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Three quarters of the fiscal year is comfortably behind us, and the U.S. budget deficit has already passed the $1 trillion mark. In June alone, the federal government spent faster than it earned to the tune of $94.3 billion. The result is below the median predicted by 30 estimates according to a Bloomberg News survey of economists -- projections ranged from $70 billion to $109.3 billion for the month. This is the first time we've had a June deficit since 1991.

In June 2008, the deficit for the month was a much more modest (but still sizeable) $33.5 billion. But last month spending spiked 37% to $309.7 billion, while revenue plunged 17% to $215.4 billion.

So how does the rest of the year look? Pretty grim.

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U.S. budget passes $1 trillion with one more quarter to go originally appeared on BloggingStocks on Tue, 14 Jul 2009 08:00:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>featuredfederal governmentFederalGovernmentoffice of management and budgetOfficeOfManagementAndBudgetombtaxtax revenuetaxesTaxRevenuetreasury departmentTreasuryDepartmentus treasuryUsTreasuryTue, 14 Jul 2009 08:00:00 EST<![CDATA[Could U.S. economy, American people tolerate more government intervention?]]>http://www.bloggingstocks.com/2008/09/05/could-u-s-economy-american-people-tolerate-more-government-int/http://www.bloggingstocks.com/2008/09/05/could-u-s-economy-american-people-tolerate-more-government-int/http://www.bloggingstocks.com/2008/09/05/could-u-s-economy-american-people-tolerate-more-government-int/#commentsFiled under: , , , ,

Could the U.S. economy tolerate, and, equally significant, will the American people push the nation's chief executive, the president, in the direction of more government intervention?

The view from here is: probably not. Everything in the American ethos and culture speaks against it.

Unlike in France, where the French Government is simply, "France," Americans, for the most part, view their government -- save defense spending -- usually as part of the problem, not the solution. 'Government is best which governs least' is a longstanding Americanism. And most investors/readers know about candidates who say they want to "get the Washington bureaucrats off the backs of the American people" and "clean up the mess in Washington!"

Americans are anti-central government, and they are anti-state (they generally dislike the limited federal government that exists). In the United States, it is always private first, public second.

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Could U.S. economy, American people tolerate more government intervention? originally appeared on BloggingStocks on Fri, 05 Sep 2008 17:08:00 EST. Please see our terms for use of feeds.

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