CBO: Gov’t Ran $929B Deficit in First 8 Months of FY 2011, On Track to Hit $1.4T

$929 BILLION in eight months! Holy SHIT! These people are completely out of control!

In case you don't understand that, our government spent $929 BILLION dollars more than they had, in eight months. That is money that has to be borrowed, further increasing the $14 TRILLION dollar debt.

There is absolutely no one in washington with a clue. This is unsustainable. Our Country is headed for bankruptcy, and there isn't a country or institution on the planet that can bail us out. We need to run off every stinking idiot in washington, starting with obama...

By Terence P. Jeffrey - CNSNews

The federal government ran a deficit of $929 billion in just the first 8 months of fiscal 2011, which began on Oct. 1, 2010, according to the Congressional Budget Office’s monthly budget review for June.

“CBO estimates that the government recorded a deficit of $929 billion for the first eight months of the fiscaly year,” said CBO.

Last year, the government ran a deficit of $935 billion in the first 8 months of the year, according to CBO.

The $929 billion deficit the government ran up in the first 8 months of fiscal year 2011 puts the government on track to hit an annual budget deficit of approximately $1.4 trillion for the fiscal year, which is what the CBO projected this year’s deficit would be in its most recent analysis of President Obama’s budget proposal published April 15.

“CBO now projects that under current law, the deficit for this year will amount to $1.40 trillion,” the CBO said in that analysis.

With $929 billion in deficit spending in the first 8 months of the year, the government was running an average monthly deficit of $116.13 billion. At that pace, it would run an additional $464.5 billion in deficits in the June-Septemper period—bringing the total deficit for the fiscal year to $1.3935 trillion (or approximately the $1.4 trillion predicted by the CBO in April).

At the beginning of fiscal 2011, according to the U.S. Treasury, the debt subject to the legal limit of $14.294 trillion stood at $13.561623 trillion—or $926.76 billion below the limit.

Read the rest at the link above...

U.S. Postal Service reports $2.2 billion loss

The post office reports a 2.2 BILLION dollar loss in ONE QUARTER! Holy crap! You almost have be trying to fail to have a loss like that in only three months.

You realize that this is a government agency and that that we, the taxpayers, will be covering that loss. Holy crap! This has got to be the most mismanaged mess on the planet. Isn't there anyone keeping an eye on the budget? Shouldn't people be getting laid off to cut expenses? Oh, wait, these are all union people. The union will allow the entire organization to fall of a cliff before they make concessions.

When you think about supporting obamacare, keep the post office in mind. It is being run by the same government that brought you crappy service and a 2.2 BILLION dollar loss...

By Ben Rooney - CNNMoney

The U.S. Postal Service continues to hemorrhage money, with a loss of $2.2 billion in the most recent quarter.

The national mail service said Tuesday that it expects to have a cash shortfall and reach its statutory borrowing limit by the time its fiscal year ends in September. That means the agency could be forced to default on some of its payments to the federal government.

Patrick Donahoe, the Postmaster General, said the service is still seeking changes to federal laws that would allow it to change its business model and potentially save enough money to avoid a default.

"The Postal Service may return to financial stability only through significant changes to the laws that limit flexibility and impose undue financial burdens," Donahoe said in a statement.

At issue is a 2006 law requiring the service to pay between $5.4 and $5.8 billion into its prepaid retiree health benefits each year. In addition, the agency is seeking Congressional approval to eliminate Saturday mail service.

The postal service has estimated that moving to five day service could save $3.1 billion. But the Postal Regulatory Commission, which oversees the agency, issued an advisory in March that put the savings at a much more modest $1.7 billion.

While the Postal Service is not strictly a government agency, it is not exactly a private business either.