Treasury to borrow $104 billion in quarter

[kayell]

http://www.buffalonews.com/editorial/20030729/1015574.asp

WASHINGTON - The government's estimate of how much it expects to borrow from the credit markets this quarter has risen by a third to compensate for lower than expected income-tax payments and higher spending, the Treasury Department said Monday.

Treasury's latest $104 billion borrowing projection for the July-September quarter is larger than a previous estimate of $76 billion made in April. The new projection would represent the largest amount ever borrowed during the July-September quarter.

The need for Treasury to step up borrowing comes as the economy tries to get on firmer footing and the federal government's budget picture is deteriorating. The exploding deficit is projected to hit $455 billion this year and $475 billion next year - both records in dollar terms.

The Bush administration has blamed the return of deficits on lingering effects of the 2001 recession and the costs of fighting the war in Iraq and terrorism at home and abroad. Democrats say a major cause of the red ink has been Bush's tax cuts and what they contend are bad economic policies.

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[RobertSeattle]

1. Gee, where do stock market adverse rich people put their tax cut?

Into Government bonds - zero economic stimulus plus just more debt for future generations. Great job George!

[Atlant]

2. I think there's an "s" missing inyour headline...

Given our up-and-coming third-world debtor nation status,
shouldn't it read?

Treasury to borrow $104
billion in quarters

Atlant

[Atlant]

5. By the way...

$104 billion in quarters is approximately 5,200,000,000 pounds, or
the weight of 27 aircraft carriers (using CVN74, the John C. Stennis
as a referrent at 97,000 tons).

Atlant


1 quarter = 5.67 gm
$250 = 5.67 kg
$1000 = 22.68 kg -> ~50 pounds
$1,000,000,000 = 50,000,000 pounds
$104,000,000,000 = 5,200,000,000 pounds

[SpiralHawk]

3. But, but, but...just wait till the Bush Economic Recovery Plan

kicks in.

And remember, a Rising Tide Lifts All Yachts.

[ClintonTyree]

4. There is a solution..................

more tax cuts for the rich I tell you, THAT will get this economy back on it's feet.

[gasperc]

6. the huge deficit was built in budget, here's ACTUAL Treasury data

From the ACTUAL tables from www.Treasury.gov website on July 2002

all receipts(million) tax w/held refunds net(w/other)
1998 $1,721,421 $646,483 $99,476 $828,597
1999 $1,827,302 $693,940 $122,706 $879,480
2000 $2,025,060 $780,397 $134,046 $1,004,461
2001 $1,991,044 $793,386 $182,251 $994,339
2002 $1,853,296 $750,756 $179,365 $858,345

2003est. 2,048,060 1,006,354 - $1,006,354

Note the increase in refunds, where's the stimulus?
(see website for all revenue to get receipt total)
Corporation figures are just as ridiculous, in 2002 net $148billion was collected yet they projected $205billion to be collected this year. This and the data above hints a deficit of at least $250billion over 2002 not the $80billion predicted. Yes, they predicted $80billion. I printed these tables in July 2002 for giggles and grins. I haven't checked the site but I suspect great changes have already occured. How the fuck they thought receipts would spring back to 2000 levels AFTER the tax, terrorism, potential war in Iraq is utterly mind boggling. And why this very data wasn't used in the spring during the last tax cut debate is beyond me. A spending problem my ass, they bullshitted their way through the debate and now it's oh the deficit's $455billion it's managable. Not when interest rates rise, as they are. And as the economy grows so will inflation. Conservatives are in total foo-foo land thinking that we can grow out of this deficit. How they expect to govern next year and beyond is a terrifying thought.

[gasperc]

7. sorry if table is hard to follow

I spaced it while I wrote it but it didn't post that way

all the figures are in millions

[Atlant]

8. For "tables", use the <pre> tag...

On DU, the best way to express tables is to put them
between [pre] and [/pre] tags, like this:

  Hdr 1    Hdr 2    Hdr 3
---------------------------
    1        2        3
  100      200      300
 1000     2000     3000

Then they come out in a "fixed-pitch" (fixed-width) font
and your formatting won't be screwed-up.

Atlant

[gasperc]

10. thanks

eom

[underpants]

9. Damn that is a lot of quarters

:bounce:

[SoCalDem]

12. DU doubleposted

:(

[SoCalDem]

13. I thought the same thing....tee hee

they would have to let "Strongman, Manuel Noriega" out of the slammer to help them carry those quarters:)

[brokensymmetry]

11. What would happen

if they held a bond sale - and nobody came?

Ooops!

[realFedUp]

14. Is the US credit rating down to junk bonds yet?

or do they just keep cranking out the dollars.