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Tax Hikes Loom as Deficit Nears $1T

Blue or red, next president may need to boost revenues with increase

By Ambreen Ali, Newser User

Posted Oct 16, 2008 10:03 AM CDT

(Newser) – The bailout and other government spending are adding on to an already-enormous US budget deficit, and the next president might well have to raise taxes, no matter who it is, the Christian Science Monitor reports. This fiscal year will put the US down nearly $1... Read full story »

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Tax Hikes Loom as Deficit Nears $1T

Blue or red, next president may need to boost revenues with increase

national debt • budget deficit • tax hikes • financial crisis • Wall Street bailout • Treasury bills

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More Newser Stories

Jittery About Loss, Investors Stuff Cash In 0% T-Bills

Willing to take nothing for their money

What Will Taxpayers Shell Out for All This?

Some bailouts are more risky, some less—and add up to $1 trillion

Federal Budget Deficit More Than Doubles, to $407B

Stimulus package contributed; figure is expected to break record in fiscal '09

Boehner Kicks Off New Fight Over Debt

He won't agree to raising ceiling without spending cuts to offset

GOP Hopefuls Would Pile on US Debt

...except for Ron Paul's plan

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