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recxjake
07-11-2007, 10:40 AM
Deficit Falls to $205 Billion
Jul 11 08:52 AM US/Eastern


WASHINGTON (AP) - The nation's budget deficit will drop to $205 billion in the fiscal year that ends in September, less than half of what it was at its peak in 2004, according to new White House estimates.
President Bush planned to discuss the figures in an afternoon appearance.

The new figure is considerably smaller than original estimates. In February, the White House predicted that this year's deficit would be $244 billion because of stronger-than-expected revenue collections. The deficit hit a peak of $413 billion in 2004 and was $248 billion last year.

http://www.breitbart.com/print.php?id=D8QAD5LG1&show_article=1

Logical
07-11-2007, 10:43 AM
Sad when it is reported as good news, actually pathetic.

Radar Chief
07-11-2007, 10:50 AM
Sad when it is reported as good news, actually pathetic.

I just hope our gubment doesn’t take this as a cue to spend this credit windfall.

recxjake
07-11-2007, 10:50 AM
Sad when it is reported as good news, actually pathetic.

Actually its great news... It shows the Bush tax cuts are working. You don't need more taxes to improve income. You take Iraq out of the picture and we are very close to a balanced budget.

Logical
07-11-2007, 10:52 AM
Actually its great news... It shows the Bush tax cuts are working. You don't need more taxes to improve income. You take Iraq out of the picture and we are very close to a balanced budget.:rolleyes::rolleyes::rolleyes:

recxjake
07-11-2007, 10:54 AM
:rolleyes::rolleyes::rolleyes:

So you are unhappy the deficit is falling?

Logical
07-11-2007, 10:55 AM
So you are unhappy the deficit is falling?You are just delusional, I am unhappy there is any deficit at all and frankly the tax cuts are the reason we have deficits.

Mr. Kotter
07-11-2007, 11:01 AM
This is NOT good news. Stop it. Move on, already.

recxjake
07-11-2007, 11:01 AM
You are just delusional, I am unhappy there is any deficit at all and frankly the tax cuts are the reason we have deficits.


The tax cuts saved our economy.

recxjake
07-11-2007, 11:02 AM
This is NOT good news. Stop it. Move on, already.


ROFL....

cutting the deficit in half since 2004 is not good news.... ?

Mr. Kotter
07-11-2007, 11:05 AM
ROFL....

cutting the deficit in half since 2004 is not good news.... ?

Nope. It sucks, you partisan shill. Bush is da Debil. And Rudy is gay.







;)

Cochise
07-11-2007, 11:05 AM
The deficit is cut by 50% in four years, and Logical is pissed. That says it all.

Obviously, we need to not have a deficit at all, but to piss on a 50% reduction like it's nothing shows a brazen amount of partisan hackery.

Radar Chief
07-11-2007, 11:07 AM
You are just delusional, I am unhappy there is any deficit at all and frankly the tax cuts are the reason we have deficits.

:spock: Do what? We have deficits because spending exceeds income.
Since spending hasn’t dropped much, if at all, that must mean income has increased. Now the question becomes, has income increased because of tax cuts or in spite of them? The answer is one of the two.
IMO, what’s needed is less frivolous spending, not higher taxes.

BigMeatballDave
07-11-2007, 11:09 AM
You are just delusional, I am unhappy there is any deficit at all and frankly the tax cuts are the reason we have deficits.Bitching about tax cuts. Spoken like a true liberal... :)

ChiefsfaninPA
07-11-2007, 11:10 AM
Figures a guy who works for GM (which looses billions) thinks this is a positive thing.

Radar Chief
07-11-2007, 11:11 AM
Figures a guy who works for GM (which looses billions) thinks this is a positive thing.

Better than a deficit increase, don’t you think?

Amnorix
07-11-2007, 11:12 AM
The tax cuts saved our economy.

:LOL:

No, the tax cuts were 10% designed to improve the economy, and about 90% designed to improve what Republicans believed were systemic or conceptual flaws in the tax system. i.e. had nothing to do with improving the economy as their primary motivation.

That's why LOTS of economists came out against them at the time.

BigMeatballDave
07-11-2007, 11:13 AM
Figures a guy who works for GM (which looses billions) thinks this is a positive thing.It was cut in half. How is this a bad thing?

Amnorix
07-11-2007, 11:13 AM
The deficit is cut by 50% in four years, and Logical is pissed. That says it all.

Obviously, we need to not have a deficit at all, but to piss on a 50% reduction like it's nothing shows a brazen amount of partisan hackery.

