Basically they're in favor of fiscal virtue in principle but having a little hard time in practice. Correspondent Tracy Smith talks with Hope's daughter, Linda Hope, and with Martha Bolton, who together compiled a new book of wartime letters, "Dear Bob...: Bob Hope's Wartime Correspondence with the GIs of World War II.". The budget deficit dropped to $680 billion in the 2013 fiscal year, from about $1.1 trillion the year before, largely aided by a rise in tax revenue. Accuracy and availability may vary. It's been a tough year for dating, but one couple was determined to hang onto love. Mr. WESSEL: Well, that's a good question. Those checks did give the economy a boost in the late spring and early summer. "This year's budget results reflect the ongoing housing correction and the manifestation of that in strained capital markets and slower growth," Treasury Secretary Henry Paulson said in a statement accompanying the deficit report. A surprising number of people arrested for participating in the January 6th insurrection at the U.S. Capitol are military veterans, whose skill sets were deployed to break through and overwhelm the Capitol Police and occupy our seat of government. In the recovery from the Crash of 2008 deficits slowly reduced to 3 percent of GDP in 2015 and then started increasing again. Bush 43 took it from zero to $1.2 trillion. NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. The U.S. government ran a deficit of $680 billion in the financial year that ended last month — the first time since 2008 the annual shortfall has been under $1 trillion. Figure 1. U.S. deficit at record high and rising The federal deficit hit $311 billion for the first half of fiscal year 2008, up from $162 billion the year before. Mr. WESSEL: Well, we've seen at times in the past that sometimes some crisis or some particular person stimulates interest in the deficit, like Ross Perot did when he ran as an independent presidential candidate. Yesterday, the Treasury Department announced that federal budget deficit so far this year amounts to about $370 billion. MONTAGNE: Let's just begin. This material may not be published, broadcast, rewritten, or redistributed. Occasional deviations from deficit-hawk dogma—the George W. Bush wars and tax cuts, the 2008 bank bailouts and Obama’s subsequent stimulus, rounds of quantitative easing by the Federal … He's economics editor of The Wall Street Journal. ICE Limitations. COVID-19 after one year: What will the future bring? "The FBI is asking the public to watch the videos of this person – you may recognize their gait, body language, or mannerisms," the FBI said in a statement Tuesday. This week, the Treasury said the government is running up a deficit at more than double last year's pace. The administration blamed this year's record deficit on a litany of economic woes. Basically at today's level of taxes, the government has made promises, particularly on Social Security and especially on health care, that it cannot meet with the current level of taxes, and that's the problem because it forces the government to borrow lots of money, much of it from abroad. Economists predicted a far worse number next year as the costs of the government's rescue of the financial system and the economic hard times hit the government's balance sheet. Twitter sues Texas AG, claiming he retaliated after it banned Trump, COVID-19 relief bill would bring health cost savings to millions of people, Kia tells 380,000 vehicle owners to park outside due to fire risk, Fewer Americans might get a $1,400 stimulus check, California Privacy/Information We Collect. The Fiscal Year 2008 Federal Deficit. President Bush expanded the federal budget by a historic $700 billion through 2008. Budget Deficit In 2008 Hits All-Time High. The federal government is not. The Oscar- and Emmy-winning actress makes her film directorial debut with an acclaimed story, set in the 1960s, of a re-imagined meeting of four Black icons – Malcolm X, Cassius Clay, Jim Brown and Sam Cooke – discussing the civil rights movement. Three other programs—Social Security, Medicare, and Medicaid—also add a lot to the deficit. Yesterday, the Treasury Department announced that federal budget deficit so far this year amounts to about $370 billion. The significant expansion in the deficit is the result of a substantial increase in spending and a halt in revenue growth. Senator Obama is more focused on the short term. (uscp.gov) The increased spending, meanwhile, largely went … Bush 41 took it to $300 billion. In 2008, CBO estimates, federal spending will be 8.3 percent higher than it was in 2007; at the same time, total revenues will be less than they were in 2007. "It just floods your heart to be able to help someone else and it feels good," Jermaine Jordan said. The Federal deficit is forecast to be 4.6% of GDP in fiscal 2020 while the economy’s real growth rate is a projected to be 2.2%. 