WASHINGTON - The U.S. federal budget deficit will hit an unparalleled $1.2 trillion for the 2009 budget year, according to a Capitol Hill aide briefed on new Congressional Budget office figures.
The aide says the CBO also sees a $703 billion deficit for 2010.
The dismal figures come a day after President-elect Barack Obama warned of "trillion-dollar deficits for years to come."
CBO's figures don't account for the huge economic stimulus bill that Obama is expected to propose soon to try to jolt the economy. At the same time, they do not reflect the immediate cost of the Wall Street bailout.
The shrinking economy has led to a sharp drop in tax revenues, which is largely responsible for the deficit, along with about $350 billion in spending so far for the financial system bailout.
Obama and Congress are promising quick enactment of the economic recovery plan, which will blend up to $300 billion in tax cuts with big new spending programs and could cost up to $775 billion over the next few years.
The flood of red ink probably won't affect that measure but could crimp other items on Obama's agenda.
The $1.19 trillion 2009 figure shatters the previous record of $455 billion, set only last year. It also represents about 8 percent of the size of the economy, which is higher than the deficits of the 1980s. The 2009 budget year began last Oct. 1.
in DEFICIT for ONE YEAR!
So we (errrr, excuse me ... THE DEMOCRATS IN CONTROL OF THIS COUNTRY FOR THE LAST 2+ YEARS) are borrowing more than $38,000 every single second of 2009. Obviously, this doesn't even comprehend actual revenue-based spending.
Our country is so screwed with this big deficit / big government / big wasteful economic interventionist crowd, now on steroids under Obama (not just continuing but compounding the disgusting outrages of the Bush big government trough-sloppers).
AND, YES, I'LL SAY IT AGAIN : THIS IS YOUR DEMOCRAT-CONTROLLED GOVERNMENT.
No more "Bush is the problem" excuses. Pelosi and Reid have been driving this train since late 2006 and are responsible, along with Senators Obama and Biden, for this fiscal nightmare.
The fact that Obama wants us to swallow his and his party's version of Bush fiscal policy on crack, as the cost of his and his DC fixers' "jump-starting" our economy, shows he is just another in a long line of the same inside-the-beltway masters-of-the-universe horse shit artists who got us where we are now.
Business as usual. Government has all the answers and all the solutions. It is truly amazing that this crowd that believes the state can rig and jigger the economy back to success simultaneously disavows any whiff that government has been a major, if not THE major player in the economic problems we now face.
Yeah, Barack, it's always good to dig harder and faster when you're in a really deep hole. More government spending, more government jobs is a real creative change-oriented answer.
Bush socialism is clearly giving way to Obama socialism. (And to any of you who want to play superficial partisan games about this accurately-descriptive word or trot out your lefty talking points that this is just righty talking points - pony up your defense in substance or piss off.)
Socialism is as socialism is carried out in practice, no matter what pretty face you want to paint it with.
Spare me the nonsense that the Democrats' creeping socialism is any more positive, productive, or benevolent than Bush's rendition of it. If anything it is only more outrageous and epic.
The only "ethic" here is : screw all future generations, we want ours now...even if it isn't ours.
Call it "disaster socialism", if you will.