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November 15th, 2009
06:08 AM ET

Deficit Even Worse Than Expected

Some of the figures are staggering. As CNNMoney.com reports, the latest figures from the Treasury show the deficit is on track to be the worst since World War II - even worse than in the past year. In the Newsroom, we're showing you the latest.
Government officials say spending is necessary to help get the nation out of the recession. Critics say we're seeing too much spending, and will pay a price in the future. What do you think?


Filed under: Josh Levs
soundoff (13 Responses)
  1. E

    Well all I know is if the money (spending) goes to China, I want no part of it. Big companies have given them enough.

    November 15, 2009 at 6:26 am |
  2. s allen

    It's early, so I may have misunderstood. But just saw the report by Josh around 6:30 am and description of numbers from treasuridyrect seemed to be implication that americans held 'debt held by the public' and 'intergovernmental' example being debt held, for example, by foreign governments. that's incorrect. Debt held by the public includes individuals, institutions, and foreign governments, etc. Intergovernmental debt is that which is held by other agencies, example, you'd probably find all those social security trust dollars 'borrowed' by the government and spend in that category. If I misunderstood Josh, I stand correct, but if not would hope he would correct that in any later rerpots.

    November 15, 2009 at 6:38 am |
  3. Jeff Black

    I think the long but absolutely critical journey of paying down the accumulated debt must commence with the first step. That is to start running annual surpluses to be applied to the accumulated debt. This is what Canada has done for 10+ years (until the temporary stimulus detour), making its economy one of the strongest in the world.

    Future economic prosperity can only be attained if the momentum of this runaway debt train can first be ground to a halt and then reversed.

    November 15, 2009 at 7:06 am |
  4. jim s

    Government and economists don't understand "the problem". The financial crisis is caused by TOO MUCH DEBT. No nation can spend its way out of recession...no matter what the official GDP numbers may imply. You can't solve too much debt by issuing more debt.

    Today's most popular delusion – that the government can fix everything. Iinefficient and stupid programs that give the illusion of economic activity, but actually prevent the economy from liquidating excess capacity and bad debt. Total US debt is $52 trillion – beyond consumers and businesses ability to repay.

    November 15, 2009 at 7:18 am |
  5. Robert Lake,MI

    All awhile I pay for poor people to withstain their lifestyles all awhile I have to work everyday and they dont! Obama is making people lazier than they were before by forcing me to enable them with my tax dollars! Its time we force all people able to work for their benefits period! Make these people have an understanding what it takes day in and day out to get by in this world without your hand out! Until Obama changes his policy of taking from the working class and giving it too the non working class or plain just lazy then this country will never be in the black again!

    November 15, 2009 at 8:18 am |
  6. ELMO SESAME STREET

    Probably.
    *sigh* Another american fail.

    November 15, 2009 at 8:55 am |
  7. CSJC

    Thank You GW Bush, Cheney and Haliburton. Your so called war in Iraq Bankrupted Our Country..All while our own citizens have no healthcare, loosing their homes and no pension or 401 K money left.
    And Fox News and the GOP now blames President Obama and Dem Congress..they should all be ashamed. They created these problems over the 8 years they controlled Congress and the White House.
    I am proud to have President Obama and VP Biden as our leaders Maybe those who bash them should stop the politics and get Our Country back on track for ALL Americans not just those with wealth and power in Washington DC

    November 15, 2009 at 9:48 pm |
  8. MR.AL

    The Defidit

    Americas deficit wouln't be as it is now it G.W.GUSH hadn't started a war with Iraq and spent excessive amounts of money that nobody knows where it ended up. Bush along with Conservatives were in power in 2000 to 2008. Start WITH Bush and ConservativesTHEY left America at the end of 2008 TEN TRILLION DOLLARS IN DEBT

    November 15, 2009 at 11:54 pm |
  9. Mrs. Eileen G. Curras widow to Hernandez (WWII)

