Eight years under the Bush Administration will leave America $407 billion in the hole:
The budget deficit shot up 153% from last year’s shortfall of $161 billion. The government’s fiscal year ends Sept. 30. The agency attributes the jump to “a substantial increase in spending and a halt in the growth of tax revenues.”
That drop in revenue is driven in part by an estimated 15% decline in corporate tax receipts. They fell as a result of lower corporate profits and tax rules governing how businesses depreciate their investments this year. A second factor is the rebates provided to tax filers from the economic stimulus law Congress passed earlier this year.
The spending hike is partly due to efforts by the government “to cover the insured deposits of insolvent financial institutions,” the agency said.
[…] The CBO said it expected the deficit to exceed $400 billion – or 3% of gross domestic product – for each of the next two years if current policies remain in place. It also forecast several more months of “very slow” economic growth.
“The nation is experiencing a significant period of economic weakness,” said Peter Orszag, director of the CBO, in a press briefing.
Meanwhile John McCain repeats the same bullshit Bush has been pushing:
I still believe the fundamentals of our economy are strong. We’ve got terribly big challenges now, whether it be housing or employment or so many of the other — health care. It’s very, very tough times. It’s very tough. But we’re still the most innovative, the most productive, the greatest exporter, the greatest importer.
He’s just more of the same stupidity we’ve been dealing with for the past almost decade. We can’t afford another Bush Administration, but that’s just what McCain will give us.