Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

October Debt Is Third-Highest In American History

November 19, 2010 by  

October debt is third highest in American historyThe Treasury Department says that the Federal government began the new budget year with the third-highest October deficit on record.

According to media reports, the debt accrued in October was $140.4 billion, which is nearly $36 billion lower than the imbalance in October 2009, but still likely to set the tone for the third straight year of $1 trillion-plus deficits. Last year's Federal debt totaled $1.29 trillion, second only to the all-time record of $1.42 trillion in 2009.

President Barack Obama's administration has predicted that the 2011 deficit will be around $1.42 trillion, although many economists believe it will be slightly lower, The Associated Press reports.

Democrat Erskine Bowles and Republican Alan Simpson, the co-chairmen of Obama's deficit-cutting panel, released a proposal on Nov. 10 that called for major changes in government spending and tax policies. Some of the recommendations included raising the gasoline tax, cutting Medicare costs, raising the retirement age and reducing the defense budget.

The Wall Street Journal reports that many Republicans have voiced their support for the preliminary proposal, which would reduce the national deficit by $4 trillion over the next decade. During an interview on CNBC, Representative Paul Ryan (R-Wis.) called it "a step in the right direction."

Many Democrats have denounced the draft because of the proposed squeeze on Social Security benefits. Some Republican lawmakers have criticized its tax increases, which account for 25 percent of the deficit reduction, the news provider reports.

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Facebook Conversations

Join the Discussion:
View Comments to “October Debt Is Third-Highest In American History”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.