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CBO: This Year's Federal Deficit to hit $1.5T--New Record

The weak economy and fresh tax cuts approved last month will help drive the federal budget deficit to $1.5 trillion this year, the biggest budget gap in history and one of the largest as a share of the economy since World War II, congressional budget analysts said Wednesday.

http://www.washingtonpost.com/wp-dyn/content/article/2011/01...

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Thanks Bobby

another good find.

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This isn't just a spending

This isn't just a spending issue.

Can you find 1.5 trillion in spending to cut? I've looked at the budget, and that is practically impossible. Unless you cut social security (a retroactive tax increase) or increase taxes (or help the economy enough to improve tax revenue), you aren't going to able to solve the gap with just spending cuts.

Plan for eliminating the national debt in 10-20 years:

Overview: http://rolexian.wordpress.com/2010/09/12/my-plan-for-reducin...

Specific cuts; defense spending: http://rolexian.wordpress.com/2011/01/03/more-detailed-look-a

They had better stop spending fast.

Nearly 1/12 into the new year and spending is still running rampant.

Congress just can't wait to admit its utter failure in all things financial and go begging to the banking elite for more loans.

As often happens in bankruptcies the lenders place their agents on the boards of the companies seeking financing.

Are all the businessmen recently appointed by the President part of the deal for borrowing more money? Some suspect that the decade long war we are fighting in the Middle East is another agreement we made to borrow money from creditors.

When the US went bankrupt in 1933, the people gave up their gold, J Edgar Hoover got a lifetime position, Social Security siphoned off wages in an inflationary ponzi scheme and the Federal Deposit Insurance Corporation socialized any losses by the bankers.

Congress was then motivated to loot Germany and Japan of the boodle those countries had looted from Russia and South East Asia in previous decades.

Representative McFadden claims that Federal Reserve members banks had financed Germany's looting of Europe and Japan's looting of Southeast Asia of the 1920 and 1930s. Did this pave the way for the even greater looting of WWII?

A nation in debt is an ugly thing. But once a nation goes bankrupt and enters into an agreement with with the creditor, the result is a Catch-22.

A company caught in such a bind is dropped as a worthless investment.

A country caught is such a bind is finds itself eternally in debt and owing allegiance to its creditors.

Instead of Enterprise zone let's call the US and it's states a debt free zone.

Free includes debt-free!

SteveMT's picture

The spending will continue until we are spent.

$14.077T and counting.

http://www.usdebtclock.org/

You're right. The national debt is a very ugly thing.

FWIW I can say, I told them so!

/

Free includes debt-free!