The Budget Outlook

John Campbell
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Posted: Jul 08, 2008 10:16 AM

Yesterday, the Congressional Budget Office (CBO), released its Monthly Budget Review, and not to my surprise it stated “The federal government incurred a deficit of $268 billion for the first nine months of fiscal year 2008, CBO estimates, $148 billion more than the shortfall recorded during the same period in 2007.”

CBO also estimates that about $79 billion of that change is a direct result of the Economic Stimulus Act that passed the House at the beginning of this year.

We are now seeing the direct effect from reckless spending without reductions elsewhere.  I have said it before and I will say it now, both Republicans and Democrats need to understand that if we continue on our current course we are on a collision course for the highest debt in American history.