AP: “Government to report on $1 trillion-plus deficit”

October 15, 2010

Below is an excerpt; please click here to read the entire article.

The Obama administration is projecting that the deficit for the 2011 budget year, which began on Oct. 1, will climb to $1.4 trillion. Over the next decade, it will total $8.47 trillion. Deficits of that size will constrain the administration’s agenda over the next two years and will certainly be an issue in the 2012 presidential race.

 

Top economists with the National Association for Business Economics forecast this week that the 2011 deficit will total $1.2 trillion, only slightly better than the administration’s estimate. These analysts pinpointed excessive federal debt as their single greatest concern, even more so than high unemployment.

 

Obama has appointed a bipartisan commission to study the deficit and recommend policy changes. Those recommendations are expected in December, after the elections, and the panel needs the backing of 14 of its 18 members to trigger a congressional vote.

 

“If we get to 2013 and policymakers don’t look like they have a credible plan to deal with the deficit, then interest rates are likely to rise significantly and that will jeopardize the recovery we have under way at that time,” said Mark Zandi, chief economist at Moody’s Analytics.

Tags:, , , , , , , ,

27 Responses to AP: “Government to report on $1 trillion-plus deficit”

  1. chefsandy says:

    OK Congress…Wake UP! First, if Social Security does not get a raise for the second year in a row, YOU SHOULD NOT GET RAISES OR ANYTHING ELSE! Second, you change the way America does imports. If the companies importing would have tarriffs and or taxes are so high on imports,the jobs would come back to the United States. We need to take care of America first. One more thing, since we are having problems with immigration, send our troops, take over Mexico and then the aliens wouldn’t have a problem with being here illegally. Then we could put the aliens in the military to help fight for our country, the one they want to live in so badly. And YOU CONGRESS SHOULD BE HELD ACCOUNTABLE FOR YOUR DECISIONS> YOU DONT CARE WHAT THE PEOPLE WANT ITS WHAT YOU WANT SO YOU SHOULD BE HELD RESPONSIBLE FOR WRECKING THE ECONOMY OF THE COUNTRY

  2. chefsandy says:

    OK Congress…Wake UP! First, if Social Security does not get a raise for the second year in a row, YOU SHOULD NOT GET RAISES OR ANYTHING ELSE! Second, you change the way America does imports. If the companies importing would have tarriffs and or taxes are so high on imports,the jobs would come back to the United States. We need to take care of America first. One more thing, since we are having problems with immigration, send our troops, take over Mexico and then the aliens wouldn’t have a problem with being here illegally. Then we could put the aliens in the military to help fight for our country, the one they want to live in so badly. And YOU CONGRESS SHOULD BE HELD ACCOUNTABLE FOR YOUR DECISIONS> YOU DONT CARE WHAT THE PEOPLE WANT ITS WHAT YOU WANT SO YOU SHOULD BE HELD RESPONSIBLE FOR WRECKING THE ECONOMY OF THE COUNTRY

  3. chefsandy says:

    OK Congress…Wake UP! First, if Social Security does not get a raise for the second year in a row, YOU SHOULD NOT GET RAISES OR ANYTHING ELSE! Second, you change the way America does imports. If the companies importing would have tarriffs and or taxes are so high on imports,the jobs would come back to the United States. We need to take care of America first. One more thing, since we are having problems with immigration, send our troops, take over Mexico and then the aliens wouldn’t have a problem with being here illegally. Then we could put the aliens in the military to help fight for our country, the one they want to live in so badly. And YOU CONGRESS SHOULD BE HELD ACCOUNTABLE FOR YOUR DECISIONS> YOU DONT CARE WHAT THE PEOPLE WANT ITS WHAT YOU WANT SO YOU SHOULD BE HELD RESPONSIBLE FOR WRECKING THE ECONOMY OF THE COUNTRY

  4. Cathy says:

    I would like to see a correlation between minimal federal taxes collected from EVERYONE and money spent in Washington. I want a balanced budget and I want a fair tax (HR25/S296) to replace (not in addition to) the 20,000 pages of favors and punishments that is our current tax code. I don’t care what the money is spent on, I just want Washington to have fiscal confines.

  5. Cathy says:

    I would like to see a correlation between minimal federal taxes collected from EVERYONE and money spent in Washington. I want a balanced budget and I want a fair tax (HR25/S296) to replace (not in addition to) the 20,000 pages of favors and punishments that is our current tax code. I don’t care what the money is spent on, I just want Washington to have fiscal confines.

