Fiscal Year 2009 saw unprecedented spending and unprecedented deficits as a result of the Troubled Asset Relief Program (TARP) and Obama’s Stimulus bill. That, along with a bloated Democrat budget, brought the total deficit for FY-2009 to $1.4 trillion (that’s one trillion, four hundred billion dollars). Divide that up by twelve months, and the average monthly deficit last year was $117 billion.
So far in FY-2010, that number shows signs of being blown out of the water. Thanks to the massive spending by Obama and the Democrat congress, the government ran a $172 billion deficit because of increased spending and decreased revenues due to the economic downturn. The CBO estimates that the deficit in November will be approximately $132 billion (this figure may be adjusted higher due to the fact that the CBO was low in its October predictions as well). This brings the two-month total deficit to $292 billion, bringing us on pace to hit a $1.75 trillion deficit this year. No wonder the U.S. Government’s AAA bond rating is in danger of being downgraded.
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