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…

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.

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  • http://joeashmann pill

    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..

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  • http://www.bruceforstaterep.com Bruce

    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 ?

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  • 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.

  • http://www.southernwolf.net S. Wolf

    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.

  • http://wadingacross.wordpress.com/ Wading Across

    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?

  • http://scottthong.wordpress.com Scott

    Tip: Global warming caused temperatures to hit 600 degrees


    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.

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  • 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?

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  • 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.