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October 26, 2009 – Comments (6)

Federal Spending was 28 billion less than expected? Obama shrank Gov't spending? Do tell me more. And in only his first year on the job.

According to the Congressional Budget Office's January 2009 estimate for fiscal year 2009, outlays were projected to be $3,543 billion and revenues were projected to be $2,357 billion, leaving a deficit of $1,186 billion. Keep in mind that these estimates were made before Obama took office, based on existing law and policy, and did not take into account any actions that Obama might implement.

Therefore, unless one thinks that McCain would have somehow or other raised taxes and cut spending (with a Democratic Congress), rather than enacting a stimulus of his own, then a deficit of $1.2 trillion was baked in the cake the day Obama took office. Any suggestion that McCain would have brought in a lower deficit is simply fanciful.

Now let's fast forward to the end of fiscal year 2009, which ended on September 30. According to CBO, it ended with spending at $3,515 billion and revenues of $2,106 billion for a deficit of $1,409 billion.

To recap, the deficit came in $223 billion higher than projected, but spending was $28 billion and revenues were $251 billion less than expected. Thus we can conclude that more than 100 percent of the increase in the deficit since January is accounted for by lower revenues. Not one penny is due to higher spending.

6 Comments – Post Your Own

#1) On October 26, 2009 at 8:54 AM, Gemini846 (54.83) wrote:

So they got thier revenue estimates off. Obama didn't shrink government spending. If the Blue Dog democrats don't like him, its because he's a liberal tax and spend kind of guy (or inflate and spend, heck just spend). It has nothing to do with him being black like the media wants you to think.

leaving a deficit of $1,186 billion I'm pretty sure Bush spent 8 years throwing money everywhere and never managed to cash out $1T in a year. "Give the stimulous time to work and all".

That's why we can't trust those evil people who decided that seniors had already received the largest increase ever when oil prices were going up didn't really need another increase, but "O" and I don't mean Oprah wants to throw them another $250 bone.

Lets break it down to household numbers people understand.

"Honey I'm going to go charge $1500 on the credit card"
"Don't do that sweetie we can't aford it"
"Honey don't worry I already spent it, because I just NEEDED this new handbag, but look on the bright side it was only $1440" You saved $60.

Comprende?

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#2) On October 26, 2009 at 9:00 AM, ChrisGraley (29.97) wrote:

OMG,

I so do love comedy in the morning.

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#3) On October 26, 2009 at 9:26 AM, BMFPitt (77.33) wrote:

1) The word "conservative" is completely meaningless at this point in time.  Find a new word.

2) Srinking something means that is is smaller than it was before, not that it was smaller than it might be in some theoretical alternate universe where McCain won.

3) They've spent money 3 years into the future.  Just because the check hasn't been cashed yet doesn't mean you didn't write it.

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#4) On October 26, 2009 at 9:57 AM, lquadland10 (< 20) wrote:

Could it be the cost of gas and Oil came down so it does not cost as much to run the wars? Hummmmmmmmm I wonder.

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#5) On October 26, 2009 at 10:36 AM, AbstractMotion (55.06) wrote:

Yeah Obama's accounting doesn't really chalk the cost up of several of the bailout programs, as he expects them to be paid off long term.  I wouldn't call that good accounting to be honest.  In terms of raw expenditure we're much higher this year, revenue has fallen short on top of that.  The real deficit this year is closer to $1.95 trillion dollars if you count what's actually been spent.  Go check the CBO's site if you have any doubts.

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#6) On October 26, 2009 at 11:15 AM, leohaas (32.65) wrote:

C'mon devo, the word Conservative is an insult to Obama!

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