Are you angry yet ? Deficit tops $1 trillion? -- Part 2 of 'x'

Budget deficit tops $1 trillion for first time. Who's gonna pay for it you clowns?

This nightmare wears me out!

My grand kids and great-grand kids are gonna have to pay this back.

We need to call the Washington-critters. Enough is enough y'all!

Value Of Dollar Under Pressure

MARTIN CRUTSINGER, AP Economics Writer

Posted: 2:00 pm EDT July 13, 2009Updated: 6:10 pm EDT July 13, 2009

WASHINGTON -- The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.

The deficit has been widened by the huge sum the government has spent to ease the recession, combined with a sharp decline in tax revenues. The cost of wars in Iraq and Afghanistan also is a major factor.

The soaring deficit is making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could also force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.

"These are mind-boggling numbers," said Sung Won Sohn, an economist at the Smith School of Business at California State University. "Our foreign investors from China and elsewhere are starting to have concerns about not only the value of the dollar but how safe their investments will be in the long run

." The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to $1.09 trillion. The administration forecasts that the deficit for the entire year will hit $1.84 trillion in October.

Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.

Congress already approved a $700 billion financial bailout for banks, automakers and other sectors, and a $787 billion economic stimulus package to try to jump-start a recovery. Outlays through the first nine months of this budget year total $2.67 trillion, up 20.5 percent from the same period a year ago.

There is growing talk among some Obama administration officials that a second round of stimulus may eventually be necessary.

That has many Republicans and deficit hawks worried that the U.S. could be setting itself up for more financial pain down the road if interest rates and inflation surge. They also are raising alarms about additional spending the administration is proposing, including its plan to reform health care.

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Me thinks it's time to raise some serious questions with the Washington crowd:

1- Do you know what you are doing? It doesn't look like it on main street, or any other street!

2- Where's the results you promised several times ago - months ago now?

3- Why should the American people believe or trust you any further? You have a below average record spanning years and decades!

4- It's time to cut spending, reduce the size of government - y0ur staffs, expenses, travel and perks -- until you improve your performance. We don't like paying for failure and poor judgment.

5- It's time to keep your word - the measure and value of an elected Representative!

The founding fathers, the fifty-six, who wrote and signed the Declaration of Independence said: "we pledge our lives, our fortunes and our honor....." There's your roll model to follow! Our military men and women do it everyday too! Those in elected office today should do no less!