Obama July Deficit of $167 Billion Tops Bush Deficit For Entire Year of 2007

Worst. President. Ever.
The Obama Administration announced today that the July deficit totaled $165 billion
That’s more than the Bush deficit for the entire year of 2007.

The Wall Street Journal reported:

The U.S. government spent itself deeper into the red last month, paying nearly $20 billion in interest on debt and an additional $9.8 billion to help unemployed Americans.

Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.

The government usually runs a deficit during July, which is the 10th month of the fiscal year. So far in fiscal 2010, the government spent $1.169 trillion more than it made. That figure is about $98 billion lower than during the comparable period a year earlier.

For all of fiscal 2009, the U.S. ran a record $1.42 trillion deficit. Fiscal 2010 might run a little higher—the Obama administration sees $1.47 trillion.

Once again, the facts…
THE TRUTH – TAX CUTS GROW THE ECONOMY.

During the Bush years, despite the 2000 Recession, the attacks on 9-11, the stock market scandals, Hurricane Katrina, and wars in Iraq and Afghanistan, the Bush Administration was able to reduce the budget deficit from 412 billion dollars in 2004 to 162 billion dollars in 2007, a sixty percent drop.

In 2004 the federal budget deficit was 412 billion dollars. In 2005 it dropped to 318 billion dollars. In 2006 the deficit dipped to 248 billion dollars. And, in 2007 it fell below 200 billion to 162 billion dollars. During the Bush years the average unemployment rate was 5.2 percent, the economy saw the strongest productivity growth in four decades and there was robust GDP growth.

After an unheard of record deficit last year of $1.4 Trillion the economy is on track to experience a $1.47 Trillion deficit this year.

Get news like this in your Facebook News Feed,
Gateway Pundit

Facebook Comments

Disqus Comments

  • Its ludicrous..

    This may be inappropriate but I would like to go to DC for the 8/28 rally..Is there anyone I can contact in the St Louis area for Bus information and lodging for this occasion..Several of my neighbors are considering it also..

  • Pingback: Tweets that mention Gateway Pundit -- Topsy.com()

  • The president and Congress either have no idea what they’re doing, or they know exactly what they’re doing. I really, really wish there was a choice C.

  • Multitude

    I think we’ve found what Obamas are best at.

    “It may be that the sole purpose of your life is merely to serve as a warning to others.”

  • donh

    Wait until the August numbers come in. Michelle Obama’s vacationing should push the number past 170 Billion. Why do you think Ben Bernakie has suddenly found the need to monetise the debt ?

  • Pingback: Obama July Deficit of $167 Billion Tops Bush Deficit For Entire Year of 2007 | Liberal Whoppers()

  • jonyjoe101

    The democrats have full control of the printing press and are printing all the money they can to buy all the votes for the next elections.

    The Romans called it “bread and circuses”, it is what bankrupt the “roman empire”, they use all there money to keep the people happy that there was no money left to defend the borders.

    If we did what the government is doing “write hot checks” with no money in the bank, we would go to jail.

  • Bruce #3

    ‘Federal spending eclipsed revenue for the 22nd straight time, the Treasury Department said Wednesday. The $165.04 billion deficit, while a bit smaller than the $169.5 billion shortfall expected by economists polled by Dow Jones Newswires, was the second highest for the month on record. The highest was $180.68 billion in July 2009.’

    ‘they know exactly what they’re doing’.. your words. ‘Tis not we but they who made the choice to spend criminally hence the intolerance of the governed toward a usurping governing class. Though slowly we have been boiled by the banal progressives yet many feel the first wisps of steam and wish to chill the threat to our liberty. The choice is not ours but theirs: cease and desist, or fight.

  • Jim, you need a new graph! 2010 is half over! Surely there is data out about the 2009 deficit. And, certainly with projections about 2010’s deficit. Find a new graph to put up! It’ll still have the same effect, perhaps even more chilling, and, it’ll be up to date.

  • kato

    The Jivemaster has stolen more money than any other human being in history. That he hasn’t kept it all for himself doesn’t make it any less criminal.

    How’s that hope and change working for you, America?

  • Tip: Global warming caused temperatures to hit 600 degrees

    http://ace.mu.nu/archives/304526.php

    Stupid and selfish climate change deniers living in the area failed to notice the spontaneously combusting paper, melting lead and tin, and exploding cars and gas stations.

  • Pingback: President Obama()

  • Pingback: Must Know Headlines 8.12.2010 — ExposeTheMedia.com()

  • Pierre Legrand

    Let’s not too carried away with this partisan nonsense. Both parties have increased the size and reach of the Federal Government. The Republicans were just a lot more modest about it. Can we have Republicans who actually believe in small government?

