No more government - boo hoo!

[Fair&Balanced]

Originally Posted by classicman

What does that have to do with the point made?

Tarp was 2008 and has been almost, if not entirely paid back.

TARP was signed into law by Bush in Oct 08 and the funds were almost entirely spent in FY 09 and not recovered until FY 10 and 11. So the outlay was part of the 09 increase in outlay and the income (funds repaid) didnt show up until the next year.

I'm pretty sure it was TARP, along with higher social spending as a result of the first surge of newly unemployed (increased UI, increased SNAP claims, etc) that account for the increased outlays.

The decrease in income is most likely a result of the fact that the Bush 03 tax cut was phased in over five years, with the highest income bracket lowered as the last phase in 2008. So I suspect the 2009 revenue was much lower, because the 2008 returns were the first year that the top bracket paid a 3% lower marginal rate.

But more information is needed.