The Associated Press had an interesting article yesterday, announcing that the federal budget deficit has surpassed the one trillion dollar mark for the first time in history. Granted, it’s a big deal, and it’s right to acknowledge the moment, but quite honestly, we’ve known it was coming.
The White House’s own website has been projecting a budget deficit of $1.8 trillion for the fiscal year that ends on September 30, 2009. If that projection is accurate, then the red ink will really be flowing in July, August and September.
The White House also projects that the National Debt will reach almost $12.9 trillion by September 30, 2009. The pace at which our federal spending is exceeding our federal revenues is simply mind boggling, and the tidal wave of red ink has only begun. Even today there is much talk about a “second” stimulus bill, and House Democrats are today unveiling their proposal for health care reform. There is no way to know the final cost for either of these proposed bills, but it’s safe to assume the costs will be staggering.
Thank you for visiting this site and reading this article on the budget deficit and the national debt. Your interest in the national debt and related topics is very much appreciated, and you are invited to read additional articles on this site.