  6. Cathy says:

    I would like to see a correlation between minimal federal taxes collected from EVERYONE and money spent in Washington. I want a balanced budget and I want a fair tax (HR25/S296) to replace (not in addition to) the 20,000 pages of favors and punishments that is our current tax code. I don’t care what the money is spent on, I just want Washington to have fiscal confines.

  7. Don says:

    We need to keep the same bush, GOP politicians that got us here in the first place out of office. Tax and spend republicans are bad for our middle class. Look up deficit by president to see what party is really more fiscally responsible.

  8. Don says:

    We need to keep the same bush, GOP politicians that got us here in the first place out of office. Tax and spend republicans are bad for our middle class. Look up deficit by president to see what party is really more fiscally responsible.

  9. Don says:

    We need to keep the same bush, GOP politicians that got us here in the first place out of office. Tax and spend republicans are bad for our middle class. Look up deficit by president to see what party is really more fiscally responsible.

  10. David says:

    Since we spent over $1,440,000,000,000( almost 1 1/2 trillion) on military spending last year alone, I was surprised to find no articles about this, the largest component of federal spending that needs to be heavily cut.

  11. David says:

    Since we spent over $1,440,000,000,000( almost 1 1/2 trillion) on military spending last year alone, I was surprised to find no articles about this, the largest component of federal spending that needs to be heavily cut.

  12. David says:

    Since we spent over $1,440,000,000,000( almost 1 1/2 trillion) on military spending last year alone, I was surprised to find no articles about this, the largest component of federal spending that needs to be heavily cut.

  13. Dr. Bill says:

    @Blake

    I appreciate your honesty. Our military budget, as a percentage of every tax dollar, is far higher than that of any other country on the planet. Why then, is it so often off the table in any discussion about the deficit? A 33% reduction in military spending would go a long way toward reducing the deficit, and as you say, would not decrease the military’s efficacy.

    Anyone who is serious about reducing the deficit would agree that the military budget is where this discussion should start. Everyone else is just using the deficit to push an ideology.

  14. Dr. Bill says:

    @Blake

    I appreciate your honesty. Our military budget, as a percentage of every tax dollar, is far higher than that of any other country on the planet. Why then, is it so often off the table in any discussion about the deficit? A 33% reduction in military spending would go a long way toward reducing the deficit, and as you say, would not decrease the military’s efficacy.

    Anyone who is serious about reducing the deficit would agree that the military budget is where this discussion should start. Everyone else is just using the deficit to push an ideology.

  15. Dr. Bill says:

    @Blake

    I appreciate your honesty. Our military budget, as a percentage of every tax dollar, is far higher than that of any other country on the planet. Why then, is it so often off the table in any discussion about the deficit? A 33% reduction in military spending would go a long way toward reducing the deficit, and as you say, would not decrease the military’s efficacy.

    Anyone who is serious about reducing the deficit would agree that the military budget is where this discussion should start. Everyone else is just using the deficit to push an ideology.

  16. WaukeshaGuy says:

    Here in Wisconsin, we have a US Senate race that has already spent more than any other state has. Kind of funny for a small state that is only in the middle, neither a wealthy nor big vote count state. Target is to take down “most Liberal” Senator Feingold, I’m sure money from other states is being funnelled into this race, got to knock down the man who stands in the way of “The Cashing Out of America”. In general, it doesn’t matter if the person in Washington has a (D) or an (R) behind their name, nearly every one of them is there because Big Business and Wall Street make sure that only their Wall Street Friendly candidates are on the ballot. A Senate of Millionaires who say what they need to get votes, but do what helps the hand that feeds them, Lawyers who already are hated for being the “Hired Guns” of Wall Street, now it’s time for businessmen themselves to “take one for the team”, to take a low non-CEO paycheck while they swoop in and reform the laws to their own favor.

    Unfortunately, the entry of the Tea Party and it’s hidden KKK-like attitudes, it’s anti-entitlement voices of bigoted racists, long silent out of political correctness has raised it’s ugly, non-transparent head. Here in Wisconsin, in one of the most segregated places in America, the off-the-record talk is all about this. Like it’s “get the black man out of the white house, and then we can talk”. At least by stripping away the (D) seats, they will ham-string Obama so he will be ineffective, like was done to Jimmy Carter. Still, this is as diverting as the Monica Lewinsky scandals was to Clinton. The working class and Middle class will be stuck on this while the real string pullers set up their new rule set.