  • Pingback: Bush vs Obama: The deficit | Radio Vice Online()

  • Andreas K.

    Well, this just proves that the “rich” need to be taxed more.

    Maybe like in Germany or Austria, where, despite the “rich” having to pay up to 50% taxes on their salaries, the deficits and national debts are still skyrocketting. Hmmmmmm…

    Let me add this: in Austria you pay 50% taxes when you make 60k Euros per year. And the tax “classes” go down from there. Don’t think that a police sergeant, like my father used to be, gets away easily. 43.7% they took from his salary every month while he had to deal with the scum of the earth. Apparently, my father was “rich”, too! And even now that he’s in retirement the government still takes a load of his money.

    The welfare state system isn’t working. How long until the leftists get that into their rotten brains? Most likely never.

  • DINORight

    Interesting….. If you remember, the press (I call them the “pravda media”) slammed Bush on all those numbers, and fed the public the lies – “the economy is being destroyed by Booooosh!” “the deficit is out of control because of evil Boooosh!” etc. – which the average person gobbled up without question. Between the Democrat-controlled Congress causing the increases, the “professional left” (as Gibbs called them) shouting the “BusHitler” garbage, and the “pravda media” brainwashing the masses with all the leftist smears – the public put these progressives in control of everything!

    November – it can’t come soon enough! And……the fires must continue to burn until the executive branch is taken back in 2012, so a complete course correction can be made! Stand. Continue to stand. Stand strong against the leftists’ tyranny for Constitutional liberty!

  • DINORight

    I have 2 posts that have not disappeared. Any reason?!

  • KR

    Pierre Legrand #14,
    I’ll take the modest Rep. debt any day over the unsustainable, destroying America debt the Dems are shoving down our throats and will bring much, much misery to present and future generations.

    Just look at the graph. The debt was being REDUCED during most of the Bush years until TARP.

    Anyone who makes statements like yours is either a shallow thinker or a disingenuous partisan.

  • Granny

    Andreas K., the thing is the system IS working for the lefties. They are pocketing our money and your dad’s money and the pensioner’s money in the UK by the bucketload. When a public employee makes twice what a private employee doing the same job makes, something is dead wrong.

  • Corporal Vere

    The evil geniuses and clueless college professors that rule us are destroying the racist, unjust private sector.

    Get out and vote!

    Tony Blankley:

    “A foul and dangerous brew is heating up that is composed of: (1) The economic collapse that started in 2008; (2) the radical, “fundamentally transforming” left-wing agenda of the government; and, (3) the thwarting of the public will—with glee—by the entrenched, non-elected powers (in the courts, media, colleges and government bureaucracies) as they get into the face and under the skin of the cultural and political majority.

    “It is insufferable (and will not long be suffered) to be lectured to and imposed upon by a ruling class that loathes our nation’s history, values and accomplishments; by those who are not, in fact, our genuine betters. They are neither better educated nor more profoundly morally versed.”

  • Granny

    Let’s add a little insult to injury here. According to an article at Bloomberg, the “US is Bankrupt & We Don’t Even Know It” – according to the IMF.

    http://www.bloomberg.com/news/2010-08-11/u-s-is-bankrupt-and-we-don-t-even-know-commentary-by-laurence-kotlikoff.html

  • Pierre Legrand

    Just look at the graph. The debt was being REDUCED during most of the Bush years until TARP.

    So prescription drug benefit and no child left behind were free? Me a partisan? Which side? I don’t like politicians, any of them…at all. I think all of them are corrupt jerks who are best kept under the muzzle of a large weapon while they handle our money.

    We get trapped into thinking this party or that party has our best interests at heart. It might be well to remember that the constitution does not stand against any party but all of government. The founders knew that the people had to be protected from politicians, not parties.

    Shallow thinker? Maybe so, course maybe not, you won’t be the judge of that!

  • Pierre Legrand

    I’ll take the modest Rep. debt any day over the unsustainable, destroying America debt the Dems are shoving down our throats and will bring much, much misery to present and future generations.

    Furthermore the real debt bomb is our unfunded liabilities and yes the Democrats have done most of the damage but it isn’t like the Republicans when they had the majority did anything about it.

  • Militant Conservative

    S. Wolf
    August 11th, 2010 | 11:04 pm | #8

    prepaired and ready as is Kenny Soloman. There are few who see the world wide collapse coming. Some of the richest people on earth see it and are raping the Stock market via manipulation. Can’t get all of us though.

