Make your own free website on Tripod.com

"Dedicated to exposing the lies and impeachable offenses of George W. Bush"


US deficit hits record
Jamaica Observer/AP
December 13, 2005

WASHINGTON (AP) - The US government's budget deficit rose sharply in November as spending raced ahead of tax receipts. The Treasury Department reported yesterday that the deficit totalled $83.1 billion (euro69.7 billion), the highest imbalance ever recorded in November.

For the first two months of the 2006 budget year, which began Oct 1, the deficit totals $130.3 billion, (euro109.27 billion) 13.1 per cent higher than the $115.2 billion (euro96.6 billion) in red ink run up during the same period last year.

Most analysts are forecasting that the budget deficit will rise to around $350 billion (euro293.5 billion) this year, reflecting in part increased federal spending for reconstruction in the states devastated by the Gulf Coast hurricanes.

The 2005 deficit narrowed to $318.5 billion (euro267.09 billion) after hitting an all-time high in dollar terms of $413 billion (euro346.33 billion) in 2004.

For November, revenues totalled $138.8 billion (euro116.39 billion), up 3.2 per cent from November a year ago. Spending totalled $221.9 billion (euro186.08 billion) , up 15.3 per cent from November 2004. Analysts said the increase in part reflected higher payouts of flood insurance claims by the Department of Homeland Security related to Hurricane Katrina.

The faster rise in spending compared to revenues left the deficit at $83.1 billion (euro69.7 billion) , the largest imbalance ever recorded for a November, and up 43.5 per cent from the deficit of $57.3 billion (euro48.05 billion) last November.

Commentary:
The GOP controlled House just passed almost $100 billion in tax cuts. If you still care about our future, vote against every member of congress who voted for tax cuts while we have massive deficits. If you can't trust them with your money, you can't trust them with anything.

Here's the deal. If you have a major disaster or war, you raise taxes to pay for it. But not these bozos. They pass the bill to the next generation. Talk about no family values.