FY '10 Continued Torrent of Federal Red Ink; from Deficit to Social Security, Ledgers Hemorrhaging

The Washington Times (Washington, DC), October 18, 2010 | Go to article overview

FY '10 Continued Torrent of Federal Red Ink; from Deficit to Social Security, Ledgers Hemorrhaging


Byline: Stephen Dinan, THE WASHINGTON TIMES

The federal deficit shrank slightly in fiscal 2010, but on most other measures, it was a dark year for the government's fiscal health.

Social Security's basic trust fund paid out more than it received for the first year in decades, overall basic spending was up by 9 percent, and if it weren't for money paid back by the end of the Wall Street bailout the deficit would have broken 2009's record.

The government has now run a deficit for 24 straight months, reaching back to the end of the Bush administration. That streak is by far the longest period of red ink in Treasury statistics that go back to the beginning of the Reagan administration.

September's deficit was $34.5 billion, and it brought the total deficit for year 2010, which ended Sept. 30, to $1.294 trillion - the second-highest total on record, behind 2009's staggering $1.416 trillion figure.

Still, September's shortfall was the lowest since April 2009, and while individual income- and payroll-tax receipts were down in 2010, corporate income-tax collections shot up dramatically. With stimulus payouts having peaked and begun to decline, the Obama administration predicted better times ahead.

Thanks in large part to the tough decisions this administration made over the past two years, the economy is recovering, and we're spurring economic growth and job creation, Jeffrey Zients, acting director of the White House Office of Management and Budget, said Friday in announcing the final 2010 figures.

Mr. Zients said President Obama is committed to producing a budget that will try to cap non-security discretionary spending in 2012 - continuing a pledge he made for year 2011.

If that does happen, it would be a major break with last year.

Basic federal spending grew at 9 percent in 2010, according to the Congressional Budget Office, which said the rise was somewhat faster than in recent years.

While families across our country continue to struggle to pay their bills, Democrats in Washington continue to spend and borrow at dangerous levels, said Sen. John Thune, South Dakota Republican.

One major factor in the deficit jump was payments of interest on the national debt, which CBO, in a preliminary analysis earlier this month, said grew at 13 percent in 2010. As of Thursday, the country's total debt stood at $13.607 trillion.

Treasury's final fiscal year-end statement showed spending rose across a host of programs. …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

FY '10 Continued Torrent of Federal Red Ink; from Deficit to Social Security, Ledgers Hemorrhaging
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.