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US 'faces future of chronic deficits'
By Peronet Despeignes in Washington
Published: May 28 2003 21:57 | Last Updated: May 29 2003 1:16

The Bush administration has shelved a report commissioned by the Treasury that shows the US currently faces a future of chronic federal budget deficits totalling at least $44,200bn in current US dollars.

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So nice to sell out the future for votes today. It even has Greenspan worrying, which is a pretty serious sign.

holy crap
thats one expensive war you had there

mooooney.... [img]tongue.gif[/img]

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ain't no way it would happen, I would think that they misplaced their decimal to the right one space...more like 4.4 trillion or as TL stated 5 trillion...and Im betting we never get to 5 either. </font>

Still a lot of money.

Could use some of that amount.

Shouldn't Bush be trying to avoid deficits. Future generations will pay for deficits.

Although one reason for the surplus is citizens being taxed to death as well as GST revenues have turned that into a surplus estimated at $8 billion Cdn this year. The GST was implemented by Mulroney not Chretian so the conservatives are probably largely responsible for a surplus as anyone.

http://www.webfin.com/en/news/news.html/?id=34586

Earlier, Chretien took his deficit-fighting message to an Athens business luncheon, saying "I speak with the voice of experience," in cutting government overspending.

Remember, folks... future generations pay the debt, not the deficit. The debt is how much is owed; the deficit is how much bigger that number grew this year.

That's a hefty chunk of change...

Quote:

Originally posted by MagiK:
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ain't no way it would happen, I would think that they misplaced their decimal to the right one space...more like 4.4 trillion or as TL stated 5 trillion...and Im betting we never get to 5 either. </font>

In the disaster of 9-11, and a sluggish economy since late '99 early '00 the U.S. has lost about 1 trillion dollars in net-worth. With the assertion that we will be 44 trillion dollars in debt, this could only be true if we ran a trillion dollar deficit for 44 years. Or, that the entire US economy, does not make a red cent for 4.4 years. We may be a wealthy country, but we arent *that* damned wealthy! Where on earth do such wild accusations come from?
This whole nonsense on projections is getting ridiculous. I recall all the nonsensical verbage regarding, "a *projected* surplus". First of all, how many of us can project what they will make in ten years with 100% accuracy? Second, how many of us pay our bills based on this projection? Third how many of our creditors go along with this notion when we choose to purchase something? Last but not least, if the government is running a surplus and it is real, does that not tell anyone that you are being charged too much?

Heres some deficit news that flew in under the tax-cut radar:

http://www.sfgate.com/cgi-bin/articl...402EDT0597.DTL

Quote:

(05-27) 11:02 PDT WASHINGTON (AP) --

Without comment or ceremony, President Bush on Tuesday signed a bill allowing a record $984 billion increase in the amount the federal government can borrow, to a record $7.4 trillion.

The increased federal borrowing will enable the government to pay for the $350 billion economic stimulus package that the GOP-led Congress passed last week at Bush's behest.

Bush will hold a signing ceremony at the White House on Wednesday to celebrate passage of that legislation, White House spokesman Ari Fleischer announced. The package includes $330 billion in tax cuts and $20 billion in aid for states.

Passage of the bill raising the nation's debt ceiling came last Friday, only hours after the tax-cut bill was approved. Congressional Democrats had sought to spotlight the federal IOUs that have resumed piling up under President Bush.

But Republican leaders maneuvered to get the debt-ceiling measure passed quickly, and with little fanfare.

The Senate gave the bill final congressional approval by 53-44 on Friday.

Republican leaders did not bring the measure to the Senate floor until the House had left town for a weeklong Memorial Day recess.

The House had avoided a direct vote on the debt limit by reviving a rule that made its approval of a borrowing increase automatic when Congress finished its annual budget last month.

After running annual surpluses during the last four years of the Clinton administration, federal deficits have returned. This year's is expected to well exceed $300 billion, a record, and huge future shortfalls are expected with no end in sight.

Bush's signing of the bill -- announced in a statement with a single sentence -- will enable the government to borrow money until sometime next year.

The current $6.4 trillion limit was breached earlier this year.

Failure to extend the borrowing limit could have led to a first-ever federal default -- something neither party wants to explain.

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The bill is H.J. Res. 51.

Boy, do I miss Clinton. Any president who lets the government operate "in the red" for 4 years straight rocks. [img]graemlins/thumbsup.gif[/img]

And, before you guys all jump up and down screaming "it isn't just the President who did it," fine to a large extent you are right. But, let's remember it *is* the president who proposes the budget, estimates the needs of every agency, and, as Bush has shown us (and as Clinton showed us during the gov't shutdown in mid-90's), has HUGE influence.