Soaring Deficits

John Campbell | July 14, 2009 10:47 AM

It has been reported today that for the first time in history, the U.S. budget deficit has moved above the $1 trillion mark.

3 months still remain in the fiscal year, and by the current administration’s own admission, the deficit is expected to reach as high as 1.84 trillion in October.

The reckless spending that this administration has embodied is almost incomprehensible. Yet, they clearly have not gotten the message, and have failed to see the results of their actions. Especially among talks of a ‘Second Stimulus’ after their first package has failed miserably and left America’s unemployment rate at nearly 10%.

Beltway Democrats’ lack of spending restraint will contribute to higher interest rates, soaring inflation and a weakened dollar. The first step to getting our house in order is the reduction of spending, eliminate wasteful and duplicative programs, and instill a sense of fiscal sanity across the entire federal government.