    The sad thing is that we keep looking at this figures of the economy that are keep staggering but we are not looking at how are the basic services being affected by the economy and the abuse of power. Services as a Regular Bus Service are affected by the economy all around the United States and no one has said anything. Do we have to wait for things to get difficult to address attention to the situation? The latest figures from the Treasury show the deficit is on track to be the worst since World War II. How everything else is is going to be affected? We cannot wait a year for the Transportation to take address of the situation. A person with Disabilities should not wait more than 30 minutes. This are “Settlements Agreements” made to accommodate for the needs of Person with Disabilities. How everything is is going to be affected by the economy? How bad things are going to get? Government officials say that spending is necessary to help get the nation out of the recession but at the Commonwealth of Puerto Rico is completely the opposite. The spending in Puerto Rico is done by the government and jobs keep being cut. What kind of future is this one? What do you think?

    November 17, 2009 at 11:11 am |
  10. gloria lewis

    No one seems to get it ,the worst is yet to come in january everyone fasten your seat belts and get ready for crash landing .What do i have to do to get someone to listen ,if only someone has listen in 2004 when i try to warn everyone this was coming we would not be here .This did not come from the mortage meltdown .This mess started with poverty and the rise in gas ,this was the start of the downfall .We are going to see a hundred times worst .I am pleading for someone to listen .

    November 17, 2009 at 5:45 pm |
  11. Karen Backes

    The contents of a forward that I reveived via email is alarming if true. Forwards definately warrant scrutiny; however, if the information is true the public has a right to know –

    According to the Trustees for the Social Security Administration, " THERE WILL NOT BE A COST OF LIVING INCREASE FOR THE NEXT TWO YEARS IN SOCIAL SECURITY BENEFITS. ADDITIONALLY THEY WILL RAISE YOUR CO-PAY FOR YOUR RX MEDICARE BENEFITS " !

    They, the Congress ( BOTH " REPUBLICAN AND DEMOCRATS TOGETHER ") say no increase is warranted because of the losses in gross national product and other things.

    THE SOCIAL SECURITY ADMINISTRATION IS FUNDING TWENTY FOUR MILLION DOLLARS– LET ME REPEAT THAT AMOUNT... SO YOU UNDERSTAND IT $ 24,000,000.00 DOLLARS FOR NEW ELECTRONIC MEDICAL RECORDS PROCESSING FOR OUR CONGRESSMEN AND SENATORS !!

    THEY ARE OBTAINING THESE FUNDS and I QUOTE DIRECTLY FROM THE SOCIAL SECURITY WEBSITE............... " THIS MONEY WILL BE COMING FROM THE SAVINGS TO BE GENERATED FROM WITHHOLDING " COST OF LIVING INCREASES FOR 2010 & 2011 in SOCIAL SECURITY BENEFITS FOR THE ELDERLY AND A $2.00 INCREASE ON ALL MEDICARE RX BENEFIT CO-PAY"

    "PROTEST THOSE ELECTED TO CONGRESS " who by the way, have just voted themselves ANOTHER 3% SALARY INCREASE!!!

    November 18, 2009 at 3:26 pm |
  12. Mrs. Eileen G. Curras widow to Hernandez (WWII)

    The figures keep contradicting themselves. The fact is that the less privilege in the United States and it territories are the more affected by the economy. These citizens are victims of the system just as World War II. Certainly cut off Government spending is not the solution. We need to help get the nation out of the recession but these benefits should be for everyone. Critics do not understand the issue. We cannot stop the wheel; stopping the economy will be the worst choice.

    November 19, 2009 at 9:40 am |
  13. michael bossler

    Hi Josh, I have a question, since the credit card companies are nickle and diming us, why do i have to pay to access my account on the internet? I started to fill out to complete my registration so i can pay my first premier credit card online, here they were charging me $3.95 and a monthly service fee for $7.00, what can i do about this?

    Mike

    November 21, 2009 at 3:27 pm |