The Obama administration is breaking records (its own records) that we really do not want to break. We are looking at a $1.645 trillion dollar deficit for this fiscal year. How much higher can we go before we see some serious negative repercussions; Lets not find out.
http://www.washingtontimes.com/news/2011/feb/14/debt-now-equals-total-us-economy
"President Obama‘s budget, released Monday, was conceived as a blueprint for future spending, but it also paints the bleakest picture yet of the current fiscal year, which is on track for a record federal deficit and will see the government’s overall debt surpass the size of the total U.S. economy.
Mr. Obama‘s budget projects that 2011 will see the biggest one-year debt jump in history, or nearly $2 trillion, to reach $15.476 trillion by Sept. 30, the end of the fiscal year. That would be 102.6 percent of GDP - the first time since World War II that dubious figure has been reached.
And the budget projects the government will run a deficit of $1.645 trillion this year, topping 2009’s previous record by more than $230 billion. By contrast, 2007’s deficit was just $160 billion altogether."
Tuesday, February 15, 2011
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Following the worst recession in many years, the federal deficit has grown at an alarming rate. Number of policies and financial regulations have been made but of very little use.
ReplyDeleteWhat is the federal deficit