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Some analysts believe that next year's deficit could easily top $700 billion, giving the next president a formidable challenge. After a period of reform beginning in 1995, Canada returned to deficits in 2008/09. The figures for the national debt come from the … MONTAGNE: David Wessel is economics editor at The Wall Street Journal. "While it will take time to work through this period, we will overcome the current challenges facing our nation.". The credit crisis that has swamped the financial system is boosting outlays because of the costs of protecting the depositors of failed banks. And just as Al Gore's movie, "Inconvenient Truth," raised the visibility of the global-warming issue, he's hoping that this new documentary that comes out on August 21st called "IOUSA" will raise the visibility of this effort and get people agitated about it. Visionary biochemist Jennifer Doudna shared the Nobel Prize last year for the gene-editing technology known as CRISPR (Clustered Regularly Interspaced Short Palindromic Repeats), which has the potential to cure diseases caused by genetic mutations. The Trump administration reported Friday that the deficit for the budget year that ended on Sept. 30 was three times the size of last year's deficit of $984 billion. The federal budget deficit soared to $454.8 billion in 2008 as a housing collapse and efforts to combat the economic slowdown pushed the tide of government red ink to the highest level in history. While on track to balance the budget in 2015, the newly elected government introduced Copyright © 2008 NPR. Clinton got it to zero. The Treasury recently reported that the federal government recorded a total budget deficit of $1.4 trillion in fiscal year 2009, about $960 billion more than the deficit incurred in 2008. Good morning. He would actually increase the amount of the deficit in the short term to stimulate the economy, and in the long term he moves around taxes and spending and basically says he would make sure that the deficit didn't get any worse. A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity. The claimed deficits come from historical table 1.1 of the 2009 Federal Budget (page 25 of the PDF), except for the claimed deficit of 2008 which was obtained from table 1 of the September 2008 Monthly Treasury Statement . The Bush administration said Tuesday the deficit for the budget year that ended Sept. 30 was more than double the $161.5 billion recorded in 2007. After a massive global hack of Microsoft email server software, users hustled to update their systems and diminish chances that intruders might steal data or hobble their networks. Senator McCain says he'd manage to balance the budget while cutting taxes but hasn't been very specific about exactly which spending cuts he would execute to do that. Copyright © 2021 CBS Interactive Inc. All rights reserved. A deficit occurs when … Many private economists believe the country will not be able to escape a recession even if the rescue program is successful at getting banks to resume lending. While many middle and high-income workers are back at work, the country's low-wage workers are still suffering from a recession that has annihilated their jobs. Visit our website terms of use and permissions pages at www.npr.org for further information. Newly elected to be the 46th president, Biden has had a long political career and a personal life filled with triumph and heartbreak. Mr. WESSEL: Well, in part it's deliberate government policy. Exit polls from the 2020 election show Republicans are cutting into traditionally Democratic margins among male Latino voters. Correspondent Lee Cowan journeys to the isolated town suffering from the economic ripple effects of the pandemic. All rights reserved. The total federal deficit is the sum of the on-budget deficit (or surplus) and the off-budget deficit (or surplus). MONTAGNE: Well, would you expect that they, the voters, would ever get worried about the growing deficit? Handmade cards are helping patients feel less isolated during the pandemic. Why is the deficit widening so much? "I've had people tell me that they finally get to see their grandchildren for the first time. Powered and implemented by FactSet. The government faces the prospects of paying for the $700 billion rescue plan that will boost spending as the government spends $250 billion in coming months to buy stock from banks to bolster their balance sheets and also buys up bad assets currently on banks' books. Includes legal tender notes, gold and silver certificates, etc. That was the lesson that John Maynard Keynes taught us, and that is what's happening now. Trump’s got it back t… Michael Daniel, CEO of Cyber Threat Alliance, joins CBSN's Tanya Rivero with the details. The federal government is not. Regina King talks with CBS News' Michelle Miller about her artistic ambitions, her promotion of social justice, and the blessings of her fruitful career. On this week's episode of "The Debrief" podcast, Major Garrett explains where the nearly $2 trillion in COVID relief will be going. The brand also provides thousands of dollars in scholarships for students who attend HBCUs. First published on October 14, 2008 / 4:38 PM. Stories from COVID-19's unequal recession; The longshot candidate to treat COVID; NASA's women sending America back to the moon. Spending. Nearly a half-century after the last Apollo astronaut