Tuesday, July 08, 2008
Posted by: John Campbell at 10:16 AM

Yesterday, the Congressional Budget Office (CBO), released its Monthly Budget Review, and not to my surprise it stated “The federal government incurred a deficit of $268 billion for the first nine months of fiscal year 2008, CBO estimates, $148 billion more than the shortfall recorded during the same period in 2007.”

CBO also estimates that about $79 billion of that change is a direct result of the Economic Stimulus Act that passed the House at the beginning of this year.

We are now seeing the direct effect from reckless spending without reductions elsewhere.  I have said it before and I will say it now, both Republicans and Democrats need to understand that if we continue on our current course we are on a collision course for the highest debt in American history.



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Ex Pat(-rick) in Geneva writes: Tuesday, July, 08, 2008 10:32 AM
A small price to pay....
.... for our national security!

Oh, wait: I forgot! According to our own NIE reports we are NOT safer than before 9/11. There is MORE Al-Q than before 9/11.

And we are spending clost to $555 billion so far. Or, to make it real, $341.4 million per day.

And the monsters who attacked us on 9/11 are alive and well.

You're doing a heck of a job, Bushie!
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Moonkeeper writes: Tuesday, July, 08, 2008 10:42 AM
Vote third party
....or get more of the same.

Simple as that!
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Pasadena Phil writes: Tuesday, July, 08, 2008 11:46 AM
America doesn't have a revenue problem
It has a spending problem. We have to stop looking to the government to solve our problems, most of which were created by too much government in the first place. Moments ago, Bernanke finished his presentation explaining why the Fed has to keep pouring cash into a bankrupt financial system. At last count, the feds had already poured almost $500b of freshly printed dollars into the banks without demanding public disclosure of those noxious "off-balance sheet" investments. What does this tell us about the enormity of the problem looming over our economy? Why are the accounting firms not in trouble over these material items not being disclosed? Where were the regulators (SEC, Fed, Treasury, AICPA etc..) in all of this? And worse of all, why is imposing even bigger, more centralized government the solution?

We need to start taking an axe to the glut of useless government programs and return to the basics of government. Our march to central government control has accelerated under the Bush admin and it is time to stop this even if it takes a deep recession to do it. Freedom is worth fighting for and big governments are built at the expense of freedom.
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Conspire writes: Tuesday, July, 08, 2008 2:43 PM
What is our debt and deficit now???
I don't understand the statement that "we are on a colision course for the highest debt in American history." We always are. Daily, the national debt rises higher than it ever has been. Specifically, the debt rose a whopping 50% from spring-2003 to spring-2007, and it continues to rise $1 trillion per year. The deficit only means the amount of spending that we haven't gone out and gotten "credit cards" for yet. We all need to understand specifically what is happening with government debt, rising at more than $1 trillion per year (more than 10%) while the growth in GDP rises 1% - 3% per year. This is why the dollar is tanking - people/institutions/other governments don't want to lend us money any more. After we can't borrow any more, then we just print lots of money, which causes steep inflation. Certainly, Congress doesn't have the backbone to curb its horrible spending problem. Against this, the government entitlement programs have built-in mechanisms to adjust for inflation each year, which will cause inflation to spiral even more. All this will happen soon! Brace yourselves everybody.
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saurus writes: Tuesday, July, 08, 2008 10:17 PM
Ex-Pat says ... garbage.
First, as an EXPAT American, you have lost your right to refer to ANYthing using the term "we". You are no longer one of US.

Second, where you get your information is a mystery. Perhaps the NY Sl(T)imes? Tha FACT is, Al-Q is not in the least larger than before 9/11, and we (not you - we, as in Americans) most definitely are safer. I don't seem to recall there being a single attack on American soil since 9/11. Please feel free to correct me if your sources in the NY Slimes disagree. I will demand cites from OTHER THAN the Slimes as proof, though.

Third, President Bush - indeed ANY President - does not spend money. Congress does. You should have surrendered your HS Diploma - assuming you have/had one - when you surrendered your citizenship.

Finally ... your posit that the animals who "attacked us on 9/11 are alive and well" is so utterly stupid that it defies explanation. Are you actually saying that those animals survived flying into the WTC towers? Perhaps a better statement would be that "some who think like the 9/11 attackers survive." Unfortunately, that is so. It is also so that these animals have been around since the Crusades - which educated people agree was the beginning of Islams war on anyone who disputed the pedophile false-Prophet they worshipped.

But rest assured, our armed forces are doing their best to give as many of them as possible the eternal dirt nap and journey to their 76 virgins they so strive for. They won't get them all, for certain, and unfortunately, but as long as President Bush occupies the White House the fight will be in their backyard - not ours. And not yours either, btw.

If a Socialist wins the coming election, however, all bets are off.
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About John Campbell

John Campbell is a member of the House Financial Services Committee, and has taken a leadership role in addressing the country's top economic issues. Campbell serves as a member of the Joint Economic Committee, and House Committee on the Budget. He has a Bachelor's Degree in Economics from UCLA and a Master's Degree in Taxation from USC.

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