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$1 Trillion Fed Deficit Projected

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Joined: Apr 29 2008
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    Posted: Nov 25 2008 at 3:16pm
The White House Office of Management and Budget in July estimated the 2009 deficit at $482 billion, but that doesn't take into account possible losses down the road from loans and investments made under the $700 billion financial rescue plan enacted in October or other efforts to bail out stricken financial institutions.
 
Borrowing adds to the national debt, the money the federal government owes to states, corporations, individuals and foreign countries such as China and Japan that buy U.S. Treasury notes, bonds and other debt instruments. The debt, which stood at about $5.7 trillion in 2007, topped the $10 trillion mark in October and now stands at about $10.6 trillion. 
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John Beagle View Drop Down
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Joined: Apr 23 2007
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Post Options Post Options   Thanks (0) Thanks(0)   Quote John Beagle Quote  Post ReplyReply Direct Link To This Post Posted: Nov 26 2008 at 10:21am
It will get worse than that if we implement a new health care system.
John Beagle

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