The age of $1 trillion-plus deficits continue. So far the federal government has overspent, resulting in the need to borrow $292 billion in October and November. We’re on track for a $1.75 trillion deficit for the current fiscal year.
The federal government ran a deficit of $292 billion for the first two months of fiscal year 2013 – October and November 2012 – amounting to $4.8 billion of borrowed money each day.
“The federal budget deficit was $292 billion for the first two months of fiscal year 2013, $57 billion more than the shortfall recorded in October and November of last year,” CBO said in its Monthly Budget Review Friday.
On Nov. 14, Fox News asked if we could be heading for another $1 trillion deficit. HA! We’re going to blow that away.
- 2009 – $1.413 trillion deficit
- 2010 – $1.294 trillion deficit
- 2011 – $1.299 trillion deficit
Obama owns it … we’re heading for $1.75 trillion.