CBO report: U.S. budget deficit to reach $1.5 trillion, highest ever
“We estimate that if current laws remain unchanged, the budget deficit this year will be close to $1.5 trillion, or 9.8 percent of [gross domestic product]. That would follow deficits of 10 percent of GDP last year and 8.9 percent in the previous year, the three largest deficits since 1945. As a result, debt held by the public will probably jump from 40 percent of GDP at the end of fiscal year 2008 to nearly 70 percent at the end of fiscal year 2011.”
Here’s the truth: The government spending is totally unsustainable.
Israpundit reminds us,
The 111th Congress Added More Debt Than First 100 Congresses Combined: $10,429 Per Person in U.S.
It was historic.
Barack Obama tripled the national deficit in one year. When Speaker Pelosi took over Congress the national deficit was $162 billion. When she exited in 2011 as Speaker it was at $1.29 Trillion dollars.
Obama topped a trillion dollars his second year, too.
Spending was up 84% under Obama.