Half A Trillion Deficit; $4 Gas; Deep Recession: What More Damage Can Republicans Do?
Republican George Bush announces Record Breaking Budget Deficit
Who says Republicans are fiscally Conservative?
Associated Press, July 28th 2008
WASHINGTON (Reuters) - The Bush administration on Monday projected the U.S. budget deficit will soar to a record of nearly half a trillion dollars in fiscal 2009 as a housing-led economic slowdown cuts into government revenues.
The economic and fiscal deterioration will complicate efforts to bring the budget to balance and pose challenges for whoever takes over the White House in January, either Republican Sen. John McCain or Democratic Sen. Barack Obama.
“I believe whoever becomes the next president will have a very, very sobering first week in office,” predicted Senate Budget Committee Chairman Kent Conrad, a North Dakota Democrat.
Reacting to the White House’s new prediction that the budget deficit will hit $482 billion in the fiscal year that starts October 1, Conrad said that number easily could rise by an additional $80 billion when the full costs of the Iraq war are tallied next year.
Click here to read more about the deficit at Associated Press.
July 28th, 2008 at 9:09 pm
[...] It is worth repeating the figure it is so staggering—half a TRILLION dollars. [...]