stepped foot on the moon, NASA is working to send its first woman to the lunar surface. Update, Feb. 11: Some readers wrote to us saying we should have made clear the difference between the federal deficit and the federal debt. The American Kennel Club has released its latest list of the nation's most beloved breeds. Shows and movies you'll want to stream soon. From 1965 to 1995, the Canadian federal government repeatedly ran deficits, accumulating debt, a habit that culminated in the near crisis of the mid-1990s. Market data provided by ICE Data Services. How soon might you receive a $1,400 stimulus check? Both of those programs are aimed at relieving strains on banks so they can resume more normal lending and ease a credit crisis that is threatening to push the country into a severe recession. All Rights Reserved. Since all federal revenue shortfalls (deficits) are paid for through increases in the total US debt, the increase in debt each year exactly equals that year’s real federal deficit. The problem is in the future. The Bush administration is projecting that the deficit in the current budget year will rise to $482 billion, but that estimate made in the summer does not include the costs of the rescue program passed by Congress on Oct. 3. Defense spending is running well ahead of last year, about 11 percent more, largely because of Iraq and Afghanistan, of course, and then the economy is weak, and when the economy is weak, fewer people have profits, fewer people have jobs, and they pay less in taxes. David Wessel, economics editor at The Wall Street Journal, talks with Renee Montagne about the federal budget deficit, and what the presidential candidates are saying about it. Bill Whitaker reports. October 14, 2008 / 4:38 PM / AP. The federal budget deficit soared to $454.8 billion in 2008 as a housing collapse and … Those costs will increase significantly in coming years. 3. The authoritative record of NPR’s programming is the audio record. In 2009, federal receipts were $419 billion below 2008 levels, a 17 percent drop, which was the largest decline from one year to the next in more than 70 years. Consumers in certain businesses are having a harder time borrowing money these days. The deficit for 2008 reflected the costs incurred in recent months for a $168 billion economic stimulus program that Congress passed at the beginning of this year in an effort to combat the economic slowdown. In both years, certain payments were shifted out of January and into December because January 1 is a holiday. Claim: "Reagan took the deficit from $70 billion to $175 billion. MONTAGNE: Well, people often naturally worry about the government running a deficit, but tell us specifically why we should worry, if we should. The whole - the textbook case is that the government should widen its deficit at a time when the economy's weak. Thanks very much. 2017 - $665 billion budget deficit; 2016 - $585 billion budget deficit; 2015 - $439 billion budget deficit; 2014 - $514 billion budget deficit; 2013 - $719 billion budget deficit; 2012 - $1.1 trillion budget deficit; 2011 - $1.3 trillion budget deficit; 2010 - $1.3 trillion budget deficit; 2009 - $1.4 trillion budget deficit; 2008 - $455 billion budget deficit Jennifer Medina of the New York Times spoke with CBSN's Tanya Rivero about why some Latino men are shifting away from Democrats and why the gap is widening between men and women within the demographic. And that's amazing," Sam Keusch said. Mr. WESSEL: Well, we shouldn't worry now. A simple technique can be used to reveal the true* size of the annual Federal deficit. President Bush began a … MONTAGNE: Tell us where the presidential candidates are on this issue. Sharyn Alfonsi reports on the unusual path fluvoxamine, a drug commonly used to treat obsessive-compulsive disorder, has had to becoming an early treatment candidate for COVID-19. News provided by The Associated Press. Posted by on. Scott Pelley reports. Neither one of them is making the deficit the centerpiece of his economic program, but that's not surprising because the voters tell us and tell the candidates they're much more worried about today's economy than about tomorrow's deficit. The first fiscal year for the U.S. Government started Jan. 1, 1789. The prolonged housing slump sharply reduced economic growth and has sent the unemployment rate rising, developments that reduce tax revenues. Since FY1960, the federal government has run on-budget deficits except for FY1999 and FY2000, and total federal deficits except in FY1969 and FY1998–FY2001. Its isolation helped protect the community from the spread of COVID-19, but restrictions at the border have effectively trapped residents there – and kept visitors out. CBS News foreign correspondent Holly Williams has more from London. Federal Budget Deficit for January 2020: $33 billion The deficit for January 2021 was $130 billion larger than the deficit recorded in January 2020. The Treasury Department on Wednesday reported that $164.4 billion was added to the federal budget deficit in November -- bringing the total deficit for the … It surpassed the previous record of $413 billion set in 2004. President Obama would