Tuesday, March 8, 2011

Economy and Federal Budget Deficits - #2702 - U.S. Sets 223B Deficit Record - Washington Times (2) Great News: America Sets New Record for Monthly Deficit Spending - Hot Air (3) U.S. Treasury Drew Down Its Cash Balance by #81.6B in Just First 4 Days of March - CNS News

From Rush Limbaugh on Monday: You might be interested in this: "The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning." So, $223 billion for the month of February. Now, let's go back. October 5th of 2007. This is the Wall Street Journal: "The Congressional Budget Office estimated Friday that the U.S. federal budget deficit for fiscal year 2007, which ended Sunday, was about $161 billion, or 1.2% of gross domestic product."  May I put these numbers in context for you? The federal budget deficit for the YEAR in 2007 was $161 billion; the federal deficit for the month of February this year was $223 billion. So a monthly deficit is $72 billion more than the annual deficit in 2007. Unbelievable. Who knew? A monthly deficit bigger than an annual deficit four years ago, 2007. I just... That's jaw dropping, a $223 billion deficit in one month, last month! But $161 billion for the whole year in 2007. Read entire article from the Washington Times .........

Great News: America Sets New Record for Monthly Deficit Spending - Hot Air - I must be getting old. I can recall the days when an annual federal deficit of $223 billion was enough to send Democrats screaming to cable news shows about the profligacy of George W. Bush and his ruinous economic policies. That seems so quaint these days as the Obama administration posts a record $223 billion deficit — for a single month:  The federal government posted its largest monthly deficit in history in February at $223 billion, according to preliminary numbers the Congressional Budget Office released Monday morning.  That figure tops last February’s record of $220.9 billion, and marks the 29th straight month the government has run in the red — a modern record. The last time the federal government posted even a monthly surplus was September 2008, just before the financial collapse.  Read more........


U.S. Treasury Drew Down Its Cash Balance by $81.6B in Just First 4 Days of March - CNS News - The U.S. Treasury is depleting its cash at an accelerating pace, drawing down its cash balance by $81.6 billion in the just the first four days of March, leaving the federal government with only $108.9 billion on hand, according to the Daily Treasury Statement released Monday afternoon.  At the beginning of February, the Treasury had $349.1 billion in cash on hand, but spent that down by $158.5 billion during the month, ending February with only $190.6 billion on hand.  Were the government to continue to draw down its cash balance at the $20.4 billion-per-day rate that prevailed in the first four days of March, it would spend its way through its final $108.9 billion in little more than five days. Read more.......

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