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$1 Trillion Fed Deficit Projected

Printed From: MiddletownUSA.com
Category: Outside World
Forum Name: News, Info and Happenings outside Middletown
Forum Description: It might be happening outside Middletown, but it affects us here at home.
URL: http://www.middletownusa.com/forum/forum_posts.asp?TID=719
Printed Date: Dec 22 2024 at 4:56pm


Topic: $1 Trillion Fed Deficit Projected
Posted By: Middletown News
Subject: $1 Trillion Fed Deficit Projected
Date 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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Replies:
Posted By: John Beagle
Date Posted: Nov 26 2008 at 10:21am
It will get worse than that if we implement a new health care system.

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