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.