add another $1 trillion. Governor Andrew Cuomo is facing a harassment investigation, and federal prosecutors are looking into his administration's handling of nursing homes. "Over the long run, growing budget deficits and the resulting increases in federal debt would lead to slower economic growth," the agency said. It does so by applying the experiences of three previous recessions (1982/83, 1991/92, 2008/09) and an economic slowdown (2000/01) to the current financial plans of the federal government. Following Prince Harry and Meghan's blockbuster interview with Oprah Winfrey, Buckingham Palace has issued a statement saying Queen Elizabeth was "saddened to learn the full extent" of the couple's unhappiness, and that "the issues raised, particularly that of race, are concerning." For decades comedian Bob Hope was a true war hero to American military stationed overseas, as he entertained the troops with his USO tour. 4  5  Spending increased to combat the 2008 financial crisis. Mr. DAVID WESSEL (Economics Editor, Wall Street Journal): Good morning. Federal deficits increased in the early 2000s, and went over 10 percent of GDP in the aftermath of the financial crisis of 2008. The federal budget is an itemized plan for the annual public expenditures of the United States. The federal government spent $2.983 trillion in FY 2008, 2  more than its budget of $2.902 trillion. October 16, 2008. When the economy recovers, the deficit is not going to go away. Strangers started sending Jerico boxes of his favorite waffles – and his mom had to buy two new freezers to store them all. According to the Government of Canada's audited annual report released by the Finance Department on Friday, the deficit came in at $5.8 billion for fiscal year 2008. The largest prior deficit, $1.4 trillion, occurred in FY 2009. The debate over whether the federal government should borrow money to extend unemployment benefits beyond the typical 26 weeks at a time when the number of jobless is high and public debt is growing rapidly shed light on terms that are easily confused among the public - the federal deficit and national debt. The Central Idaho Dark Sky Reserve, draped over nearly one million acres of wilderness areas and the Sawtooth National Forest, is a major draw for amateur astrophotographers capturing the heavens. Legal Statement. CBS News national security correspondent David Martin talks with Defense Secretary Lloyd Austin, former FBI Agent Tom O'Connor, and George Washington University's Seamus Hughes about the role of the extremist group Oath Keepers in the deadly attack, and how the Pentagon is still coming to grips with veterans who become radicalized. I think one interesting thing going on right now is Pete Peterson, who got rich off of the Blackstone private equity firm, is putting $1 billion into a foundation whose whole purpose is to raise public awareness about the long-term deficit thing. This paper estimates the potential annual and four-year cumulative deficits for the federal government if an economic slowdown or recession occurred. That impact has now faded leading many analysts to project that the current quarter and the first three months of next year will show declines in overall input. Economic fallout from pandemic disproportionately hits Latinas, Dr. Fauci answers COVID vaccine questions in CBSN special. Obama halved it to $600 billion. Less-known was the role he played as a correspondent, answering some of the thousands of letters he received from GIs. Historical Debt Outstanding - Annual 2000 - 2020. As you know, the president and the Congress agreed to give tax breaks to households and businesses to kind of give the economy a shot in the arm. At the same time, tax receipts dropped due to the recession, decreasing revenue. This text may not be in its final form and may be updated or revised in the future. The 2008 United States Federal Budget began as a proposal by President George W. Bush to fund government operations for October 1, 2007 – September 30, 2008.The requested budget was submitted to the 110th Congress on February 5, 2007.. The budget was briefly in surplus in the late 1990s, before heading into deficit again in the first decade of the 2000s—and especially deep deficits in the recession of 2008… Point Roberts, Wash., on a peninsula jutting out from Canada beneath the 49th parallel, is a tiny piece of America separate from the U.S. mainland. Most of the budget debate in Congress was about discretionary spending, which is that part of the budget that is negotiated between the President and Congress each year as … To talk about this, we've turned, as we often do, to David Wessel. Correspondent David Pogue talks with Doudna about the promises and perils of CRISPR; and with Walter Isaacson, author of the new book "The Code Breaker," about why the biotech revolution will dwarf the digital revolution in importance. The Congressional Budget Office estimates that the federal deficit is nearly $1 trillion. Pattern of Federal Budget Deficits and Surpluses, 1929–2014. That's more than double what it was this time last year. © 2008 The Associated Press.
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