Update: Another blowout month for the Obama Budget- deficit bigger than forecast; Obama is no Big Dawg – deficit spending
(…)The federal government kicked off fiscal year 2010 by posting its widest-ever October budget deficit, the Treasury Department said Thursday.
The $176.36 billion gap is more than $20 billion wider than the shortfall recorded in October 2008, driven up by lower tax receipts, stimulus-related revenue reductions and consistently high government outlays.
Treasury’s monthly budget statement shows receipts were $135.33 billion in October, down 18% from a year earlier and at the lowest level since October 2002. Meanwhile, outlays were $311.69 billion, down 3% from a year earlier and at their second-highest monthly level on record.
When revenues drop 18% and outlays only drop 3%, it’s not hard to hit record deficits. It’s roughly four times as large as September’s deficit, which closed out FY2009 with an annual deficit just under $1.4 trillion. September’s deficit of $46 billion will serve as a nostalgia point in the coming months of the FY2010 budget….
Here it is MUCH WORSE THAN EXPECTED
10.2% UE RATE !
Zandi is accepting the reality, this is a bad, very bad number, we will not get to flat, zero job losses by the end of the year as expected, he is the only one on the panel doing so, so kudos where it’s due.
15 mins to the data
Mark Zandi of Moodys is on CNBC as part of the Squawk Box jobs panel. I have to say Zandi has ZERO credibility IMO on anything after he campaigned for stimulus, he is HEAVILY invested in the stimulus having worked since he is so closely associated with it and it is an utter failure…since he advised MAC and TOTUS he is always raised as a voice supporting the ‘success of stimulus’ and it makes me gag a little every time…I mean Zandi helped make the chart that said we would never get over 8.5 on UE..go home Mark. The arrogance of the people on the panel is IMO unreal, like they are examining insects under a microscope (hmm like Obama, the anthropologist examining American culture?!), real people are hurting folks. Ugh…it’s Robert Barbera on the panel who is arrogant beyond belief…
CNBC on the consensus:
Markets have been hanging on the October employment report, expected to show a drop of 175,000 nonfarm payrolls when it is released at 8:30 a.m. Friday.
Our number is -140,000, which is a little stronger than consensus,” said J.P. Morgan economist Bob Mellman. Mellman said he expects to see an unemployment rate of 10 percent, a bit higher than the street’s expectation of 9.9 percent.
“We have a peak of unemployment at 10.2 percent. I don’t think we’re quite there yet. We have to get where we have rising job growth of about 100,000 a month before the unemployment rate levels off, and we think that would be in the the first quarter,” he said…