CBO Sees Accelerating U.S. Budget Deficit

February 7th, 2009

$1 trillion or more.

Via: Reuters:

The U.S. government’s budget deficit soared to $563 billion during the first four months of the fiscal year that began on Oct. 1, the Congressional Budget Office said on Thursday, in an estimate that includes money spent to bail out the ailing financial sector.

In a monthly budget update, the CBO noted $284 billion in spending for the Troubled Asset Relief Program, or TARP, which was enacted last October to help banks and other financial institutions.

That bailout, coupled with huge anticipated government spending to help bring the U.S. economy out of a year-long recession, has led many experts to predict a government budget deficit of $1 trillion or more this year — double last year’s red-ink.

Posted in Collapse, Economy | Top Of Page

One Response to “CBO Sees Accelerating U.S. Budget Deficit”

  1. Ann says:
    February 8, 2009 at 2:41 am

    Okay, $563 billion for four months. I’m not so drunk I can’t add. That is well over 1.5 trillion for the full year. And this does not include the “stimulus” bill. Yes, let’s mortgage our children’s futures to bail out the bankers. Why not?
    (note: sarcasm)

Leave a Reply

You must be logged in to post a comment.