U.S. Budget Deficit Widened to $57.9 Billion in Nov. (Update1)

Dec. 10 (Bloomberg) -- The U.S. had a $57.9 billion budget deficit in November, up almost $15 billion from the same month a year earlier, as spending by the military and for Medicare surged, the Treasury reported in Washington.

The excess of spending over receipts in the second month of the fiscal year compares with $43 billion in November 2003 and a median forecast of $54 billion. The government had a record deficit of $412.3 billion for fiscal year 2004, which ended Sept. 30.

The last annual surplus was in 2001. The budget gap has widened every year since, aggravated by an economic slowdown, tax cuts under President George W. Bush, and U.S. military operations in Iraq and Afghanistan. The shortfall, along with a record trade deficit, threatens to weaken the dollar and drive up interest rates, economists say.

``With the record of not vetoing any spending bills, especially military spending ones, there seems little likelihood of making any serious progress on the deficit in the next several years,'' Carl David Steen, an economist with MFR Inc. in New York, said.

Bloomberg

Jesus will be back before we have to pay off out debts. So, why worry?

Dec. 10 (Bloomberg) -- U.S. 10-year Treasury notes headed for the first weekly gain in seven on speculation a rally in the dollar will increase demand for U.S. government debt among international investors.

Demand for Treasuries increased this week as the dollar strengthened after sliding to a record against the euro and an almost five-year low versus the yen. The drop in the dollar in recent weeks led some investors to sell Treasuries and buy European debt.

``I switched back into Treasuries yesterday from euro- denominated debt,'' said Akira Takei, a bond fund manager in Tokyo at Fuji Investment Management Co., which oversees about $9 billion. ``It is highly likely that the dollar has hit a bottom, and Treasuries will be in demand again as the dollar rises.''

The benchmark 4 1/4 percent note maturing in November 2014 gained 3/16, or $1.88 per $1,000 face amount, to 100 27/32 at 1:34 p.m. in New York, according to bond broker Cantor Fitzgerald LP. The yield dropped 2 basis points, or 0.02 percentage point, to 4.15 percent and is down from 4.25 percent a week ago. The weekly drop in yield is the biggest since September. The note was up about 3/8 of a point earlier today.


Bloomberg

That is almost $700 billion per year. Unbelievable.

in reality, actually not add to that $700 billion total, like we are not pushing an actual $1 trillion annual rate? (But such a small price to pay for devine leadership.)

Of course, November is not a strong month for tax revenue. Don't know if the number is seasonalized of whether it's not representative.

this does not include the cost of the war in Iraq.

They have a secret plan.

Secretary of the Treasury John Snow has announced a new plan to fight this country's growing deficit. "We are going to replace the question on all Americans' tax returns which asks if you would like to contribute $3.00 to the Presidential Campaign Fund. We will instead be asking if you would like to donate $3.00 to paying down the deficit. These funds will then be invested in Powerball Lottos nationwide. We expect the revenue generated to take care of the deficit within five years."

Snow responded harshly to critics. "It is obvious from all of the corporations and very wealthy individuals clamoring to donate money to Republican candidates that federal funds are no longer necessary for our elections. And there is absolutely no truth in the accusation that this strategy will take money away from poor people. Let me emphasize that we will only be investing in jackpots that exceed $100 million. No poor person would know how to manage that much money anyway. After they buy a house, car, and a few restaurant meals, what else do they need?"

President Bush clearly approves of the new plan. "Yep, that's why Ol' Snowball gets to keep his placemat at the Cabinet Table a little while longer. I knew he had to have at least one good idea left in him," he yelled at reporters as he strode forcefully across the White House lawn to a waiting helicopter. After a pause to appreciate his own humor, he continued, "Naw, seriously, we're gonna look at using some of that lotto revenue to help out Social Security, too. Not that my plan needs any help, but maybe this will finally shut up those people that are still whining. What's that old saying? We can kill two birds with a bird in the hand." The president then gave a casual wave and vaulted athletically into the already ascending helicopter.

,...create a stronger humanity, which creates a stronger nation?

Someone, please,...give me a COHESIVE historical example of when advancing the concentration of wealth and power EVER ultimately had utility in strengthening humanity.

Oh,...yeah,...I forgot,...about the divide between being POWERFUL and being PRO-LIFE. No, sorry,...I mean,...the divide between being "valuable" and being a "Christian"? No,...I mean,...between being "criminal" and being "immoral",...NO,...uhhhhh,...hmmmm

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