Wednesday, June 10, 2009

Deficit Hits New Record High

Good news. The deficit hit a new high in May.
The Treasury Department reported Wednesday that the red ink so far this year totals $991.9 billion. The administration is projecting the deficit for the budget year that began Oct. 1, will total an all-time record of $1.84 trillion. That would be more than four times the amount of last year's record deficit.
Naturally the administration & Congress are taking drastic measures to get spending under control. No, of course they aren't. They are busy working to see if they can drive the deficit far higher.
President Obama yesterday proposed budget rules that would allow Congress to borrow tens of billions of dollars and put the nation deeper in debt to jump-start the administration's emerging health-care overhaul. 

The "pay-as-you-go" budget formula plan is significantly weaker than a proposal Obama issued with little fanfare last month.
Obama's talk of pay-as-you-go was just another lie? I know, that's hard to believe. There's about as much chance of Obama and a Democratic Congress bringing spending under control as there is of the GOP nominating a gay atheist for president in 2012.

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