US Budget Deficit Shrinks 35 Pct. From Last Year - ABC News

[American]

Why would we need more taxes on the wealthy?

To help fund Obamacare and any other hair-brained liberal idea.

 

[Kushinator]

Silly righties! All that matters is that nominal GDP increases more than federal debt the majority of the time. When the economy is in crisis, it is not imperative that GDP increase more so than federal debt. Such a scenario (cutting spending to accommodate revenue shortfall due to economic contraction) is more commonly known as austerity.

 

[Kushinator]

What about my link? All the link is for is to illustrate that the money is not circulating adequately in the center.

This is true. I was referring to the 20% interest comment.

As for the 20%, that's an approximation of credit card debt interest.

For a deeper look into U.S. consumer debt subsets, see this pdf.

As far as annual credit card interest:

 

[specklebang]

This is true. I was referring to the 20% interest comment.

I've never used a credit card to borrow as I pay them when they arrive. I honestly thought I saw rates like 20% or higher but I certainly could be wrong. Not that I think 11% is such a bargain but I just got this CapitalOne card (because of the $100 gift and the 1.5% points rebate) and here's their website promo:

13.9%-20.9%
variable APR

So you can see I must have misunderstood something. This card is one that requires perfect credit so I (presumed) that other cards were more. Apparently other cards offer a better deal but I'm all about points and rewards, they can charge 100000% and I'll never be affected. Since they get the money at less than 1%, I still feel they should kiss you after they....you know.

 

[jonny5]

US Budget Deficit Shrinks 35 Pct. From Last Year - ABC News

Now can someone explain why we supposedly need more government spending cuts?

First off, there havent been any spending cuts. But it says why in the article:

The deficit for August was $147.9 billion, the Treasury reported Friday. That brought the annual budget gap through the first 11 months to $755 billion

The deficit reduction is almost entirely due to tax increases.

Fiscal Year In Current Dollars
Receipts Outlays Surplus or Deficit (–)
2009 2,105.0 3,517.7 -1,412.7
2010 2,162.7 3,457.1 -1,294.4
2011 2,303.5 3,603.1 -1,299.6
2012 2,450.2 3,537.1 -1,087.0
2013 estimate 2,712.0 3,684.9 -972.9
2014 estimate 3,033.6 3,777.8 -744.2

 

[jonny5]

Meanwhile

The nonpartisan Congressional Budget Office (CBO) warned Tuesday that the long-term outlook for the national debt remains dire, despite a near-term drop in the deficit that has been lauded by the Obama administration

Read more: CBO projects dire debt level - The Hill's On The Money
Follow us: @thehill on Twitter | TheHill on Facebook

 

[Samhain]

35% of the gain in revenue was due to SS receipts.