Congratulations, America, You're In Debt Up To Your Eyeballs! U.S. Sets Monthly Budget Deficit Record.

America sets a personal best for monthly federal budget deficits; via The Washington Times:

The federal government recorded its worst monthly deficit in history in February, according to a preliminary report Wednesday from the Congressional Budget Office that said the deficit in fiscal year 2012 is already more than half a trillion dollars.

The CBO’s figures show that despite repeated efforts to trim spending, the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.

The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011.

The budgepocalypse draws nigh

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  • ||

    Awesome. Wasn't Obama going through the budget line by line or something? And what happened to all of those congresspeople who were screaming about the deficit when S&P downgraded us?

  • ||

    Well, if you had just let him be clear, you motherfucker, he would have fixed this. He doesn't bluff.

  • ||

    That's true, you slut. Perhaps he's secretly planning a drone attack on the very debt itself? Wow, he is dreamy, isn't he?

  • Tman||

    Just think of all the twats that were either created or saved in this administration.

  • ||

    Credit where credit is due.

  • ||

    But if we're paying for this fucking, I want to see the tape.

  • ||

    He's trying to cooperate with Congress, but the Republicans in it get in the way.

    His legal team is presently researching ways to dispense with the latter problem.

  • Sparky||

    He's going to take those cunts out with murderdrones.

  • ||

    Well, if I were a Team Red Congresscritter, I'd be very carefull when travelling outside the US...

  • ||

    Really, why not ban the GOP? It's the source of all possible troubles in an otherwise perfect world.

  • ||

    They are obstructing the President. It is going to be funny watching these people talk about the nobility of the filibuster and the need for dissent when the White House changes parties.

  • 16th amendment||

    not "when" but "if"

  • ||

    I suspect the 16th amendment has one of those "national security"/"compelling state interest" exceptions.

  • ||

    Not too sure bitching about what's going to happen five years from now is going to help, John.

  • ||

    Five more years! Five more years!

    You know, they said that suicide was painless and that it brings on many changes. Well, it doesn't seem that way with our nation's suicide.

  • ||

    Obama is going to lose Sloopy. I would put the changes of him winning decidedly under 40%. Now that doesn't mean things are going to change. But it won't be the black Jesus ruining things anymore.

  • ||

    I think he was making fun of Obama saying "in five years" rather than making a prediction.

  • ||

    There are those who would say we're fucked as a nation. Well let me be clear: we are.

  • ||

    And he never bluffs! Or slices!

  • BakedPenguin||

    He hit 7 holes in one the first time he golfed.

  • ||

    What budget?

  • Spoonman.||

    Does that mean we'll hit the new debt ceiling before the election, much to the dismay of the TEAMsters who would rather talk about sluts?

  • ||

    Only the other Team's usage of the term.

    Because when "Our Team" uses the word, it is justified.

  • ||

    That is the consensus. I imagine all the incumbent reps along with the senators running for re-election looking like the snake-oil salesman in the Outlaw Josie Wales when Clint spits on his suits, and asks "how is it on tobacco stains?"

  • ||

    The nonpartisan agency projected the government will run a deficit of $229 billion in February, the highest monthly figure ever. The previous high was $223 billion a year ago, in February 2011.

    They had an extra day to work on it. :P

  • DK||

    Which brings up an interesting point. Why would February have the highest deficit? Less revenue, more spending, or both?

  • ||

    Not sure about the US, but up in the GWN, it is close to fiscal year end for most government agencies, so they ramp up the spending to ensure they aren't under budget. In bureaucratic circles, coming in under budget means that you have room for cuts in next year's budget.

  • Auric Demonocles||

    Fiscal years in the US typically do not end in February.

  • adam||

    The federal government's fiscal year ends Sept. 30. So that's not it. Also, while a lot of contracts/grants etc. are awarded at the end of fiscal year, those awards don't result in immediate cash payments. Those usually come later.

    I suspect it has something to do with tax refunds.

  • DK||

    Tax refunds - yes, that makes the most sense.

