White House: Budget deficit to top $1.8 trillion
White House: Budget deficit to top $1.8 trillion, 4 times 2008's record
Andrew Taylor, Associated Press Writer
On Monday May 11, 2009, 11:55 am EDT
WASHINGTON (AP) -- With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year.
The deficit for the current budget year will rise by $89 billion to above $1.8 trillion -- about four times the record set just last year. The unprecedented red ink flows from the deep recession, the Wall Street bailout, the cost of President Barack Obama's economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in.
IT’S KINDA LIKE DRIVING FULL SPEED TOWARDS A CLIFF THAT IS GETTING CLOSER BY THE SECOND!!!
IMAGINE WHAT WOULD HAPPEN TO YOU IF YOU SPENT 2X MORE THAN YOU MAKE – DISASTER!!!