"The 1.2-trillion-dollar deficit shatters the previous record of 455 billion dollars set last year. It also represents more than 8 percent of the size of the economy, which is higher than the deficits of the 1980s. "
“The estimate doesn’t include the cost of a huge economic stimulus bill that U.S. President-elect Barack Obama is seeking approval from Congress. The bill would total nearly 775 billion dollars over next two years, according to news reports.”
Of course it will have a long-term effect if it becomes a long-term phenomenon. Whether the bill consists of mostly short-term and one-time matters or lots of permanent tax cuts and expenditure commitments remains to be seen.
Of course it will have a long-term effect if it becomes a long-term phenomenon. Whether the bill consists of mostly short-term and one-time matters or lots of permanent tax cuts and expenditure commitments remains to be seen.
If you are referring to the stimulus bill, that is not included in the number. That has to be added on top of it.
"The 1.2-trillion-dollar deficit shatters the previous record of 455 billion dollars set last year. It also represents more than 8 percent of the size of the economy, which is higher than the deficits of the 1980s. "
“The estimate doesn’t include the cost of a huge economic stimulus bill that U.S. President-elect Barack Obama is seeking approval from Congress. The bill would total nearly 775 billion dollars over next two years, according to news reports.”
I’m curious about one thing. I’ve heard that 455 billion figure for the fiscal year 2008 deficit many times. However, when I look at the official figures published by the Treasury Department, I calculate it at just under 1 trillion.
Not sure. I've also seen it written that Obama is inheriting a 1.2 Trillion debt. Not sure where that number comes from either, but if you add the 750 bank bailout to the 455, you get there.
Not sure. I’ve also seen it written that Obama is inheriting a 1.2 Trillion debt. Not sure where that number comes from either, but if you add the 750 bank bailout to the 455, you get there.
Don’t forget that the 455 billion was for fiscal 2008 which ended September 30, 2008. The 1.2 trillion is for fiscal year 2009 which goes from October 1, 2008 through September 30, 2009. That figure doesn’t include the 1 trillion dollar debt package currently being debated in congress. The 1.2 trillion figure also doesn’t include any money for new bailouts. I’m actually guessing that the final figures for fiscal 2009 will be in the 2-3 trillion dollar range.