  • CE||

    People pay their estimated quarterly taxes in January and April and June and September, or something like that. February has no money coming in.

  • robc||

    The federal government's fiscal year ends Sept. 30.

    That does lead to one interesting oddity however. The beer excise tax is paid either quarterly for the very small guys, or biweekly for everyone else.

    So, biweekly means 24 payments per year, right? Nope 25. There is an extra one in September to pay the tax for the 16th-23rdish. Then the 24th-30th is paid by the regular date of Oct 15th. To get the extra Sept one in before the end of the fiscal year, it generally has to be estimated, then you adjust the estimate on the 10/15 payment.

    Im sure that was enacted once to make budget numbers work for a year, then it couldnt go away because that would make the year of the change look bad.

    Not sure if excise tax on anything else follows the same rules, it may be consistent across excised goods.

  • robc||

    For 2012:

    Tax for Sept 1-15 due Sept 28
    Tax for Sept 16-26* due Sept 28
    Tax for Sept 27*-30 due Oct 12

    *16-25 and 26-30 for non-EFT payments.

    The cutoff for paying semimonthly instead of quarterly is $50k in tax/year. For a brewery, that would be 7143 barrels.

    Ale Asylum in WI was just over that line in 2010, for example. Just under would be Weyerbacher (PA) and Russian River (CA).

  • T||

    I intially read that as 'budgiepocalypse' and was wondering who prophesied the destruction of the world by parakeet.

  • Mr. President||

    Let me be clear. I am a Cocksucker.

  • Wu||

    COCKSUCKA!!

  • Wu||

    Swigen!

  • Al Swearengen||

    So let me get this straight, Wu. It was a black cocksucker, with big ears, and he spent EVERYONE's fuckin' money!?!

  • Wu||

    BLACK COCKSUCKA!!

    *gestures frantically*

  • Johnny||

    I don't know how Al can speak that celestial shit.

  • Al Swearengen||

  • ||

    If you'll be my bodyguard,
    I can be your long lost pal.
    I can call you Betty,
    And Betty when you call me,
    You can call me Al.

  • Mr. President||

    I feel the need to fuck something.

  • We the People||

    *Bending over and grabbing our ankles*

    OK, but this time could you use a little more lube, and is it too much to ask for the goddamn common courtesy of a reach around!

  • Liberal Media||

    RACIST!!!

  • ||

    repeated efforts to trim spending

    [Citation Needed]

  • Killazontherun||

    There is that new agency designed to find waste, fraud and abuse in Medicare that has saved us around ten thousand dollars. Never mind the operational cost of that agency is around 77 million, we'll find a way to offset it.

  • ||

    We clearly need to create another agency to monitor and help that agency do its job.

  • Silver Fox||

    And another to monitor the new agency, and yet another to monitor the monitor monitors...

    It's agencies all the way down.

  • ||

    GS 15s for everyone!!

  • kilroy||

    The roof, the roof, the roof is on FIRE!

  • ||

    Hold it. Shrike swears Obama has cut the deficit that Bush left him by a third. You mean Shrike is lying?

  • Tman||

    Come on John, NO TROLL THURSDAYS.

    Let's try and keep JUST ONE FUCKING DAY where these idiots don't ruin this board.

  • ||

    I think our biggest troll had her feelings hurt and left for the day. And shrike is not a troll. He actually believes the shit he writes.

  • Joe M||

    ...despite repeated efforts to trim spending...

    BWAHAHAHAHAHAHA

  • Loki||

    The federal government recorded its worst monthly deficit in history in February

    ...and that's in the shortest month year. We're all fucked.

  • Joe M||

    That leap day was a killer.

  • 16th amendment||

    It looks like I'm owing 16k on my federal tax return. So come April, expect the deficit to drop!

  • Paibac Zbich ||

    the government has borrowed 42 cents of every dollar it spent during the first five months of this fiscal year.

    USA! USA! USA!

  • Joe M||

    Racist!

