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Federal budget deficit hits record

November 13th, 2008 . by TexasFred

Federal budget deficit hits record

WASHINGTON – The federal government began the new budget year with a record deficit of $237.2 billion, reflecting the billions of dollars the government has started to pay out to rescue the financial system.

The Treasury Department says the deficit for the first month in the new budget year was the highest monthly imbalance on record. It was more than four times larger than the October 2007 deficit of $56.8 billion.

The big surge reflected the government spending $115 billion to buy stock in the nation’s largest banks. Those were the first payments made from the $700 billion government rescue program passed by Congress to deal with the most severe financial crisis to hit the country since the 1930s.

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Federal budget deficit hits record

I am going to preface this by saying: I am NOT a Republican nor a Democrat, I am an Independent Conservative.

This nation is in a mess, and I place the blame squarely on George W. Bush, he is, after all, the guy in charge, and as Truman said, “The buck stops here”.

It has happened under his watch, he encouraged the Wall Street bailout, many RINOs supported that bailout, Cornyn and Hutchison from Texas immediately come to mind.

Nearly ALL the Dems in the senate supported it, including Obama, I am NOT pointing at any individual, I am pointing at ALL of them, our elected officials that have taken this nation into a state of Socialism and *We, the People* are paying for it!

Until the voters of this nation stand up to the FREE SPENDING, give it all away politicos in D.C. and force this nation back into a position of fiscal responsibility, and serious conservatism, this is ALL we can expect, from the current and all future administrations.

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8 Responses to “Federal budget deficit hits record”

  1. comment number 1 by: BobF

    I think one of the problems is that many of the voters are standing there with their hands out too. In 200 years we’ve gone from a nation of “Give Me Liberty or Give Me Death” to a nation of “Give Me”. People are demanding that the Government give them whatever they want. I work in the Automotive world and it seems everybody wants everything for nothing. People buy a $3.00 light bulb and demand you spend the next 20 minutes installing it in their car for free. And, if you do install it, most won’t even say “thank you”.

  2. comment number 2 by: Katie

    I expect it go up higher after Obama gets his welfare programs into place. He will try to raise taxes on the rich, but they will hide their assets offshore. So it will be the middle class who will bear the burden for this joker we will have on Jan. 20th.

  3. comment number 3 by: Marginalized Action Dinosaur » US Federal budget deficit hits record

    [...] Federal budget deficit hits record [...]

  4. comment number 4 by: Shooterman

    Actually, the deficit is somewhere close to a trillion bucks for ’08. It will hit at least that in ’09, yet Mr Bush in all his bull shit glory has promised a surplus in 2013. I remember watching Dumbo as a child and thinking elephants could fly, as well.

    No nation has ever been able to become prosperous or to remain so, by borrowing, spending, and debasing the currency. Nothing is more debased than paper money that is created from thin air. Sooner or later all paper money ( FIAT ) approaches zero in value.

    We must; Repeal the Sixteenth Amendment
    Repeal the Seventeenth Amendment
    Repeal the Federal Reserve Act of 1913
    Return to a specie currency

  5. comment number 5 by: TexasFred

    I remember watching Dumbo as a child and thinking elephants could fly,

    Damn, I didn’t know Dumbo was THAT old… :?

  6. comment number 6 by: Shooterman

    One other thing. I am a Texan by birth and inclination, but one thing this nation must never do, is let another Texan into the White House. Even a transplanted one.

  7. comment number 7 by: Shooterman

    Damn, I didn’t know Dumbo was THAT old… :?

    Hell yes, elephants live for many years.

  8. comment number 8 by: Patrick Sperry

    Elephants live long lives. At least when me and my 470 are not around…

    The Nixon legacy, fiat money…