Wednesday, July 15, 2009

Deficit tops $1T!

For the first time, the annual deficit - not the debt, the deficit - tops more than $1 trillion: ["Budget Deficit Tops $1 Trillion For First Time"].
That's $1,000,000,000,000 folks. The administration is saying that the deficit could reach $1.8 trillion by October. How much you want to bet it gets to $2T before the end of the year?
Oh, and yeah, the interest payments on the debt have gone up too and are now one of the largest line items in the federal budget:
Interest payments on the debt cost $452 billion last year -- the largest federal spending category after Medicare-Medicaid, Social Security and defense.
Sigh. I remember when interest on the debt was only about $200 billion a year!

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