Tags: federal | deficit | soars

Federal Deficit Climbs to $1.3 Trillion

Friday, 07 Aug 2009 07:55 AM

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink

WASHINGTON -- The U.S. budget deficit reached $1.3 trillion for this fiscal year in July, official data showed, news set to fuel opposition to President Barack Obama's ambitious healthcare and climate change proposals.

The deficit for the first 10 months of fiscal year 2009, which began Oct. 1, reached $1.3 trillion, close to $880 billion greater than the deficit recorded through July 2008, said the Congressional Budget Office (CBO).

Outlays rose by almost $530 billion, or 21 percent, and revenues fell by more than $350 billion, or 17 percent, compared with the amounts recorded during the same period last year, the nonpartisan CBO said.

The new data is likely to stoke Republican opposition to Obama's plans to remake the healthcare system and enact sweeping legislation to battle climate change, as well as fuel criticism of his handling of the economy.

Republicans have charged that the nearly $800-billion economic stimulus package Obama and his Democratic allies pushed through this year only swells the deficit and has not paid off in jobs recovered.

For his part, the president declared late Thursday that America may be seeing the beginning of the end of its economic nightmare.

The president fired a blistering attack at his Republican critics.

"The recession was years in the making, it didn't just start last month," he said in a fiery and partisan speech reminiscent of his barnstorming 2008 campaign rhetoric. "That bank crisis didn't happen on my watch. Let's get the history straight."

The president argued that his $787-billion rescue plan and other emergency measures had stopped the economy's free fall and cut the rate of job losses.

"We may just be seeing the very beginnings of the end of this recession," he said.

Obama cranked up his counter-attack as a new poll suggested voter patience may be wearing thin with his economic rescue effort, with his sky-high job approval rating slumping to 50 percent, the lowest since his inauguration.

The Quinnipiac University poll rating was a significant dip from the 57 percent Obama enjoyed on July 2, and it followed a month of fierce battles of his economic rescue plans and signature healthcare reform.

The White House also is bracing for new unemployment figures due Friday that analysts expect to show the jobless rate climbing to a 26-year high of 9.6 percent, ever closer to the politically perilous 10-percent mark.

© 2009 Agence France Presse. All rights reserved.

-

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Report: NKorea Sent Commandos to Attack US Nuclear Plants in 1990s

Thursday, 18 Dec 2014 23:34 PM

Five covert commando teams were sent to the United States by North Korea in the 1990s to attack nuclear power plants and . . .

Poynter Gives Rolling Stone Rape Story 'Error of the Year' Award

Thursday, 18 Dec 2014 23:25 PM

The Poynter Institute has tagged Rolling Stone's article about an alleged rape at the University of Virginia, a story th . . .

Michael Reagan: A Threat to Hollywood Launched Dad's Political Career

Thursday, 18 Dec 2014 23:13 PM

Kim Jong-un isn't the only strongman to threaten Hollywood and win. He isn't even the most recent.
A new biography . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved