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The annual US budget deficit is now.. $1.5 trillion?!?!

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The annual US budget deficit is now.. $1.5 trillion?!?!

Postby Charles » Wed Jan 26, 2011 10:47 am

And our overall national debt is approaching $14.3 trillion.

I remember back in the day when people were freakin cuz it was a few billion.

................

CBO: U.S. budget deficit to hit $1.5 trillion

New estimate likely to add fuel to heated debate over cutting spending

A continuing weak economy and last month's bipartisan tax cut legislation will drive the government's deficit to a record $1.5 trillion this year, a new government estimates predicts.

The eye-popping numbers mean the government will continue to borrow 40 cents for every dollar it spends.

The new Congressional Budget Office estimates will add fuel to a raging debate over cutting spending and looming legislation that's required to allow the government to borrow more money as the national debt nears the $14.3 trillion cap set by law.

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