The National
Debt is $13.8
Trillion!
U. S. Treasury
Department report to Congress:
U.S debt to rise to
$19.6 trillion by 2015.
---Web Site Updated 4 December 2010---
Federal Budget Deficit:
Highest on Record - Treasury Department Says Last Month's Budget Deficit Was 25
Percent Higher than in November 2009 (AP)
Dec 10, 2010 The federal budget
deficit rose to $150.4 billion last month, the largest November gap on record.
And the government's deficits are set to climb higher if Congress passes a
tax-cut plan that's estimated to cost $855 billion over two years.
The Treasury Department says November's budget gap was 25 percent more than the
deficit in November 2009.
For the first two months of the current budget year, which began Oct. 1, the
deficit totals $290.8 billion. That's 2 percent less than for the same period a
year ago. And economists had been estimating that the full-year deficit would
decline after two years of record highs.
But analysts say the tax deal President Barack Obama reached with Republicans this week will give the 2011
budget year the largest deficit in history $1.5 trillion, according to
economists at JPMorgan Chase. It would mark the third
straight year of trillion-dollar-plus deficits.
Under the tax-cut plan, JPMorgan economist Michael Feroli said he expects a $1.5 trillion deficit this year to
be followed by a $1.2 trillion gap in 2012.
Many economists had expected Congress to extend the tax cuts that were enacted
in 2001 and 2003. And they had included those extensions in their deficit
forecasts for coming years. But they hadn't factored in other parts of the
tax-cut plan, notably a 2 percentage-point cut in workers' Social Security tax
for next year. That will cost the government an additional $112 billion over
the next year.
Before the tax-cut agreement, many economists forecast that the deficits would
decline gradually in coming years. The Wall Street firms that serve as primary
dealers for the government's debt auctions estimated last month that the 2011
deficit would dip to $1.21 trillion and to $1.02 trillion in 2012.
The deficit for the 2009 budget year is the all-time high: $1.42 trillion. The
second-highest is the $1.29 trillion deficit for the 2010 budget year, which
ended Sept. 30.
Though it will further swell budget deficits, economists expect the tax-cut
package to boost economic growth. Nariman Behravesh, chief economist at IHS Global Insight, said
Friday he thinks the tax cuts would boost overall growth, as measured by the
gross domestic product, to 3 percent in 2011. That's up from IHS' forecast
before the tax deal of 2.4 percent growth.
http://www.cbsnews.com/stories/2010/12/10/business/main7138088.shtml
SEE HOW CONGRESS SPENDS YOUR
MONEY
http://www.federalbudget.com/
US DEBT BY
PRESIDENT
http://metricmash.com/
Cheat Sheet: Where the Fed's
Trillions Went by Marian Wang Dec 9, 2010
Following the failure of Lehman Brothers the biggest U.S.
banks had tabs with the Fed that ran in the tens of billions on any given day
during the worst parts of the financial crisis. Big banks typically got funds
through more than one program because they were eligible for different types of
loans. As our interactive shows, Citigroup, Merrill Lynch and Morgan Stanley
topped the list, with more than 200 loans each, though Bank of America
and Goldman Sachs weren’t far behind. (The Wall Street Journal has helpfully graphed this out [3].) Complete article at …. http://www.propublica.org/blog/item/cheat-sheet-where-the-feds-trillions-went