FY-2010 Deficit Skyrockets

by Sal on December 8, 2009

in Economy,Politics

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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Obama Is Insanity Defined | Axis of Right
December 9, 2009 at 6:02 pm

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