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Robust economic growth has helped push the U.S.budget deficit down to the lowest level since 2008, marking the sharpest turnaround in the government’s fiscal position in at least 46 years.The shortfall of $483.4 billion in the 12 months ended Sept. 30 was 2.8 percent of the nation’s gross domestic product of $17.2 trillion over the same period, according to data compiled by Bloomberg using Commerce Department figures. The figure peaked at 10.1 percent of GDP in December 2009.
Politicians do not enjoy spending funds on debt payments as it produces no photo ops and no grateful voters. Yet without quick and significant action on the federal budget, as soon as interest rates begin to rise toward normal the burden of the national debt on the federal budget will become heavy indeed. Something will have to give.
U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn - Bloomberg
OMG, we need to stop Obama from spending us into ruin!!
Oh, wait.... the deficit is SHRINKING? Whodathunkit! I guess he's NOT the spender in chief as he's been labeled by the consistent and reliable deficit increasing Republicans.[/FONT][/COLOR]
He thinks it's okay to have annual deficits when you have an $18,000,000,000,000 debt.
Using debt/deficit to GDP ratio is a cool statistic but the GDP is not federal revenue, only about 20% of GDP is. We are also (artificially?) enjoying the lowest interest rate in a very long time and far below its historical average. To assert that federal spending decreases, and not federal revenue increases, are causing this is also dishonest.
Forget Debt As A Percent Of GDP, It's Really Much Worse - Forbes
Good thing I didn't assert that.
Facts are fact. Deficit is decreasing. Obama is not and has not spent the US into ruin. He did indeed reduce the deficit. If we can eliminate the deficit, we can start attack the debt.
First thing is first... address the deficit and then we can address the debt.
What specific spending reductions has Obama implemented that brought about this shrinking deficit?U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn - Bloomberg
OMG, we need to stop Obama from spending us into ruin!!
Oh, wait.... the deficit is SHRINKING? Whodathunkit! I guess he's NOT the spender in chief as he's been labeled by the consistent and reliable deficit increasing Republicans.[/FONT][/COLOR]
Good thing I didn't assert that.
Facts are fact. Deficit is decreasing. Obama is not and has not spent the US into ruin. He did indeed reduce the deficit. If we can eliminate the deficit, we can start attack the debt.
First thing is first... address the deficit and then we can address the debt.
Lower spending that could have happened all along, but NOOOOOOOOO can't have that. Reid wouldn't allow it.
How many threads have there been on this site where liberals proclaim that deficits don't matter; that deficits are good; that Obamas spending spree saved us from global ruin? Now its Obama the deficit hawk that we should all kneel before in wonder. The ability of the liberal mind to contradict itself is truly amazingIt was not passing any "Obama budget" that decreased the deficit but the insistence by (mostly republicant) congress critters that we not spend as much as more Obama wanted to. We could cut "discretionary" federal spending in half and still have a deficit. As I noted, the deficit is still big and will be even bigger if (when?) interest rates return to normal. What we have done is to simply slow the growth of federal spending while enjoying a federal revenue increase from modest GDP growth.
LOL... when do so called Conservative EVER reduce spending? When have they EVER reduced the deficit?!
Sorry, but Conservative do not have a leg to stand on when discussing reducing the deficit or the debt. They've done neither when in power.
The 1990'sLOL... when do so called Conservative EVER reduce spending? When have they EVER reduced the deficit?!
Sorry, but Conservative do not have a leg to stand on when discussing reducing the deficit or the debt. They've done neither when in power.
What specific spending reductions has Obama implemented that brought about this shrinking deficit?
The 1990's
No specific spending reductions is the cause of our shrinking deficit. Growth is the cause.
How many threads have there been on this site where liberals proclaim that deficits don't matter; that deficits are good; that Obamas spending spree saved us from global ruin? Now its Obama the deficit hawk that we should all kneel before in wonder. The ability of the liberal mind to contradict itself is truly amazing
What specific spending reductions has Obama implemented that brought about this shrinking deficit?
He thinks it's okay to have annual deficits when you have an $18,000,000,000,000 debt.
You might want to throw a little credit the way of the Republican controlled House which insisted on the complete implementation of the trillion dollar sequestration agreement that Obama and Democrats tried to renege on and for also insisting on the end to the payroll tax holiday and reining in unemployment insurance extensions that again Obama and Democrats wanted to further extend.
Just imagine, when the Republicans take control of the Senate and more Republican initiatives get to a vote on the Senate floor how much better the economic picture will get. And then, two years later, when the anchor in the White House is removed, it will be clear sailing again for the greatest economy in the world.
1. It's not due to spending reductions, but to an improvement in the economy.
2. It's not the president, but the Congress, that controls spending.
None of this, not the giant debt, not the decrease in deficit spending, not the economic turn around, none of it is due to the current POTUS. The president is not in charge of the economy.
So, when things go bad, as they did in 2008, that wasn't the fault of the Bush administration.
When the economy started to come out of the tailspin created by OPEC, it was not due to there being a Republican in the WH at the time.
And the country coming out of the deepest recession since the great depression is not due to the occupant of the WH.
U.S. Deficit Decline to 2.8% of GDP Is Unprecedented Turn - Bloomberg
OMG, we need to stop Obama from spending us into ruin!!
Oh, wait.... the deficit is SHRINKING? Whodathunkit! I guess he's NOT the spender in chief as he's been labeled by the consistent and reliable deficit increasing Republicans.
Oh, wait.... the deficit is SHRINKING?
Good thing I didn't assert that.
Facts are fact. Deficit is decreasing. Obama is not and has not spent the US into ruin. He did indeed reduce the deficit. If we can eliminate the deficit, we can start attack the debt.
First thing is first... address the deficit and then we can address the debt.
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