When $90 Billion A Month in Deficits Feels Good… Right!
How do you celebrate a deficit of $90.53 billion for a single month? That is what the market is supposed to do for the August deficit. A report from the Treasury Department was expected to be -$95 billion per Dow…
U.S. government revenue for August came was $164 billion, up from $145.53 billion a year earlier; Spending was $254.52 billion in August, up from $249.08 billion a year earlier.
To date for fiscal-2010, Uncle Sam is about $1.26 trillion shy of a balanced budget. The most recent estimate we have seen from the White House for all of Fiscal-2010 is $1.47 trillion for 2010, above the prior year’s record deficit of $1.42 trillion.
Maybe there is a silver-lining in lower-than-expected deficits. Higher taxes seem certain at this point, yet the spending is taking place as if money grows on trees. Unfortunately, this is a drop in the bucket for the spending cuts that need to come down the road.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
