Current year budget deficit already $292BSubmitted by SteveMT on Wed, 12/09/2009 - 03:30
Money will very soon become worthless pieces of paper at this rate of spending.
CBO: US Government FY2010 Budget Deficit At $292 Billion Through Nov
By Corey Boles
WASHINGTON -(Dow Jones)- The federal government's budget deficit reached $292 billion through the first two months of fiscal year 2010, the nonpartisan Congressional Budget Office forecast Friday.
This was $11 billion more than the deficit recorded through November 2008, the CBO said in its monthly budget assessment.
In the month of November alone the deficit was $115 billion, according to the agency's estimate; the federal government was $176 billion in the red in October.
One bright spot was a substantial decrease in the amount of money spent on emergency financial rescues such as last year's Freddie Mac (FRE) and Fannie Mae (FNM) bailouts and the Troubled Asset Relief Program. In October and November 2008, at the height of the financial crisis, the Treasury Dept. spent $84 billion compared to just $2 billion for these purposes over the last eight weeks.