Surprise: White House Projects Record Deficit

Meredith Jessup | July 23, 2010 6:17 PM

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."

Er, duh.