    Reagan’s Trickle-Down Economics was what I call the beginning of “The Cashing Out of America”. By lowering the top-dollar tax rate so the execs could pay themselves directly out of the company till instead of in stock options. Stock options only pay out when sold-off while the company’s stock is worth something. Taking money out of the till is real money today, even if the company is dying or goes bankrupt. Combine this with the huge amount of paper “cash” driven by 30-year home mortgages, which is all debt born by the working and middle class, and you can see the game. We know that business is a gamble, not much different than gaming in Vegas. Trickle-Down was nothing more then Wall Streets way of “cashing out” of the American economy.

    Will Republicans fix that? They are just Wall Street pawns to hold it together until the cashing out is complete! We need bailout at the bottom, to Trickle-Up through American Main Street!

  17. WaukeshaGuy says:

    Here in Wisconsin, we have a US Senate race that has already spent more than any other state has. Kind of funny for a small state that is only in the middle, neither a wealthy nor big vote count state. Target is to take down “most Liberal” Senator Feingold, I’m sure money from other states is being funnelled into this race, got to knock down the man who stands in the way of “The Cashing Out of America”. In general, it doesn’t matter if the person in Washington has a (D) or an (R) behind their name, nearly every one of them is there because Big Business and Wall Street make sure that only their Wall Street Friendly candidates are on the ballot. A Senate of Millionaires who say what they need to get votes, but do what helps the hand that feeds them, Lawyers who already are hated for being the “Hired Guns” of Wall Street, now it’s time for businessmen themselves to “take one for the team”, to take a low non-CEO paycheck while they swoop in and reform the laws to their own favor.

    Unfortunately, the entry of the Tea Party and it’s hidden KKK-like attitudes, it’s anti-entitlement voices of bigoted racists, long silent out of political correctness has raised it’s ugly, non-transparent head. Here in Wisconsin, in one of the most segregated places in America, the off-the-record talk is all about this. Like it’s “get the black man out of the white house, and then we can talk”. At least by stripping away the (D) seats, they will ham-string Obama so he will be ineffective, like was done to Jimmy Carter. Still, this is as diverting as the Monica Lewinsky scandals was to Clinton. The working class and Middle class will be stuck on this while the real string pullers set up their new rule set.

    Reagan’s Trickle-Down Economics was what I call the beginning of “The Cashing Out of America”. By lowering the top-dollar tax rate so the execs could pay themselves directly out of the company till instead of in stock options. Stock options only pay out when sold-off while the company’s stock is worth something. Taking money out of the till is real money today, even if the company is dying or goes bankrupt. Combine this with the huge amount of paper “cash” driven by 30-year home mortgages, which is all debt born by the working and middle class, and you can see the game. We know that business is a gamble, not much different than gaming in Vegas. Trickle-Down was nothing more then Wall Streets way of “cashing out” of the American economy.

    Will Republicans fix that? They are just Wall Street pawns to hold it together until the cashing out is complete! We need bailout at the bottom, to Trickle-Up through American Main Street!

  18. WaukeshaGuy says:

    Here in Wisconsin, we have a US Senate race that has already spent more than any other state has. Kind of funny for a small state that is only in the middle, neither a wealthy nor big vote count state. Target is to take down “most Liberal” Senator Feingold, I’m sure money from other states is being funnelled into this race, got to knock down the man who stands in the way of “The Cashing Out of America”. In general, it doesn’t matter if the person in Washington has a (D) or an (R) behind their name, nearly every one of them is there because Big Business and Wall Street make sure that only their Wall Street Friendly candidates are on the ballot. A Senate of Millionaires who say what they need to get votes, but do what helps the hand that feeds them, Lawyers who already are hated for being the “Hired Guns” of Wall Street, now it’s time for businessmen themselves to “take one for the team”, to take a low non-CEO paycheck while they swoop in and reform the laws to their own favor.