  • Kevin P

    The TOTAL deficit for 2004 through 2007 (4 years) is $1.14 Trillion – over $300 billion LESS than one year under Obama’s reign.

    IF Obamacareless isn’t stopped – the deficit will be over $3 Trillion a year.

  • daryl

    GROWTH? Oh there’s plenty of “growth” under Obama.
    Our country has developed a metastasizing cancerous “growth” called unemployment.
    Unemployment progression since the Democrats took control of the purse strings in ’06.

    multimediafinal

    http://cohort11.americanobserver.net/latoyaegwuekwe/multimediafinal.html

  • daryl

    The map didn’t look too bad in ’06, ’07. But click on it and watch things go down the drain after the Demodrats took the reins.

  • Andreas K.

    Granny, you’re absolutely correct.

    It works for them. But not for us.

    It feels like it’s 1789 all over again. Remember France back then? The people were bled dry by taxes and the stupid wars all the retarded kings and emperors in Europe always fought over nothing (even though those “royal” bastards were related anyway) while the aristocracy celebrated almost every day.

    Eventually the people had enough and heads rolled.

    I think it was earlier this year that the German government and parliament decided that politicians should get a significant raise. Despite the same politicians wanting to tell the private companies how much managers are allowed to earn. Despite the “financial crisis”. Despite the defict.

    The new aristocracy is upon us. From the US over the UK to Germany or Austria. We have a new “royalty” and while they don’t inherit their titles (yet) and aren’t absolutist (yet), they sure behave like that.

    Working just isn’t worth it anymore.

    In Austria, for example you get: child support from the government for having children. And you get the sums per child, every month. So the more children you have, the more money you get. Let me get the recent numbers.

    For the first child, 105.4 Euros, per month.

    Once the child is 3 years old you get 112.7 Euros.

    Once the child is 10 years old you get 130.9 Euros.

    Once the child 19 years old you get 152.7 Euros. That, however, is an exception and only applies if the child in question is in training. In that case child support may be extended up to the age of 27.

    Now that’s for only one child.

    I’m going to stay with children below 10 for now:

    Second child gets you 118.2 Euros per month per child. Third child 140.4 and the fourth child 155.4. For every additional child the family support is increased by 50 Euros.

    So if you have five children age 10 and above, you get 1,155 Euros per month.

    That’s how our system works.

    Of course, this system attracts all the “usual suspects”. There are plenty of “refugees” (usually mohammedans and from certain eastern european countries), but also plenty of our own people (those who don’t want to work), who abuse this system. All you need to do is have 10 children (which is easy, if you don’t work, you have a lot of time for sex) and you’ll get more than 2,000 Euros per month. Tax free.

    I know people who work for 900 Euros after tax 40 hours per week.

    So tell me, if I had children… why should I work?

    And that’s not counting additional payments like support money from the government for paying your rent, another for paying your heating, etc. Plus any unemployment money you’d get.

    Honestly. Why work in such a system?

    But even that isn’t enough. Our left wing politicians (Green party, socialist and communists) want a “basic financial security” for everyone in the country worth 1,000 Euros per month. Yes, they want everybody to get paid 1,000 Euros per month for simply existing.

    And given that this is Austria and we have this 13th and 14th salary, the money is paid 14 times per year.

    And then we wonder why we’re bankrupt.

  • Bogdan from Australia

    As for myself, I knew from the moment the American Communo-Fascists masqueraded as “Democrats” had gotten hold on Congress that the process of America’s (and of the Western world) destruction began.

    It wasn’t that difficult to realise that obvious fact as I had to live under the Communist boot and whip for the best part of my life and knew that the “modus operandi” used by America’s PARASITES was based on the example of the Communists’ way of taking over the Eastern Europe.

    The most prominent litmus test of their methods is the absolutely barbaric way they treat their main enemy, Sarah Palin. It has been exactly how the Commies were destroying their political opponents in the Communist block.

    But it was only a first stage. As soon they had consolidated their grips on power they began their physical liquidation.

    There is NO DOUBT that if the Ameican Left uses some kind of trick to remain in power after the November ellection, they shall begin some moves to intimidate and silence Palin and other prominent fighters like Allen West, Michelle Bachmann, Rush Limbaugh and many others.

    You must remain under NO ILUSION that the Leftists (you call them erroneously liberals) will use ANY POSSIBLE imaginable and unimaginable means to clinch to power as they are perfectly aware that the average American will demand not only answers for the genesis of the current “economic crisis” but above all the PUNISHMENT for those responsible.

    It is life and death struggle for you and them. It is either you or them.

    There is NO THIRD WAY to get out of the present situation!

