Monday, February 1, 2010

Obama Proposes a $3.8 Trillion Budget For Fiscal 2011, Deficit Projected at $1.6 Trillion

These are really mind boggling numbers, even considering the numbers from last year which were beyond mind boggling. So much for any sense of fiscal responsibility.

"President Barack Obama will propose on Monday a $3.8 trillion budget for fiscal 2011 that projects the deficit will shoot up to a record $1.6 trillion this year, but would push the red ink down to about $700 billion, or 4% of the gross domestic product, by 2013, according to congressional aides.

The deficit for the current fiscal year, which ends on Sept. 30, would eclipse last year's $1.4 trillion deficit, in part due to new spending on a proposed jobs package.

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