    Unfortunately, the entry of the Tea Party and it’s hidden KKK-like attitudes, it’s anti-entitlement voices of bigoted racists, long silent out of political correctness has raised it’s ugly, non-transparent head. Here in Wisconsin, in one of the most segregated places in America, the off-the-record talk is all about this. Like it’s “get the black man out of the white house, and then we can talk”. At least by stripping away the (D) seats, they will ham-string Obama so he will be ineffective, like was done to Jimmy Carter. Still, this is as diverting as the Monica Lewinsky scandals was to Clinton. The working class and Middle class will be stuck on this while the real string pullers set up their new rule set.

    Reagan’s Trickle-Down Economics was what I call the beginning of “The Cashing Out of America”. By lowering the top-dollar tax rate so the execs could pay themselves directly out of the company till instead of in stock options. Stock options only pay out when sold-off while the company’s stock is worth something. Taking money out of the till is real money today, even if the company is dying or goes bankrupt. Combine this with the huge amount of paper “cash” driven by 30-year home mortgages, which is all debt born by the working and middle class, and you can see the game. We know that business is a gamble, not much different than gaming in Vegas. Trickle-Down was nothing more then Wall Streets way of “cashing out” of the American economy.

    Will Republicans fix that? They are just Wall Street pawns to hold it together until the cashing out is complete! We need bailout at the bottom, to Trickle-Up through American Main Street!

  19. Ryan says:

    The best solution to our problem is two fold:

    1. eliminate compound interest on secured loans in favor a simple interest monetization fee, and require that the principal of any such loan be paid first prior to paying the monetization fee (and make this change effective immediately and retroactive on all currently existing qualifying loans)

    2. eliminate the income tax (which currently is a regressive increase to the cost of goods and services by as much as 30%) in favor of only a flat 14% sales and use tax on everything EXCEPT on things deemed necessary for life: groceries, rents or leases of real estate, insurance, and medical items and services.

    Doing these two things will allow homeowners who have paid 17 years on their home on a standard 30yr mortgage, to be suddenly debt free of that mortgage, immediately increasing discretionary spending, and would transform banks into service institutions (pay for 1.5 houses to own a house), and not fleecing institutions (paying for 2.5 houses to own a house). These changes would also exempt the poor from paying most of the taxes since their income usually goes mainly to the basic necessities of life such as rents, groceries, medical services, and insurance. Also the true cost of government would be reflected in the sales and use tax, with no regression hidden.

    Additional reforms could include a total replacing of the Fed and its tools with a entirely different and more fine-tuned system of monetary policy that would eliminate the man-developed flawed monetary policy of constant inflation (which is nothing more than another tax on the people) and instead have as its primary goal the elimination of inflation and deflation almost entirely through the use of its tools, with the goal of retaining the value of the dollar at a constant value over time so that $1000 is still worth $1000 a hundred years from now (not counting interest).

    These three reforms alone would double the standard of living within a single generation, and eliminate a $3 trillion of the national debt – that which is merely an accounting entry and owned by no one. I encourage anyone interested to look at the very simple but transformative legislative proposal here:

    National Economic Stablization and Recovery Act
    http://nesara.org/bill/index.htm

    Please read the articles about money if you don’t have a clue how our monetary system works, or what exactly is wrong with it. Once you understand truly what money is, you will begin to see the faults in our current monetary and fiscal policies. We currently are on an unsustainable path to prosperity, and headed for an unthinkable sinking of our economy… and to think that it’s all a man-made fiasco. We designed ourselves into this mess, we can design ourselves out of it. Check out the site.

  20. Ryan says:

    The best solution to our problem is two fold:

    1. eliminate compound interest on secured loans in favor a simple interest monetization fee, and require that the principal of any such loan be paid first prior to paying the monetization fee (and make this change effective immediately and retroactive on all currently existing qualifying loans)

    2. eliminate the income tax (which currently is a regressive increase to the cost of goods and services by as much as 30%) in favor of only a flat 14% sales and use tax on everything EXCEPT on things deemed necessary for life: groceries, rents or leases of real estate, insurance, and medical items and services.

    Doing these two things will allow homeowners who have paid 17 years on their home on a standard 30yr mortgage, to be suddenly debt free of that mortgage, immediately increasing discretionary spending, and would transform banks into service institutions (pay for 1.5 houses to own a house), and not fleecing institutions (paying for 2.5 houses to own a house). These changes would also exempt the poor from paying most of the taxes since their income usually goes mainly to the basic necessities of life such as rents, groceries, medical services, and insurance. Also the true cost of government would be reflected in the sales and use tax, with no regression hidden.

