Budget Year

Are we about to see the largest single year budget deficit in history?

Most industries across the board are reporting lower than expected earnings for 2007. Many others are reporting losses. Billions in rebate checks are planned. Are we facing the largest single year budget deficit in history? If so, how will that effect the average Joe American?

Public Comments

1. It's possible. It will hurt the dollar. We're printing money out of thin air to pay for all these debts.
2. who knows , will it really make a difference , look how much debt the country is already in !
3. Let's not forget - we're fighting a two front war and simultaneously cutting taxes. It's not working. It never has, historically. Someone has to stand up and say, look, we like low taxes, too, but we need to maintain our schools and roads. Let's not let any more bridges fall into the Mississippi.
4. We have had the largest ever deficit for the last six years. It just keeps growing. The interest alone is more than the GNP.
5. Probably. When FDR fought WWII he actually payed for it and yet he saw some of the highest rates of growth ever. Let me add this also. He saw huge gains in growth even before WIII.
6. Ron Paul has a very interesting take on this but I am sure you are tired of not listening to it
7. Billy left us with a surplus of 236 billion. When george finally gets through, the deficit will be in excess of 325 billion dollars. It's already at 250 billion, and that doesn't include one penny of war funding for iraq and afganistan. If you have an IRA, change your plans. You're not retiring to Florida, you're retiring to Hoboken.
8. Huh...in 2003 the budget deficit was $380 billion.. By 2007 it fell to about $160 billion. Bush has closed the budget gap by almost $220 billion. 2008 is projected to be higher..about 1.5% of the GDP at about $220 billion. THe budget is projected to be a surplus by 2012....Unless Shrillary or Big Wreck is elected. http://www.cfr.org/publication/15316/
9. THEY are counting on tax rebates to nourish the economy.But that don't make up for people loosing there homes.WHAT would a tax rebate do to someone that lost his home.people had to borrow money just to live.there tax rebate is all ready spent paying back on the loan.OUR country is in bad shape,and the war has drug us down low and lower,because a president wanted to finish what his dad started.HOW MANY MORE NEED TO DIE FOR NOTHING, NOT EVEN OIL.MY GAS TANK SET'S ON EMPTY MORE THAN FULL. and now we can't get out.
10. Yes...And it will only get larger each year hence-forth...Since 9/11 we have been spending money at an alarming rate to try and stop the spreading of terrorist in the world...The cost of war in Iraq is costing our government about a million dollars a day. Add it up...
11. No. In the next two years, add to the current spending another $800 Billion per year on increased spending for communist / Social programs. - On a side note: Why do you call yourself Blockhead?
12. Yes, but just wait till next year, Bush ain't done yet.