The taxman is coming.

Budget deficit tops $1 trillion for first time

"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.

1 of 1Full Size

By Patrick Rucker and David Lawder

NEW YORK/WASHINGTON (Reuters) - President Barack Obama is mulling new ways to delay foreclosure for jobless homeowners who are unable to keep up with monthly payments, an administration official said on Monday.

The official told Reuters it was reasonable for policymakers to consider options for loan forbearance -- allowing borrowers to delay, defer or skip payments -- that are more effective than those currently available in the private sector.

The number of failing home loans has been climbing for three years as risky borrowers have defaulted on their easy-to-get loans, property values have sunk and the unemployment rate has climbed.

Kliphnote:

Where was the Federal Government when I didn't have a job. Not even ACORN was helping me.

Wait until next year when the budge will be all Obama's, and they can't blame Bush for part of it. Remember, it is not Obama's fault, it's Bush's.

Obama never wanted to spend that kind of money, he never wanted Government control of everything. Right?

If you believe that I has some land to sell you.

This is not, yet, the "worst financial crisis since the Great Depression". but give Obama time and it may be.

I am looking forward to Obama's health care plan. And who is going to pay for that. The middle class will be taxed even more.

Hillary Clinton was accused Monday of stabbing the Big Apple in the back. Mayor Michael Bloomberg said her betrayal has cost the city $260 million in lost tax revenues and counting. It didn't take long for Clinton to double cross New York City. Six months into her tenure as secretary of state she has suddenly exempted diplomats from paying some property taxes here. "It is totally unfair," Bloomberg said. The mayor said it's not only a double cross but a double flip flop. As New York's junior senator, Clinton fought to make diplomats pay up. And he said her reversal changes a longstanding policy.

Big surprise.

Noonan on Palin.

She is not working class, never was, and even she, avid claimer of advantage that she is, never claimed to be and just lets others say it. Her father was a teacher and school track coach, her mother the school secretary. They were middle-class figures of respect, stability and local status. I think intellectuals call her working-class because they see the makeup, the hair, the heels and the sleds and think they're working class "tropes." Because, you know, that's what they teach in "Ways of the Working Class" at Yale and Dartmouth.

Palin and her husband were commercial fisherman. Is that not "working class"? They were substance hunters ( putting meat on the table not trophy's on the wall.) Is that not working class? Is not a teacher and secretary working class. Just like firemen and police are working class.

Nonan on the other hand has never been working class, she has always been the intellectual class. Does she look down on people? Seems so to me.

"She couldn't say what she read because she didn't read anything. She was utterly unconcerned by all this and seemed in fact rather proud of it:" Oh, she didn't read anything? So says you, nothing.

Sarah Palin graduated in the end from the University of Idaho, a school that happily notes on its Web site that it's included in U.S. News & World Report's top national schools survey. Nonan why do you sound so bitter? Looking down your nose at Palin.

"Really, she is the most careless sower of discord since George W. Bush,"

"Now she can prepare herself for higher office by studying up, reading in, boning up on the issues." Mrs. Palin's supporters have been ordering her to spend the next two years reflecting and pondering. But she is a ponder-free zone. She can memorize the names of the presidents of Pakistan, but she is not going to be able to know how to think about Pakistan. Why do her supporters not see this? Maybe they think "not thoughtful" is a working-class trope!

Kliphnote: Let me say this again, Obama has had 12 advisers for the last four years telling him what is going on in the world and what to say and who to bow to.

Palin was not running for the POTUS or the VEEP job like Obama has been, for ever.

She was asked at the last minute.

Obama has had speech writers telling him what teleprompter to use for four years.

I wish Katie Couric would interview me. When is Nonan go to write an article on the Great VP we have now, Joe Biden?

Noanan,you are cluless. Get a real job.

PS. McCain didn't lose because of Palin. McCain lost because of McCain.