Disaster: Obama Deficit on Track to Reach $1.5 Trillion – A Horrible New Record

Barack Obama tripled the national deficit in one year.
Last year it was at $1.29 Trillion dollars.
This year it will be even higher.

(The Captain’s Comments)

Is there anything this guy has done that has worked out?
This is just horrible.
The AP reported:

The federal government’s budget deficit grew by $50 billion in January and is expected to finish the year as the highest in history.

The Treasury Department said Thursday the deficit was one of the highest ever for the month of January, second only to the $63 billion deficit recorded two years ago. For the first four months of this budget year, the deficit totaled $418.8 billion, 2.7 percent lower than the same period a year ago.

However, this improving trend is expected to reverse in coming months. The Congressional Budget Office is projecting a record deficit of $1.5 trillion this budget year, which ends in September. The estimate was revised upward last month based on a tax-cut package brokered between the White House and Republicans that will add $400 billion to this year’s red ink.

That will mark the third consecutive year that the government’s deficit has been over $1 trillion, unprecedented imbalances that have been caused by the worst recession since the 1930s. That meant a sharp drop in government tax collections as millions of people lost their jobs while at the same time the government was boosting spending to stimulate the economy and stabilize the banking system.

#1 February 10, 2011 at 5:44 pm
dwd commented:

unprecedented
#2 February 10, 2011 at 5:51 pm
Nick Shaw commented:

A. Since when does a tax rate staying the same as it has been for years become a tax “cut”?
B. Why does not collecting money in the form of taxes, money that was not collected last year or the year before or the year before that, add to the deficit?
These people are insane!
#3 February 10, 2011 at 5:52 pm
Bill H commented:

historic
#5 February 10, 2011 at 6:28 pm
Zilla of the Resistance commented:

Barry is the worst thing that has ever happened to this country. What a fricken nightmare.
#6 February 10, 2011 at 7:19 pm
FGT commented:

And B. Hussein has promised to cut spending by something like $1.95………over a ten year period.

We’re saved.
#7 February 10, 2011 at 9:30 pm
befuddled commented:

palin 2012: if you like the job you have and want to keep the job you have or want to find a job you lost…
#8 February 10, 2011 at 9:51 pm
Blacque Jacques Shellacque commented:

There goes the AP again, carrying water for their Democrat comrades.

Remember kids, it’s not the spending that puts you deeper in debt, it’s the inability to seize more taxpayer money!
#9 February 11, 2011 at 12:19 am
Robert commented:

“spending to stimulate the economy and stabilize the banking system”

The economy is NOT “stimulated” and the bankers are keeping every penny they got (of course if you miss a payment they’re all over you…)
#10 February 11, 2011 at 12:21 am
Robert commented:

By the way, isn’t this the budget that the Democrat party wouldn’t release to the public?