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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.

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  • david

    how can you run a business in the RED
    government needs too get control of spending

    • JimH

      When you’re in a hole QUIT DIGGING. The article mentions this as the third highest debt and the first being in 09. When was the second? Do you think Obama, Pelosi and Reid scored a hat trick?

    • Vigilant

      I’m anxious to see when the first leftist posts a comment blaming Bush for the record spending. It’s as inevitable as rain.

      • http://?? Joe H.

        Vigilant,
        I liked what Brett Baier said the other day. he said we all know ALL government budgets have at least 10% surplus built in. So we start by cutting 10% out of all Government budgets!!! Now THAT’S a good start!!!

  • http://purple50.org Gregory Zorn

    I want all the Bush tax cuts to expire, but then again, I want everyone to pay some federal taxes. If the 42% or so people that do not pay any tax did they may be more conserned about spending. There is a class of people that live to be taken care of (demacrats) and I feel they should contribute, they too must feed the golden goose, they too benafit from all the federal gov. provides. Even if you make just 12,000 a year your in for 3,4,5% but you pay in. To be clear, I also want drastic cuts in spending, yes defence too, and the new revenues to pay down the dept.

  • fa

    Does the QEII figure into the Federal Budget? That is .6 Trillion, on top of what we pay for all of the extra currency that’s being printed ouit of thin air!
    Wait, we pay for all of that.
    Nevermind.

  • Richard Pawley

    The Deficit will never be reduced if we find ways to keep postponing it. Spending must be cut some in every department. And the useless non-productive parts of government must be eliminated. Of course since they are likely unionized that will be difficult. NYC, however, is laying off 10,000 because they don’t want to end up like some of the cities in California. Many of the rich have already left the city because of rising taxes just as many millionaires have left NJ for places like Texas. Our Republic seems to have morphed into a democracy and while a true Republic can last a long time, true democracies cannot (because the ‘public’ always finds ways to vote themselves goodies they did not earn our of the public treasury). We must watch what the 111th Congress does in its final days in their attempt to destroy the dollar and the economy with their obscene spending and we must watch what George Soros is doing with the dozens of agencies he funds to do his will in the United States. No one seems to be able to stop the FED and the Treasury from just creating money out of thin air (Haven’t they ever heard of what happened to Germany when they did this to pay bills in 1922-23?). We must watch every vote of the new 112th Congress but the tripling of prices that I have long predicted will only be if they don’t increase spending. It they cannot plug the massive leaks in our ship of state a titanic sized wreck is a distinct possibility. Those who have studied all this say it will take a tripling of all taxes of every kind on everyone to maintain the status quo. However, because the central banks of the world have more money invested in derivatives that the worth of the entire planet and since such investments “need” inflation you can be assured that they will create it, no matter what congress or anyone says. Prepare for it as you can.

  • http://com i41

    Since Bowles and Simpson both didn’t mention cutting the Prez and Congresses salaries and benefits I will. These 2 multi millionaires taking about cutting the citizens funds less put a few more hog troughs in the dump. Cut the Prez salary by $100,000, and tie his extra money to the amount of inflation, if it an implosion cut the saliey the same rate. Ytim the damn roaming costs and end the on stop vacations, and if taken they have to be the USA. Congresspersons, cut their salaries by 75,000, the benefits end when they leave office. All staffes get cut in half as well as their benefits end whern job is up, salaries are 5% below private job markets. End all Dept of Energy, Education Ag, and EPA for starter. Welfare ends in 2 years andf all kids of single mothers have to ID the sires or benies end. If the sire is IDed then he must provide healthcare costs and any care costs, if you are going to ride, take care of horse and all sadddle bags first, be responsible. The mother get cheek swabbed along with the sires every 2 weeks, to checck for drug usage, and tobacco use around the children. End the welfare program for landowners where every that cost taxpayers billions, several billions go to mega corpations like ADM and Con-Ag just to mentiona couple. The CRP has been in effect for over 3 decades and could be ended tomorrow if citizens would raise enough hell. It does not affect food or energy production, in fact it impedes raising anything productive, if you are a land owner it is easy to get $2000 a week for letting the land lay idle. without needing to do anything, except collect their check, your tax money!

  • Sharon

    The banking, wall street, bailouts, federal reserve, etc. are responsible for much of that debt. The banks and federal reserve is onwned by a foreigner, the jewish Rothschild family; who, Ben Bernanke is emplyed with. The other Ben Bernanke was also responsible for. He is a Zionist and $85 billion was provide to bailout Maurice Greenburg’s criminal enterprise, A.I.G.

