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Obama to raise 10-year deficit to..
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8/22/2009 9:45:46 AM
Posted: 7 years ago
Before I start:
· Debt is the total amount of money a country owes since its birth (i.e. could be centuries ago).
In other words, the amount of revenue collected throughout the nation's history minus the amount spent during that period.
The total U.S. debt to date is $11.7 trillion.
· Deficit is the total amount of money a country owes in the course of a single fiscal year.
In other words, the amount of revenue collected throughout a single fiscal year minus the amount spent during that period.
The total U.S. deficit for fiscal year 2009 was initially projected to be $1.8 trillion. However, the White House will announce next week that the deficit is now projected to reach $1.58 trillion.
FULL HEADLINE: Obama to raise 10-year deficit to $9 trillion
The Obama administration will raise its 10-year budget deficit projection to roughly $9 trillion from $7.108 trillion in a report next week, a senior administration official told Reuters on Friday.
Hmm... I could've sworn Obama promised to cut the budget deficit by half. Oh yeah, here it is:
HEADLINE (2/22/09): Obama vows to cut huge deficit in half
Let's take a look at the public/national debt:
Upon Inauguration: $6,307,310,739,681
As of 2009-08-20: $7,385,126,904,159
Upon Inauguration: $10,626,877,048,913
As of 2009-08-20: $11,720,828,555,380
Here is all the U.S. debt:
And my favorite:
-Warren Buffett in a NYT op-ed last Tuesday wrote about the crushing mountain of debt the US government is now building up. My favorite quote: "We don't want our country to evolve into the banana-republic economy described by Keynes."