  • kilroy||

  • The Administration||

    Come off it, you nay-sayers!

    The economy is starting to turn around.

  • Paibac Zbich ||

    You misspelled "turd".

  • Anonymous Coward||

    But we can borrow and print more money, right? RIGHT?

    Whew! Nothing to worry about then.

  • Kwanzaa Cake||

    Borrowing money to feel rich, the new American way. This is going to be sooo ugly when it finally crashes.

  • Matrix||

    Hey, maybe keeping the pedal to the metal while this bus is heading heading towards the brick wall will make the pain not last as long. After all, we'll all shortly after impact. Maybe this is the best course of action.

  • Barack Obama||

    After all, we'll all shortly after impact.

    I just accidentally the national debt. Is this bad?

  • Matrix||

    haha! I just accidently the whole internet!

    *After all, we'll all die shortly after impact.

  • CE||

    The beauty of it from a Keynesian perspective is that every dollar of government spending counts toward GDP, even if they have to borrow it first!

  • CE||

    And of course, this nation is not bankrupt -- now, can we borrow another trillion dollars and use a quarter of the new loan to pay off the interest on our previous loans?

  • Kevin||

    I thought that Tea Party was going to fix this? Oh yeah, their movement got highjacked by a bunch of social cons.

    Why else would they endorse a big spender like Ricky S and engage in a useless, distractive six week plus debate on contraception.

    Rome is burning while WE have a national conversation about condoms & birth control pills.

  • ||

    Exactly how were they doing to "fix this" in three years with no Presidential Election?

    Concern troll is concerned x4.

  • robc||

    Presidential election wasnt necessary, but it was going to take another few house elections before the GOP leadership was Tea Party.

  • Silver Fox||

    And sluts.

  • Kevin||

    I thought that Tea Party was going to fix this? Oh yeah, their movement got highjacked by a bunch of social cons.

    Why else would they endorse a big spender like Ricky S and engage in a useless, distractive six week plus debate on contraception.

    Rome is burning while WE have a national conversation about condoms & birth control pills.

  • Kevin||

    I thought that Tea Party was going to fix this? Oh yeah, their movement got highjacked by a bunch of social cons.

    Why else would they endorse a big spender like Ricky S and engage in a useless, distractive six week plus debate on contraception.

    Rome is burning while WE have a national conversation about condoms & birth control pills.

  • Kevin||

    I thought that Tea Party was going to fix this? Oh yeah, their movement got highjacked by a bunch of social cons.

    Why else would they endorse a big spender like Ricky S and engage in a useless, distractive six week plus debate on contraception.

    Rome is burning while WE have a national conversation about condoms & birth control pills.

  • ||

    Concern troll is really concerned.

  • robc||

    Give it two or three more election cycles...although I havent heard of any insiders going down to tea party challengers this time around, so the expansion might be dead.

    Oh well, as long as the 2010 guys can get reelected, at least there is a voice.

  • ||

    Having a voice is all well and good, as long as there is no urgency.

    However, we haven't just run out of money. We are running out of time. That debt is accumulating, and compounding, up a steeper and steeper asymptotal curve.

    "Spending cuts delayed are spending cuts denied."

  • robc||

    I agree, but a group of their size doesnt have much other than a voice. That is why the process needed to continue for 2-3 more congressional elections.

    Even a Paul presidency would struggle to get the cuts passed with a tiny presense in congress. The saving grace would be that if no budget was passed, he would just not spend anything. Cite his lack of constitutional authority to spend without congressional authorization.

  • kc||

    anyone else notice that the video about the guy with debt up to his eyeballs is peddling more debt? "yeah, here's my solution, I'll change unsecured debt into debt secured by my home, THAT'll solve all my problems!

  • robc||

    That leap day was a killer.

    USA! USA! USA!

    Both jokes I made on g+ before reading the comments were already made here. I feel slow today.

  • ||

    Where's Tony? I figured he'd be along to tell us what good news this is.

  • Realist||

    Americans personal credit is also out of control.

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