driven up by lower tax receipts, stimulus-related revenue reductions and consistently high government outlays.

Treasury’s monthly budget statement shows receipts were $135.33 billion in October, down 18% from a year earlier and at the lowest level since October 2002. Meanwhile, outlays were $311.69 billion, down 3% from a year earlier and at their second-highest monthly level on record.

The October deficit figure is wider than the Congressional Budget Office’s estimate for a $175 billion deficit in the month and wider than the $165.9 billion expected by analysts surveyed by Dow Jones Newswires.

The Treasury on Thursday also revised September’s deficit to a slightly narrower $46.57 billion, from a previously reported $46.61 billion. Even with the revision, the U.S. in fiscal year 2009 posted a record total budget deficit of near $1.4 trillion — three times its previous record.

At the equivalent of 9.9% of gross domestic product, the figure is the widest U.S. deficit as a share of GDP since 1945.

The staggering number has had U.S. Treasury Secretary Timothy Geithner pledging to rein in the deficit as the nation’s economy recovers.

The U.S. at this point is expected to post a fiscal year 2010 deficit similar to that posted in fiscal year 2009.

The government paid $17.93 billion in net interest last month on the federal debt. Net interest on the federal debt excludes interest paid on nonmarketable government securities held by federal trust funds, such as Social Security.

Write to Meena Thiruvengadam at [email protected] and Darrell Hughes at [email protected]

By MEENA THIRUVENGADAM and DARRELL HUGHES
NOVEMBER 13, 2009

Source: The Wall Street Journal

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“When a country embarks on deficit financing and inflationism you wipe out the middle class and wealth is transferred from the middle class and the poor to the rich.”
– Ron Paul

Here is what Obama is doing in his own words:

“Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren,” Obama said in a 2006 floor speech that preceded a Senate vote to extend the debt limit. “America has a debt problem and a failure of leadership.”
– Barack Obama

Obama has tripled Bush’s budget deficit. Now you know who Obama is working for!

This elite puppet President is running America into the ground.

Bush was extremely horrible. Obama is even worse.

More information:

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