The federal government is now borrowing
$.41 for every $1 it spends.
New estimates from the White House--conveniently dropped into the Friday afternoon news cycle--predict America's budget deficit will reach a record $1.47 trillion
this year. The AP reports
that these latest figures suggest next year's unemployment rate will remain steady above 9 percent.
White House budget director Peter Orszag
says the numbers represent a "fiscal situation that requires attention."