    And don’t delude yourselves that the even most drastic reforms financial and political will suffice to save your country.

    As much I love and admire Sarah Palin, I won’t envy her if she decides to run for and win the Presidency of the US. Her task shall be at least ten times more difficult than that faced by Reagan and Tatcher combined. Even if the theoretically controlled by the Conservatives Congress would prepare some ground for her.

    Appart from that, the Leftoid hatred for that woman which is reaching its crescendo is the harbinger that they WILL NOT LEAVE HER ALONE, so sooner rather than later they will target her more directly, because they failed in their effort to use Levi Johnston as a tool of destroying Palin’s reputation.

  • Pingback: Federal Deficit Grows Like a Pot-bellied Pig, Government Spending in July Hit $160.04 Billion « Frugal Café Blog Zone()

  • http://starboard.blogtownhall.com/2010/07/26/basic_economic_reality_101.thtml

    A quickie lesson on economics that EVERYONE should read, understand, and share!!!

  • Pingback: » Financial News Update – 08/12/10 NoisyRoom.net: The Progressive Hunter()

  • Bill H

    Mongrelnomics.

  • eeevilconservative

    As Bruce up there alluded to, he, and his cronies, know what they are doing, and THAT’S the scary part. None of this is an accident.

  • Dazed

    May we have an updated graphic for 2010? This one’s a bit out of date.

  • Pingback: Washington Adds Another $165 Billion To Deficit In July Alone — ExposeTheMedia.com()

  • down with dems

    CLEARLY this is BUSH’S FAULT, because Bush didn’t run high enough deficits during his presidency!

  • Pingback: The Patriot's Flag » Hedge Funds, Meltdowns and Fraud()

  • Pingback: Schaschlik « abseits vom mainstream – heplev()

  • Pingback: CA Budget Woes: Arnold “The Governator” Schwarzenegger Wants to Issue IOUs Again for California’s Bills « Frugal Café Blog Zone()

  • Pingback: But I’m Sure He’ll Continue To Blame Bush « Tai-Chi Policy()

  • Pingback: Steynian 420nth « Free Canuckistan!()

  • Pingback: Obama’s Failed Presidency « An Angeleno's View of the World()

  • Pingback: Sticking It to Tourists: Huntington Beach, California Will Now Bill Visitors for Car Crashes « Frugal Café Blog Zone()

  • Pingback: Gateway Pundit()

  • Pingback: Dems’ “Recovery Summer” Has Bombed: Job-Killing Stimulus Projects, Jobless Claims “Unexpectedly” Jump Again… Thank You, Mr. President (video) « Frugal Café Blog Zone()

  • Pingback: Masterful: Rush Limbaugh and Union Caller from Canada Discuss Walmart, Labor Unions, & Free Market Success « Frugal Café Blog Zone()

  • Pingback: California Gov’t Workers Could Be Worse Off Than State’s 3 Million Illegal Aliens… Good Luck with That Time-off with No Pay Mandate, Arnold « Frugal Café Blog Zone()

  • Pingback: $2 Million Bill Slammed to Taxpayers: Obama’s Hypocritical “Skin in the Game” Fundraising Spree Has Reamed Taxpayers, Plus Created Huge Carbon Footprint « Frugal Café Blog Zone()

  • Pingback: “Fire Pelosi” Campaign & Signs Scaring Democrats… Their Propaganda Email This Week Tries to Paint Nancy As America’s Sweetheart or Something « Frugal Café Blog Zone()

  • Pingback: Biden Declares America Is “Moving in Right Direction” As Home Sales Hit “Unexpected” Low & Stock Market Drops (video) « Frugal Café Blog Zone()

  • Pingback: Instead of Digging Out, the Choice is to Dig Deeper « Right Cogency()

  • Pingback: $580 Million: Most Expensive School in Entire Nation Opens in Los Angeles Where Drop-Out Rate Is High & State Is Broke « Frugal Café Blog Zone()

  • Pingback: Fed Government’s “Mindless Drones”: Gov. Christie Lets ‘Em Have It for “Government Craziness” in Filling Out 1,299-Page “Race to the Top” Application (video) « Frugal Café Blog Zone()

  • Ann

    This proves that Clinton was the best President! Reagan and Bush were absolute failures. Now Obama has to undue the damage from Bush.

  • Pingback: Rasmussen Reports: Republicans Trusted on ALL Key Issues More Than Democrats « Frugal Café Blog Zone()

  • Pingback: Gateway Pundit()

  • Pingback: What a Punchline… Comedian Bill White on Solving Financial Crisis & Illegal Immigration (video) « Frugal Café Blog Zone()