Business

Business as Usual: Feds Post $125B Deficit in May

The feds reported a budget deficit of a staggering $125 billion last month, more than twice what was registered this time last year.

“The budget has become a key point of political contention in Washington during this election year. Economists worry another budget impasse like the one that cost the United States its AAA credit rating last year could be in store at the end of 2012, potentially derailing a fragile economic recovery,” writes Pedro Nicolaci da Costa for Reuters.

The deficit grew in May despite the fact that April enjoyed a “rare surplus” due to high tax revenues.

“So far this fiscal year, the budget deficit stands at $844.5 billion, narrower than at the same time a year ago [emphasis added],” writes da Costa.

Under the fed’s “specialized” accounting system (remember, they don’t keep books like a regular business), fiscal year 2012 begins in October. When FY2011 came to an end in September 30, the budget deficit was approximately $1.296 trillion (but only under their “specialized” accounting rules).

Comments (26)

  • famullar
    Posted on June 17, 2012 at 10:04am

    As banks braced for more political uncertainty and potential market turmoil, Greek political leaders said they understood the need to quickly form a government, no matter the election results.
    Advantage of big once you still can push your weight anywhere even if you are broke. Obama administration to Russia: Stop arming Assad The United States on Wednesday flatly denied Russian charges of arming Syria’s rebels and bluntly urged Moscow to stop shipping weapons to Syrian President Bashar al-Assad’s regime, warning that the “deteriorating” conflict was “spiraling towards civil war.“ ”We believe that everyone who is providing weapons to the Assad regime should halt the provision of those weapons,” spokesman Jay Carney said at his daily briefing. As world financial institutions braced for more political uncertainty and potential market turmoil on Monday, Greek political leaders said they understood the need to form a government as quickly as possible, no matter what the election results. Elections on May 6 failed to yield a government and brought the Greek economy to a standstill. As they headed to the polls, Greeks were gripped by anxiety about the collapse of the economy and with it the middle class — and shaken by repeated warnings from European leaders that Greece’s exit from the single currency was likely. For many, the election was seen as a choice between hope and fear. “There’s the party of fear and the party of despair,” Nikos Xydakis, a political analy

    Report Post »  
  • West Coast Patriot
    Posted on June 14, 2012 at 2:22pm

    Lawyers for Ron Paul have filed a federal lawsuit aginst the RNC with 1000 + plaintiffs where several of the plaintiffs are GOP chairs. This lawsuit will change how we do elections in the future as it will most likely unbind the delegates on the first round in Tampa. This is the biggest story of the election so far, but you will not see this on the MSM and The Blaze has been blocking me from giving you the link to read this complaint.

    So, go to the Daily Paul, click on the search tab, type in: Delegates to the Republican National Convention v. Republican National Committee

    Click on that story link, there are links in the story, but the best link is in the comments below. You can scroll to comment that is headed Doc Link. There you can read the complaint.

    Sorry that you have to go through the steps above to read the complaint filed, but every attempt I have made to link you to the actual complaint has been blocked by The Blaze. Everyone should read this complaint, if for no other reason the fact that The Blaze has been blocking it.

    Report Post » West Coast Patriot  
  • The-Monk
    Posted on June 13, 2012 at 8:01pm

    Feds Post $125B Deficit for May…… Spain gets $125B bailout in early June. ????

    Report Post » The-Monk  
  • barber2
    Posted on June 13, 2012 at 1:40pm

    Heard Obama made a comment about how to improve the economy : “It’s Greek to me.”

    Report Post »  
  • QuantumVerp
    Posted on June 13, 2012 at 1:06pm

    The only way to ‘fire’ all the bastards is from the tippity-tip-top down…

    You should all be prepared for when the money becomes no good.
    It’s the only way the budget madness ends in a properly effed up civilization.

    Hope the transition is not as bad as the Bible says!

    Report Post » QuantumVerp  
  • theblazerunner
    Posted on June 13, 2012 at 12:23pm

    Exclusive: Bilderberg 1966 Data Dump – The War on Nationalism Exposed
    http://www.infowars.com/exclusive-bilderberg-1966-data-dump-the-war-on-nationalism-exposed/

    US Government Study: Humans are National Security Threat to Oceans and Our Planet
    http://www.infowars.com/us-government-study-humans-are-national-security-threat-to-oceans-and-our-planet/

    Report Post » theblazerunner  
    • The-Monk
      Posted on June 13, 2012 at 8:06pm

      @theblazerunner

      The 2nd link sounds like the Georgia Guidestones…..