Before anyone puts any words in my mouth, reducing the deficit is a very good thing. If only we could continue that trend indefinitely. Unfortunately, that's pretty darn unlikely.

We won't even discuss how the whole thing is a joke iwth SS remaining on-budget.

ChiefsfaninPA
07-11-2007, 11:15 AM
It was cut in half. How is this a bad thing?


It is a bad thing in the sense it is not likely to continue. If it did, it would be tremendous.

recxjake
07-11-2007, 11:25 AM
Figures a guy who works for GM (which looses billions) thinks this is a positive thing.

1. I don't work for GM
2. GM is now making money
3. And yes, this is a very positive thing....

ChiefsfaninPA
07-11-2007, 11:27 AM
2. GM is now making money


Please forgive me. I will now forget that they still make TERRIBLE vehicles and lost boat loads of money VERY RECENTLY.

banyon
07-11-2007, 11:28 AM
So what's the real deficit then?

Adept Havelock
07-11-2007, 11:30 AM
That's nice. Now what about the outstanding national debt?

BigMeatballDave
07-11-2007, 11:34 AM
That's nice. Now what about the outstanding national debt?4,000,000,000,000,000,000,000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000

recxjake
07-11-2007, 11:37 AM
Please forgive me. I will now forget that they still make TERRIBLE vehicles and lost boat loads of money VERY RECENTLY.

Terrible vehicles? 2007 Truck of the year and 2007 car of the year.....

Adept Havelock
07-11-2007, 12:01 PM
4,000,000,000,000,000,000,000,000,000,000,000,
000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000,000


Oh. Is that all? Then I suppose I shouldn't worry about it, as it's only growing half as much as it was before.

:banghead:

Terrible vehicles? 2007 Truck of the year and 2007 car of the year.....

Yep, that must be why the American Public is embracing GM by driving their sales to unprecedented levels.

Oh wait...they aren't. LMAO

Pitt Gorilla
07-11-2007, 12:41 PM
Better than a deficit increase, don’t you think?It is still a deficit increase, no?

patteeu
07-11-2007, 12:44 PM
It is still a deficit increase, no?

:spock: I don't think so. What do you have in mind?

Cochise
07-11-2007, 12:52 PM
By the way, any of you who are disheartened by this news, just wait until the Democrats hike the capital gains tax up to 20 or 25%, then things will start looking "up".

Hog Farmer
07-11-2007, 12:56 PM
Not trying to change the subject but, Will it be Huard or Croyle, I say Croyle.

Taco John
07-11-2007, 12:57 PM
Hooray! My wife is only charging $12,000 dollars per year more than our income on credit cards as opposed to the $24,000 she has spent in years past!

Glorious day!

Hog Farmer
07-11-2007, 12:58 PM
Your wife sucks!

Mr. Kotter
07-11-2007, 01:01 PM
It is still a deficit increase, no?

You're thinking of the debt. Snapp.

Pitt Gorilla
07-11-2007, 01:02 PM
:spock: I don't think so. What do you have in mind?Unless I'm reading this incorrectly, our accumulated budgetary deficit will be greater than it was a year ago.

Mr. Kotter
07-11-2007, 01:03 PM
Unless I'm reading this incorrectly, our accumulated budgetary deficit will be greater than it was a year ago.

That's called DEBT. :banghead:

Pitt Gorilla
07-11-2007, 01:05 PM
You're thinking of the debt, Snapp....the debt. Not the deficit. Come on, Ger.I realize it is called a debt, but I'm pretty sure that "deficit" applies as well, depending on the period of time referenced.

Budget Deficit - The amount by which a government, company, or individual's spending exceeds its income over a particular period of time.

Why do you call me Gerry? Seriously. Given your take on the Mr. Roger's article, I'd prefer Dr. Gorilla (from you, at least).

Taco John
07-11-2007, 01:08 PM
That's called DEBT. :banghead:



Yeah. He knows that.

Hog Farmer
07-11-2007, 01:08 PM
Cause it rymes with Hairy ,which gorillas are.

Pitt Gorilla
07-11-2007, 01:09 PM
Cause it rymes with Hairy ,which gorillas are.That I can accept and embrace.

Hydrae
07-11-2007, 01:12 PM
Hooray! My wife is only charging $12,000 dollars per year more than our income on credit cards as opposed to the $24,000 she has spent in years past!

Glorious day!


