Federal Deficit Hits a $1.3 Trillion For The Fiscal Year

With the fiscal year completed Obama failed to top the all time record deficient, set by him last year, buy about a $122 billion. No worries though, he plans on setting a new high water mark next year. Lets hope after the midterm their is some fresh blood in the legislature to make sure we fall well short of that goal.

http://news.yahoo.com/s/ap/20101015/ap_on_bi_ge/us_budget_deficit

"The Obama administration said Friday the federal deficit hit a near-record $1.3 trillion for the just-completed budget year.

That means the government had to borrow 37 cents out of every dollar it spent as tax revenues continued to lag while spending on food stamps and unemployment benefits went up as joblessness neared double-digit levels in a struggling economy.

While expected, the eye-popping deficit numbers provide Republican critics of President Barack Obama's fiscal stewardship with fresh ammunition less than three weeks ahead of the midterm congressional elections. The deficit was $122 billion less than last year, a modest improvement.
...
Outside of the bailout, the federal budget went up by 9 percent in the 2010 budget year to $3.5 trillion, the Congressional Budget Office reported last week. Food stamp payments rose 27 percent as record numbers of people took advantage of the programs, while unemployment benefits rose 34 percent
...
The administration is projecting that the deficit for the 2011 budget year, which began on Oct. 1, will climb to $1.4 trillion. Over the next decade, it will total $8.47 trillion. Deficits of that size will constrain the administration's agenda over the next two years and will certainly be an issue in the 2012 presidential race."