Tuesday, September 09, 2008
Federal Deficit up $246 Billion in One Year
Federal Budget Deficit is projected to rice to between $407 Billion and $482 Billion by next year.
This constitutes one of the hugest increases in one year ever - up $246 billion dollars.
The Congressional Budget Office says the jump is due to "a substantial increase in spending and a halt in the growth of tax revenues."
So what can we do about this? Both McCain and Obama are talking about cutting taxes. That won't help. Though we do need some tax relief - especially in the income brackets most squeezed by the Bush tax cuts (that McCain was against before he was for).
McCain says he can cut $100 billion in earmarks. Yes, earmarks. That's all we're hearing about these days. Bridge to nowhere and all that jazz.
This article on factcheck.org from last May provides some insight into the feasibility of McCain's claims to cut earmarks. It's definitely not the end all and be all.
No easy answers my friends. Though one thing is clear - we can't continue spending like sailors as we have been for the past 8 years.
Here's more information about the last four administrations as it relates to the federal budgets. Notice, regardless of Sr. or Jr., Bush = MORE SPENDING.