Exactly. It is sad when we are happy to only have the hole dug 2 feet deeper this year instead of 4 feet. Personally I would like to see the hole getting filled in. :shrug:

Radar Chief
07-11-2007, 01:14 PM
It is still a deficit increase, no?

Uh, no.

Logical
07-11-2007, 01:50 PM
Uh, no.Uh, yes it is, the deficit went up, just because the yearly shortfall is less does not mean the deficit has been reduced.

Radar Chief
07-11-2007, 01:56 PM
Uh, yes it is, the deficit went up, just because the yearly shortfall is less does not mean the deficit has been reduced.

Uh no. The Deficit did not go up. It decreased from past and projected levels.
The Debt went up, but that’s something different as I’m sure you know outside this board.

Hydrae
07-11-2007, 01:57 PM
Deficit
Debt

Semantics, can we stop that kind of trash and just talk the issue? Geez, I am starting to understand why nothing gets done in Washington as I am sure those guys are worse than the people around here about arguing over the smallest of details rather than just dealing with it. :shake:

Logical
07-11-2007, 01:59 PM
Uh no. The Deficit did not go up. It decreased from past and projected levels.
The Debt went up, but that’s something different as I’m sure you know outside this board.

Dude deficit and debt are the same thing. You are talking the yearly deficit only.

Radar Chief
07-11-2007, 02:04 PM
Dude deficit and debt are the same thing.

No, they’re not the same thing.
“Debt” is what we currently owe, “deficit” is what our gubment is spending over what it makes, which of course adds to the “debt”. They’re related, but by no means "the same thing”.
They both lead to the same conclusion, that our gubment spends too gawd-damn much, if that’s what you mean.

You are talking the yearly deficit only.

Isn’t that the topic of this discussion? :shrug:

Cochise
07-11-2007, 02:10 PM
Dude deficit and debt are the same thing. You are talking the yearly deficit only.

Deficit and debt are NOT the same thing.

A deficit is how much more money was spent than was taken in for an accounting period. The national debt is the total amount of money owed by the government to its creditors.

ROFL

Cochise
07-11-2007, 02:13 PM
Keep in mind, since debt and deficit are the same thing, these graphs show the exact same information.

Logical
07-11-2007, 02:16 PM
Deficit and debt are NOT the same thing.

A deficit is how much more money was spent than was taken in for an accounting period. The national debt is the total amount of money owed by the government to its creditors.

ROFLExcuse me:

Merriam Webster definition:

2 a : an excess of expenditure over revenue

Does that say yearly, or reference an accounting period? Is not the total accumulation of revenue less than the total accumulation of expenditures over all the years, thus properly called a deficit.

Logical
07-11-2007, 02:18 PM
Keep in mind, since debt and deficit are the same thing, these graphs show the exact same information.
Attachment A:http://www.chiefsplanet.com/BB/attachment.php?attachmentid=70960Please note the title of the graph is Yearly Deficit

Taco John
07-11-2007, 02:19 PM
Deficit and debt are NOT the same thing.

A deficit is how much more money was spent than was taken in for an accounting period. The national debt is the total amount of money owed by the government to its creditors.

ROFL



There are about 15 different definitons of the word deficit, with everyone here being right (http://www.google.com/search?sourceid=navclient&ie=UTF-8&rlz=1T4GGIH_enUS206US206&q=define%3a+deficit)

Adept Havelock
07-11-2007, 02:25 PM
Pretty much. Let's all celebrate! The Giant Sinkhole on our property is now only growing at half the rate it was before!

Wheeeeeeeeee!

Radar Chief
07-11-2007, 02:29 PM
Pretty much. Let's all celebrate! The Giant Sinkhole on our property is now only growing at half the rate it was before!

Wheeeeeeeeee!

Pretty much everyone’s assessment. But I guess we have to find something to argue about. ;) As the Planet turns.

Adept Havelock
07-11-2007, 02:35 PM
Pretty much everyone’s assessment. But I guess we have to find something to argue about. ;) As the Planet turns.

We have to find something to argue about?

No! No we don't!

"We're not gonna argue!"
"We're not gonna argue!"
"We're not gonna argue!"

StcChief
07-11-2007, 03:21 PM
Before 9/11 was started dip.

Clinton could have done less in raiding Intell etc at the cost of over balancing budget.

Hydrae
07-11-2007, 04:34 PM
So this means that as a citizen of this country I am ONLY $667 or so dollars more in debt then last year? And my wife and each of my kids are only that much further in debt as well? WOOT! :rolleyes: