NOTE UPDATE:
This JUST IN:
U.S. crosses $1 trillion deficit threshold for third straight year, logging $1.23 trillion deficit with one month to go before end of fiscal year
Federal Deficit Totaled $1.23 Trillion in August:
The federal budget deficit reached $1.23 trillion in August. The third straight $1 trillion-plus deficit adds pressure on Congress and the White House to reach agreement on a long-term plan to trim government spending.
The Treasury Department says the deficit grew by $134.2 billion last month. At that rate, the nonpartisan Congressional Budget Office projects the deficit will total $1.28 trillion when the budget year ends in September. That would nearly match last year’s $1.29 trillion imbalance and come in below the record $1.41 trillion hit in fiscal 2009.
A congressional panel is seeking $1.2 trillion in savings later this year.
The CBO director warned that spiraling interest payments could swamp the government’s ability to pay for its operations and could spark a financial crisis if nothing is done.
Highlights:
* 2:03 Newt’s GE moment (One SMART Cookie) & most importantly being energy/oil independent. Then we do not have to look ourselves in the mirror knowing we are supporting terrorism & sharia law. JUST my opinion.
* 3:59 The Obama Depression
* 4:26 It’s a Ron Paul world in Cincinnati
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