The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past .8 trillion under new White House estimates.

Budget office figures released Monday would add billion to the 2009 red ink — increasing it to more than four times last year’s all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.

The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama’s economic stimulus bill — as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.

http://finance.yahoo.com/news/White-House-Budget-deficit-to-apf-15199183.html?.v=8

Government spending is paid for 1 of 2 ways:

1)monetizing debt ("printing" money) which leads to more inflation (=each dollar bill has less purchasing power)

2)higher taxes & new hidden taxes (carbon taxes, etc)

Well since taxes won’t even begin to cover TRILLIONS in new spending, option one is being used to the max.

Now I want you to watch this 60 minutes interview from 2007. In it, the former comptroller general (nation’s top accountant) says the United States government is bankrupt and that if it were a company if would have failed by now. He also says that at CURRENT spending levels (2007 levels) the U.S. govt. could only afford to pay social security and some medicaid by 2040.

http://www.youtube.com/watch?v=OS2fI2p9iVs&feature=related

Since then we have passed trillion in bailouts, nearly trillion dollars in "stimulus", and Obama has proposed AN ADDITIONAL .5 trillion budget.

Now if the comptroller general thought the U.S. couldn’t afford to pay for Bush’s prescription drug bill (from many years back), HOW is Obama going to pay for all this new spending???

He’ll either have to raise taxes to levels undreamed or hyperinflate the dollar attempting to monetize more debt.
boss h……………probably higher than that.

Technorati Tags: 2 ways, 50 cents, 60 minutes, bailout, barack obama, budget deficit, budget office, comptroller general, dollar bill, economic stimulus bill, federal deficit, finance yahoo, government hands, government spending, option one, prescription drug bill, purchasing power, recession, red ink, trillions

I personally say no since charity starts at home and if your filing bankruptcy that means you don’t basically have the finances for anything extra such as 10 percent tithing. What do the rest of your think?
~FYI~ Senator Orin Hatch of Utah and Baraq Obama are in favor of this bill
So it is alright to default paying others their money but it is alright to keep giving money to whatever church you happen to belong to, interesting—-
The Salt Lake Tribune/December 7, 2006
By Thomas Burr
Washington – Congress has passed legislation co-sponsored by Sen. Orrin Hatch, R-Utah, that would allow a person to contribute to charity or pay religious tithing during the course of a consumer bankruptcy. The bill, also sponsored by Sen. Barack Obama, D-Ill., passed the House on Wednesday; the Senate approved the measure in September. "Congress has a long history of protecting our religious freedom to tithe," Hatch said in a statement. "That was our intent when we enacted bankruptcy reform last year, and this bill clarifies the law so that those who tithe can continue to live their faith while in bankruptcy." A ruling by a New York bankruptcy court earlier this year prompted the legislation. The judge ordered that an upper-income couple filing Chapter 13 bankruptcy could not pay tithing to a church until all creditors were paid first.

Technorati Tags: all creditors, bankruptcy court, bankruptcy reform, barack obama, baraq obama, burr washington, chapter 13 bankruptcy, consumer bankruptcy, filing bankruptcy, filing chapter 13 bankruptcy, giving money, hatch of utah, orrin hatch, quot, religious freedom, salt lake tribune, senator orin hatch, thomas burr, tithing, washington congress

President Barack Obama says he did a full court press for a health care system remake because "this country was going to go bankrupt."

Technorati Tags: barack obama, full court press, health care system