Deficit to top 1.3 trillion, 2nd worst in 65 years

[unhappycamper]

Deficit to top 1.3 trillion, 2nd worst in 65 years
By Steven Thomma | McClatchy Newspapers
Posted on Thursday, August 19, 2010

Just in time for the fall campaign, the Congressional Budget Office reports today that the budget deficit for this year will be $1.3 trillion.

That's a fraction better -- $27 billion -- than the CBO predicted in March.

And it’s a fraction better than last year's deficit -- $71 billion lower.

But it's still awful.

Measured as a share of the total economy, it's 9.1 percent of Gross Domestic Product, the second largest in the last 65 years. The worst? Last year, when it measured 9.9 percent of the total economy.



unhappycamper comment: Of course the one trillion dollar military budget doesn't help......

[Turbineguy]

1. Wall Street

sucks about a trillion out of the economy too.

[mkultra]

2. And thank god for that. Otherwise, we would be fucked

Deficit spending is the only way out of a downward spiral. Thus witness the fact that we are now OUT of the downward spiral. Your tax cuts and spending cuts would have just made it worse.