U.S. to borrow almost half of its budget


	U.S. to borrow almost half of its budget

jasonkelly

5-11-2009 11:50 PM

156 views

tags:

u.s. budget, politics

jasonkelly says:

The writing has been on the wall for years, but is now in bright neon: we may end up bankrupt.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7d31cdc9-b9f6-4a73-9df6-2cb16cb0632f/FC7C43F4-9EF7-4D84-9E56-AFBB8AD3D62E/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://news.yahoo.com/s/ap/20090512/ap_on_go_pr_wh/us_obama_budget" href="http://news.yahoo.com/s/ap/20090512/ap_on_go_pr_wh/us_obama_budget" style="font-size: 11px;">news.yahoo.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20090512/ap_on_go_pr_wh/us_obama_budget">The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past $1.8 trillion under new <SPAN id="lw_1242090671_0" class="yshortcuts">White House</SPAN> estimates. Budget office figures released Monday would add $89 billion to the 2009 red ink — increasing it to more than four times last year's all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less <SPAN id="lw_1242090671_1" class="yshortcuts">tax revenue</SPAN> from people and companies making less money.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20090512/ap_on_go_pr_wh/us_obama_budget">The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of <SPAN id="lw_1242090671_2" class="yshortcuts">President Barack Obama</SPAN>'s <SPAN id="lw_1242090671_3" class="yshortcuts">economic stimulus bill</SPAN> — as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://news.yahoo.com/s/ap/20090512/ap_on_go_pr_wh/us_obama_budget">As a percentage of the economy, the measure economists say is most important, the deficit would be 12.9 percent of GDP this year, the biggest since World War II. It would drop to 8.5 percent of GDP in 2010.</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/FC7C43F4-9EF7-4D84-9E56-AFBB8AD3D62E/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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