(CBS/AP) The federal budget deficit for the current year will top $1.8 trillion under the latest estimates produced by congressional economists, say Capitol Hill aides briefed on the figures.The Congressional Budget Office's estimate of President Barack Obama's budget for next year show a worsening picture for 2010 as well, with a deficit of almost $1.4 trillion expected under administration policies. Mr. Obama had predicted about $200 billion less.
The aides spoke on condition of anonymity in advance of public release of the figures later Friday.
The latest figures, fueled by the $700 billion Wall Street bailout and diving tax revenues stemming from the worsening recession, would shatter the previous record for a federal shortfall of $459 billion, set just last year.
Democrats insist the huge deficit won't crimp Mr. Obama's ambitious agenda. The White House reminds daily that Mr. Obama inherited a terrible fiscal situation. FOX News Story
I finally figured it out!!!! Obama and the Democrats are telling us that within 5 years they will cut the annual deficit in half. I believe them!!! If you take a $500 Billion deficit and drive it up to over $1 Trillion for the next 2-3 years, then when you bring it back down to where it was in the first place you have cut it in half. You really haven't done a damn thing, but you can say you cut it in half and you would technically be right. In America it is all in how you word it.
What a schmuck.
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