    Here is who controls Obamageddon.
    Who runs Obama – In order of succession to the Presidency: Vice President of the United States Joseph R. Biden (Zionist), Department of State Secretary Hillary Rodham Clinton (Jew), Department of the Treasury Secretary Timothy F. Geithner (Jew), Department of Homeland Security Secretary Janet A. Napolitano (Jew), Council of Economic Advisers Chairman Christina Romer (Jewish husband), Office of Management & Budget Director Peter R. Orszag (Jew), White House Staff Rahm Emanuel <JEW), Barack Obama's Economic Team – Federal Reserve System Chairman, Benjamin Bernanke (Jew), (and All 7 governances of Federal Reserve), National Economic Council Chairman, Lawrence Summers (Jew), Economic Recovery Advisory Board Chairman, Paul Volcker (Jew), Chief Economist and Economic Adviser Vice President, Jared Bernstein (Jew), Commodity Futures Trading Commission (CFTC) Chairman, Gary Gensler (Jew), Securities and Exchange Commission (SEC) Chairman, Mary Schapiro (Jew), Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair (Jew), Small Business Administration (SBA) Administrator, Karen Mills (Jew), Other Executive Positions include: IRS Commissioner Douglas Shulman (Jew), Federal Communications Commission Chairman, Julius Genachowski (Jew), Council of Advisors on Science and Technology Chairman, Eric Lander (Jew), TARP Executive Compensation Special Master Ken Feinberg (Jew), Special Representative for Afghanistan and Pakistan Richard Holbrooke (Jew), President's Automotive Task Force Senior Advisor, Ron Bloom (Jew), Dept. of Homeland Security Special Representative for Border Affairs, Alan Bersin (Jew), Special Envoy for Climate Change
    Todd Stern (Jew), Advisor to the President and the Vice President on Domestic Violence and Sexual Assault Issues, Lynn Rosenthal (Jew),
    US Department of State Special Envoy Guantanamo, Daniel Fried (Jew),
    Special Advisor for the Persian Gulf and Southwest Asia (which includes Iran)Dennis Ross (Jew), Office of Management and Budget United States Chief Performance Officer and Deputy Director for Management Jeffrey D. Zients (Jew), Office of Management 50and Budget Director of the Office of Information and Regulatory Affairs, Cass Sunstein (Jew), Office of Science and Technology Policy Director, John P. Holdren (Jew), White House Medical Czar Ezekiel Emanuel (Jew), Ambassador-at-large Richard Haass (Jew), Chief of Staff to Vice President Biden Ron Klain (Jew), Deputy Secretaries of State Jacob Lew (Jew), James Steinberg (Jew), Deputy White House Chief of Staff Mona Sutphen (Jew), Federal Trade Commission Chairman, Jon Leibowitz (Jew), Food and Drug Administration Commissioner, Dr. Margaret Hamburg (Jew).

    http://www.biblebelievers
    not sure if it will post this long list.

    • http://?? Joe H.

      Sharon,
      you have a real anti- semetic problem!!! I suppose you think every Jewish kid that walks the streets of the U.S. are good Soros backers don’t you????

      • libertytrain

        Joe H – once again I have to agree with you. How anti-Semitic can one get? Let’s go after any and all Baptist’s, Catholics, Methodists, etc. – till we get them all — :)

        • http://?? Joe H.

          libertytrain,
          I don’t mean to be anal about this but we have some very good friends that are Jewish and their daughter went to highschool with my daughter. That girl never forgets to call and wish me a happy veterans day, a happy birthday, and even wishes my wife and I a happy anniversary!! I love that girl like my own daughter! She took her trip to Israel last year and I worried about her like my own. so when I hear theseuneducated apes talk their crap, it pisses me off!!

          • libertytrain

            JoeH – I’m going to be anal with you on this one – no matter what anyone says.

    • Al Sieber

      Sharon, are you sure you didn’t mean Zionist’s?some who are Christians also?

    • http://naver samurai

      You mention the title “Jew” so much, it makes me wonder whether the clothes you wear everyday are scarlet and black? Maybe you also wear the swastika, goose step, and say “Seig Heil” every morning. You gave lots of info, that’s good, just try to keep the race card out of it, OK? You’ll be more believeable if you do. FOR GOD AND COUNTRY!

  • http://com i41

    Sharron, you forgot the only supporter, financer and antiUSA, also total money man for any socialist democrat “organization”, as well as the bank for he National Marxist Communist Democrat Union Party idoits. GEARGE “F–KING SOROS” also a former Nazi symipatizer who stole Jewish property and turn them over to the athorities. What a sorry dermocrat standard bearer and a self annoited leader, just like the Onumnutts think is. Both of these socialist bastards are weird smucks.

  • chuckb

    people might study their history a little better rather than call people anti semetic, the jews did start the communist party and since that time have infiltrated the u.s. government. the present administration is heavily employed with people of jewish descent and some of these officials are off springs from the russian communist. the supreme court has more jews than christians and no protestants. so there is concern in my belief that we are not represented by the majority evenly. this is not to say we should condemn anyone because of their being jewish, however, we shouldn’t fall into the trap russia did and the communist in germany did give rise to hitler. the jewish people on the whole have contributed very much to this country and i mean no offense to the jewish people only relating what has happened and their connection. i think most of the jewish communist do not embrace judiaism

    • Al Sieber

      chuckb, those people aren’t the real Jews, read the “Israeli Lobby”, and speeches by Ariel Sharon and Mecham Began who were prime ministers of Israel.

      • chuckb

        al, menachen begin and sharon certainly did a number on the palestinians, however, i still have to stand behind israel on their issue with palestine. at one time my sympathy went for the palestinians
        until i took a deeper look at islam. the muslims are a greater threat not only to israel, but, the whole world. both religions are contrary to the christian religion, the islam being the worse.

  • jopa

    i41;That Charm school is definitely not working out for you.If I set up an appointment for you to meet with Cesar Milan, would you be kind enough to meet with him??He has worked wonders in this world and he may be able to help you.

  • chuckb

    jopa, apparently he failed with you.

  • http://aol Linda Maddox

    Two questions!

    What are they doing with all the money?

    Where is the budget?

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