    Additional reforms could include a total replacing of the Fed and its tools with a entirely different and more fine-tuned system of monetary policy that would eliminate the man-developed flawed monetary policy of constant inflation (which is nothing more than another tax on the people) and instead have as its primary goal the elimination of inflation and deflation almost entirely through the use of its tools, with the goal of retaining the value of the dollar at a constant value over time so that $1000 is still worth $1000 a hundred years from now (not counting interest).

    These three reforms alone would double the standard of living within a single generation, and eliminate a $3 trillion of the national debt – that which is merely an accounting entry and owned by no one. I encourage anyone interested to look at the very simple but transformative legislative proposal here:

    National Economic Stablization and Recovery Act
    http://nesara.org/bill/index.htm

    Please read the articles about money if you don’t have a clue how our monetary system works, or what exactly is wrong with it. Once you understand truly what money is, you will begin to see the faults in our current monetary and fiscal policies. We currently are on an unsustainable path to prosperity, and headed for an unthinkable sinking of our economy… and to think that it’s all a man-made fiasco. We designed ourselves into this mess, we can design ourselves out of it. Check out the site.

  21. Ryan says:

    The best solution to our problem is two fold:

    1. eliminate compound interest on secured loans in favor a simple interest monetization fee, and require that the principal of any such loan be paid first prior to paying the monetization fee (and make this change effective immediately and retroactive on all currently existing qualifying loans)

    2. eliminate the income tax (which currently is a regressive increase to the cost of goods and services by as much as 30%) in favor of only a flat 14% sales and use tax on everything EXCEPT on things deemed necessary for life: groceries, rents or leases of real estate, insurance, and medical items and services.

    Doing these two things will allow homeowners who have paid 17 years on their home on a standard 30yr mortgage, to be suddenly debt free of that mortgage, immediately increasing discretionary spending, and would transform banks into service institutions (pay for 1.5 houses to own a house), and not fleecing institutions (paying for 2.5 houses to own a house). These changes would also exempt the poor from paying most of the taxes since their income usually goes mainly to the basic necessities of life such as rents, groceries, medical services, and insurance. Also the true cost of government would be reflected in the sales and use tax, with no regression hidden.

    Additional reforms could include a total replacing of the Fed and its tools with a entirely different and more fine-tuned system of monetary policy that would eliminate the man-developed flawed monetary policy of constant inflation (which is nothing more than another tax on the people) and instead have as its primary goal the elimination of inflation and deflation almost entirely through the use of its tools, with the goal of retaining the value of the dollar at a constant value over time so that $1000 is still worth $1000 a hundred years from now (not counting interest).

    These three reforms alone would double the standard of living within a single generation, and eliminate a $3 trillion of the national debt – that which is merely an accounting entry and owned by no one. I encourage anyone interested to look at the very simple but transformative legislative proposal here:

    National Economic Stablization and Recovery Act
    http://nesara.org/bill/index.htm

    Please read the articles about money if you don’t have a clue how our monetary system works, or what exactly is wrong with it. Once you understand truly what money is, you will begin to see the faults in our current monetary and fiscal policies. We currently are on an unsustainable path to prosperity, and headed for an unthinkable sinking of our economy… and to think that it’s all a man-made fiasco. We designed ourselves into this mess, we can design ourselves out of it. Check out the site.

  22. Zackery says:

    i really hope they can do something with cutting the deficit because this makes me sick that a great nation has to suffer this way because congress thinks for themselves and not us americans who are the real heart to america

  23. Zackery says:

    i really hope they can do something with cutting the deficit because this makes me sick that a great nation has to suffer this way because congress thinks for themselves and not us americans who are the real heart to america

  24. Zackery says:

    i really hope they can do something with cutting the deficit because this makes me sick that a great nation has to suffer this way because congress thinks for themselves and not us americans who are the real heart to america

  25. Zackery says:

    ITS NO LONGER FOR THE PEOPLE BY THE PEOPLE BUT FOR CONGRESS BY CONGRESS

  26. Zackery says:

    ITS NO LONGER FOR THE PEOPLE BY THE PEOPLE BUT FOR CONGRESS BY CONGRESS

  27. Zackery says:

    ITS NO LONGER FOR THE PEOPLE BY THE PEOPLE BUT FOR CONGRESS BY CONGRESS

Leave a Reply

Your email address will not be published. Required fields are marked *