      Report Post » The-Monk  
  • republic2011
    Posted on June 13, 2012 at 12:20pm

    Interesting.. Spain just got bailed out for $125B. I am sure none of our tax dollars went to that :-)

    Report Post »  
  • theblazerunner
    Posted on June 13, 2012 at 12:17pm

    Sheriff Joe challenges eligibility in Florida
    Judge also wants White House to back its definition of natural-born citizen
    http://obamareleaseyourrecords.blogspot.com/2012/06/sheriff-joe-arpaio-challenges-obamas.html

    if you have not figured out that the game is fixed , then you better read the rules.
    we have a 70,000+page tax law,politicians and others that pay no taxes and a fed bank that makes up bs debt.
    taxation without representation…what to do…what to do?

    Report Post » theblazerunner  
  • SychinLegacy
    Posted on June 13, 2012 at 12:09pm

    But don’t worry guys. Pretty soon Romney will be in office and he will…. oh yeah right increase spending even further…

    We have reached the end game and still manage to somehow not field a proper candidate. Pathetic.

    Report Post » SychinLegacy  
  • Mutiny
    Posted on June 13, 2012 at 12:08pm

    Great news.

    Isnt it great Romney’s budget he put out doesnt cut current spending levels? I mean he is running for president while endorsing Obama’s spending levels. I see change coming, its call bankruptcy.

    Report Post » Mutiny  
  • KidCharlemagne
    Posted on June 13, 2012 at 12:06pm

    “We must not let our rulers load us with perpetual debt. We must make our election between economy and liberty or profusion and servitude. If we run into such debt, as that we must be taxed in our meat and in our drink, in our necessaries and our comforts, in our labors and our amusements, for our calling and our creeds…

    [we will] have no time to think, no means of calling our miss-managers to account but be glad to obtain subsistence by hiring ourselves to rivet their chains on the necks of our fellow-sufferers…

    And this is the tendency of all human governments. A departure from principle in one instance becomes a precedent for [another ]…till the bulk of society is reduced to be mere automatons of misery…And the fore-horse of this frightful team is public debt.
    Taxation follows that, and in its train wretchedness and oppression.”

    -Thomas Jefferson, Letter to Samuel Kercheval, Monticello, July 12, 1816

    Report Post »  
    • cykonas
      Posted on June 14, 2012 at 10:49am

      TJ is my favorite President of all time. I find some irony in the quote you cite however. Fourteen years earlier, in 1802, he spend some $15M in cash and debt forgiveness in the transaction. I’m not going to argue the merits of the purchase here but I will say that I think it was a smart thing.

      However, he did it on his own probably overstepping the Constitutional authority of the Executive Branch. It’s ironic that even in their day our earliest politicians would do what they wanted while in office, then berate others when they later did essentially the same thing.

      I agree with your post, but I wanted to note the irony. Peace.

      Report Post » cykonas  
  • Snowleopard {gallery of cat folks}
    Posted on June 13, 2012 at 11:56am

    Business as usual, out of control government and marxist dictator in the Whtie House.

    Report Post » Snowleopard {gallery of cat folks}  
  • sbenard
    Posted on June 13, 2012 at 11:50am

    Bernanke has more money he has printed so he needs more debt to monetize!

    Report Post » sbenard  
  • barber2
    Posted on June 13, 2012 at 11:48am

    Yes. Folks. Americans once revolted over Taxation Without Representation . Now we are suffering from Government Spending Without Limits or Common Sense.

    Report Post »  
    • Mutiny
      Posted on June 13, 2012 at 12:10pm

      Does Romney cut current spending levels? Oh yeah, no he doesnt. So do you also endorse Obama’s spending?

      Report Post » Mutiny  
    • The-Monk
      Posted on June 13, 2012 at 8:12pm

      @Mutiny

      Has Romney introduced a Budget for the USA yet? I’d like to read it. Got a link? I can’t find it at whitehouse.org.

      Report Post » The-Monk  
  • sbenard
    Posted on June 13, 2012 at 11:47am

    Calamity is certainty. Plan and prepared accordingly!

    Report Post » sbenard  
  • Silversmith
    Posted on June 13, 2012 at 11:37am

    Tax Revolt?

    Silversmith

    Report Post » Silversmith  

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