As insane as that sounds, it is true. Democrats under Barack Obama managed to pull off a one-month deficit of $229 billion. That is 41.4 percent higher than the ENTIRE YEARS’ BUDGET DEFICIT of $162 billion passed by the last Republican Congress under George W. Bush for fiscal year 2007.
From the Washington Times:
Govt. sets record deficit in February
By Stephen Dinan – The Washington Times
Thursday, March 8, 2012
The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.
The CBO’s figures show that despite repeated efforts to trim spending, the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.
The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011.
It is the 41st straight month the government has run a deficit — itself a record streak that dates back to the final months of President George W. Bush’s tenure. Before now, the longest streak on record was 11 months.
For all of fiscal year 2012, which began Oct. 1, the budget analysts said the government has raised $869 billion in revenue but spent $1.5 trillion so far.
Congress and President Obama sparred for most of last year on how to cut spending, but the CBO’s figures show that spending has actually remained flat in 2012 once the timing of certain payments has been adjusted.
Mr. Obama last month released a budget that showed the government averaging $1 trillion deficits for the rest of this decade. House Republicans are working to write their own budget now, while Senate Democratic leader Sen. Harry Reid of Nevada has said he doubts his chamber will write a budget this year.
The Democrat Party is the party of demon-possessed insanity. That’s the only way to put it. Let’s consider the progression as shown in a Los Angeles Times article from 2008. For a little background, the $162 billion deficit for 2007 was the last deficit passed by a Republican Congress while George Bush was president. The very next year, Nancy Pelosi and the Democrat-controlled House and Harry Reid and the Democrat-controlled Senate passed a budget with a deficit of $455 billion – which for the official record was 181 percent higher than the Republicans’ last deficit. That is very nearly THREE TIMES the deficit from a party that had spent the last eight years demonizing Republicans for their spending.
Federal deficit hits record $455 billion
The shortfall for fiscal 2008 is larger than was feared. It is likely to be a key issue in the last weeks of the campaign.
October 15, 2008|Richard Simon | Times Staff
WASHINGTON — Compounding terrible economic news, budget officials announced Tuesday that the federal deficit has soared to a record $455 billion, injecting new urgency into the closing days of the presidential campaign about spending in Washington, including efforts to stem the financial disaster.
The final accounting for fiscal 2008 produced a larger shortfall than had been projected, reflecting the start of federal efforts to address the economic emergency. It is certain to become a significant issue in the campaign, confronting the candidates with new questions about their growing slate of proposals for new spending and tax cuts at a time when red ink is surging.
“The reality is that the next president will be inheriting a fiscal and economic mess of historic proportions — the legacy of President Bush’s failed policies,” said Sen. Kent Conrad (D-N.D.), chairman of the Senate Budget Committee. “It will take years to dig our way out.”
The deficit is likely to be even bigger next year as the country copes with the worst financial crisis since the Depression.
The new figure breaks the previous record deficit of $413 billion in 2004 and more than doubles the 2007 deficit of $162 billion. It has focused new attention on government spending, coming just days after the National Debt Clock in New York City ran out of digits to record the overall national debt, which passed $10 trillion.
In Congress, the record deficit is likely to intensify debate over Democrats’ efforts to pass another economic stimulus package, perhaps worth $150 billion, and over the issue of fiscal discipline.
Administration officials blamed the deficit in large part on the nation’s economic troubles, which produced lower than expected tax revenues and led to passage of an economic stimulus package that included tax rebates.
Note that “blame Bush” has been the only Democrat strategy pretty much since Bush took office. It has now dominated Barack Obama’s entire presidency up to this point and he will NEVER take responsibility for his failed economy.
Obama rammed a stimulus through Congress in 2009 that cost not a mere $150 billion, but $862 billion. Obama’s “experts” assured us that if we passed this stimulus boondoggle, unemployment would never reach 8%. It of course went to 10.4% and has NEVER got to 8% during Obama’s entire presidency.
Of course, the real unemployment rate is actually over NINETEEN PERCENT. But Obama can keep playing with numbers to cover up that massive failure. Nevertheless, the fact of the matter is that the nonpartisan director of the nonpartisan CBO testified that Obama’s policies had destroyed jobs and would continue to destroy jobs.
Do you want to know why the stimulus didn’t work? The answer is actually pretty damn simple: BECAUSE KEYNESIAN ECONOMIC STIMULUS PROGRAMS HAVE NEVER WORKED ANYWHERE.
And when you look around at all the countries that are doing better than the United States, the single common factor is that they didn’t pass a massive stimulus boondoggle like we did under Obama (see also here and here).
What’s funny is that Obama’s own damn experts admitted that Bush’s policies were better for the economy than Obama’s. Which is probably why they were kicked out and Obama’s “economic team” has become a revolving door of incompetence since.
Oh, and by the way, the actual cost of Obama’s stimulus will actually end up being $3.27 TRILLION rather than a paltry $862 billion. Just in case money or debt matters to you at all.
And the same Obama who admitted that his “shovel-ready stimulus wasn’t as shovel-ready as he thought” said that the only damn thing his one-track Marxist mind could think of was to double down and try ANOTHER failed stimulus boondoggle that would largely benefit his special interest just like his first one did.
And rather than do a damn thing to fix the broken economy, Obama and his Democrat fools spent over a year railroading the unconstitutional socialist takeover of our health system otherwise known as ObamaCare. Which we keep finding out (remember when Nancy Pelosi said we’d have to pass ObamaCare to find out what is inside it?) is exploding the deficit and will KEEP exploding the deficit.
Welcome to God Damn America, people. If you like it, vote for Obama again. By the time this useful idiot of the coming Antichrist is finished, you won’t have a country left five years from now.