$1.3 Trillion Deficit Headed Our Way

Posted: Oct 15, 2010 10:43 AM
And a $1.4 trillion deficit next year. What ever happened to pay-go?

From FoxNews:

The Obama administration will announce it has exceeded the $1 trillion mark in the federal deficit -- predicted by Congress' research arm last week as $1.29 trillion -- for the second straight year as it projects an even larger gap between revenues and spending for fiscal year 2011. The Congressional Budget Office last week announced the deficit for the 2010 budget year that ended Sept. 30 was $1.29 trillion. That's down by $125 billion from the $1.4 trillion in 2009 -- the highest deficit on record. It attributed money recovered from the Troubled Asset Relief Program for the decrease. The Obama administration is also 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.