By Brian Faler and Julianna Goldman
Oct. 8 (Bloomberg) -- The U.S. government ended its 2009 fiscal year with a deficit of $1.4 trillion, the biggest since 1945, the Congressional Budget Office reported.
The deficit amounted to 9.9 percent of the nation’s economy, triple the size of the shortfall for 2008.
The nonpartisan CBO said yesterday the government was squeezed on both sides of the budget ledger in the fiscal year that ended Sept. 30. Tax revenue fell by $420 billion, or 17 percent, to the lowest level in more than 50 years.
Individual income taxes, the biggest source of tax receipts, fell by 20 percent, the agency said. Corporate income taxes dropped by 54 percent, reflecting the slow economy.
At the same time, federal spending rose by 18 percent, the CBO said. About half of the spending increase, $245 billion, was driven by the costs of bailing out the financial industry and taking over mortgage financiers Fannie Mae and Freddie Mac.
The spending increases and tax cuts included in the economic stimulus package approved in February added almost $200 billion to the 2009 deficit, the CBO said
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Obama is doing a brilliant job waking up American sheeple.
ReplyDeleteMeantime, light agents have 3 teams.
1. TVP - The Venus Project.
2. CrashCap - Mobilize millions of people to print / counterfeit money to crash current corrupt capitalism.
3. Ninja - Strike TPTB on command if TPTB refuse TVP.
What the hell are you talking about? Some people here have said that there is a resident retard. I think over half the people that comment here fit that description.
ReplyDeleteGood luck "printing" your fake money. HAHA!
Why don't you try getting a job and earning some of it for once.
We get it the old fashioned way. We EARN it.
ReplyDeleteAfter years of looking for a job I finally landed one doing clerical work. Prior to this I was a Data Communications Manager for AT&T and a nuclear reactor plant operator. Never did I think it would be so hard to land a job. I did not know about age discrimination until I started looking for a job at age 60. 37,000 job applications later I had one interview and I got the job for half of what I used to make with AT&T. but I am happy to at least have a job.
ReplyDelete