Federal Deficit To Double This Year
A weak economy and a sharp increase in government spending will drive the federal budget deficit to a near-record $407 billion when the budget year ends later this month, and the next president is likely to face a shortfall in January of well over $500 billion, congressional budget analysts said yesterday.
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The budget picture is likely to grow even bleaker once government analysts factor in the anticipated costs of the Treasury Department’s decision last weekend to take over struggling mortgage-finance giants Fannie Mae and Freddie Mac.
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The budget picture is likely to grow even bleaker once government analysts factor in the anticipated costs of the Treasury Department’s decision last weekend to take over struggling mortgage-finance giants Fannie Mae and Freddie Mac.
It is no surprise those that spend what they don’t have personally elect those that do the same thing for the nation. But as those that spend money they don’t have eventually realize you have to become responsible at some point.
Related: More Government Waste – True Level of USA Federal Deficit – Lobbyists Keep Tax Off Billion Dollar Private Equities Deals and On For Our Grandchildren