Economic rescue could cost $8.5 trillion

[Chris]

Economic rescue could cost $8.5 trillion
Heavy spending to battle the financial crisis is unlikely to abate soon. Analysts say next year's deficit could top $1 trillion.

Just last week, new initiatives added $600 billion to lower mortgage rates, $200 billion to stimulate consumer loans and nearly $300 billion to steady Citigroup, the banking conglomerate. That pushed the potential long-term cost of the government's varied economic rescue initiatives, including direct loans and loan guarantees, to an estimated total of $8.5 trillion -- half of the entire economic output of the U.S. this year.

Nor has the cash register stopped ringing. President-elect Barack Obama and congressional Democrats are expected to enact a stimulus package of $500 billion to $700 billion soon after he takes office in January.

The spending already has had a dramatic effect on the federal budget deficit, which soared to a record $455 billion last year and began the 2009 fiscal year with an amazing $237-billion deficit for October alone. Analysts say next year's budget deficit could easily bust the $1-trillion barrier.

"I didn't think we'd see that for a long time," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. "There's a huge risk of another economic crisis, a debt crisis, once we get on the other side of this one."

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$750 billion was just the start.  When does this shit end?

[docstew]

at 110% effective tax rates... on those top wage earners, the burger flippers at McDonald's.  Every other business will have taken their capital and moved overseas, taking the jobs with them.

[Chris]

I always hated listening to George Bush give a speech.  I knew every time he opened his mouth, it was going to cost a shitload of money.

Obama will be worse.