America’s spend-a-thon has brought some inevitable consequences, not the least being that we now are looking at a federal budget deficit of more than $1 trillion for the first time ever, and that number is projected to nearly double by October.
AP via Yahoo News:
The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to $1.09 trillion. The administration forecasts that the deficit for the entire year will hit $1.84 trillion in October.
Government spending is on the rise to address the worst financial crisis since the Great Depression and an unemployment rate that has climbed to 9.5 percent.