Obama's Spending will Set a World Record

Not since World War II has America spent so much money so quickly.

In the last two years, the United States has run up deficits that amount to a combined $2.5 trillion dollars -- almost a fourth of all the debt the nation has taken on in its entire history.

"It's really staggering to think we're going to have trillion-dollar deficits for the next several years," Rep. Adam Schiff, D-Calif., told FOX News.

The deficit for January alone totaled $83.8 billion, worse than the $78 billion economists expected. The government had run a surplus of $17.8 billion in January 2008.

The huge deterioration in the government's finances reflects the recession, which has cut into tax revenues, and the large amounts of money being spent from the $700 billion finance rescue plan that Congress passed in October. About three-fourths of the deficit increase was related to spending on the bailout program.

With eight months left in the current budget year, the deficit already has surpassed the deficit for 2008, an imbalance of $454.8 billion that is the full-year record.

The Congressional Budget Office has forecast that the deficit for the current budget year will hit $1.2 trillion, but that estimate does not include the cost of President Obama's $787 billion economic stimulus plan, which he signed this week.

Many private economists are forecasting that the budget deficit for the current year will hit $1.6 trillion.

"These are the first trillion-dollar deficits the world has ever seen," Brian Reidl, a budget analyst at Heritage Foundation, told FOX News.

And at some point, someone has to pay it back, and some are concerned the cost will be passed on to future generations.

"It's easy to spend somebody else's money," said David Walker, CEO of the Peter G. Peterson Foundation and former comptroller general of the Government Accountability Office. "It's easier to spend someone else's money who's too young to vote and hasn't been born yet, and that's exactly what's going on."

"It's not only irresponsible," he added. "It's unethical."

America has borrowed so much that just the interest on its debt is now more than what the country spends on the war in Iraq. And the money the Obama administration is borrowing for the stimulus package adds another $350 billion in interest. - FOX News

Now is that amazing! Obama has been President for a month and the deficit is already more than what Bush ran up all of last year. President Obama is expected to run America into the first Trillion Dollar Deficit ever in the world.

Now we all have finally figured out a piece of the pie. This is the change that we heard so much about. I think we all would have like to have know that in November of last year.