Record U.S. Deficit in 2009
The U.S. budget deficit will widen to a record of about $490 billion next year, an administration official said, leaving a deep budget hole for the next president.The projected deficit for the fiscal year that begins Oct. 1 is far higher than the $407 billion forecast by President George W. Bush in February. The official also confirmed a report in USA Today that the deficit this year will be less than the $410 billion estimated in February.
Move the deficit to next president. Then you can say he made it worse.
The Bush administration and Congress haven't dealt with the largest long-term fiscal problems: the growing costs of Medicare, Medicaid, and Social Security. Those three programs consumed an estimated 41 percent of the federal budget in 2007.
Nothing being done in last eight years. It's going to make it that much more difficult to control those costs.
Bush inherited a budget surplus when he took office in 2001. In his State of the Union address he pledged to submit a budget that would return the federal government to a surplus by 2012.
3012 seems more likely than 2012.
As if the federal government does not have any problems, all the states are currently going through financial crisis.
From the NY Post:
Paterson is also expected to announce that he's ordered state agencies to slash spending beyond the relatively modest 3.3 percent cuts he ordered in late spring.He may also call a special session of the Legislature to propose reducing some of the record-high levels of spending that were approved as part of the state's new budget in April."The situation is worse than anyone realizes," said a source close to Paterson
Let's see..Business's slowing down, home taxes going down, personal spending (tax) going down....etc..
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