Federal Deficit for November: $164.4 Billion

Merry Christmas, you and your children are on the hook for all that nice yummy pork…errr bailout money that our wonder Porcine…errr Congressmen and Senators have been shoveling into a blast furnace.

WASHINGTON (AP) – The federal government registered a record budget deficit for the month of November, reflecting the impact of a recession on tax receipts and the mounting costs of the $700 billion financial rescue program.

The Treasury Department says the gap between the government’s revenue collections and what it paid out last month totaled $164.4 billion, the largest deficit ever recorded for the month of November.

In just the first two months of this budget year, the deficit now totals more than $401 billion, putting the country on track to hit a record $1 trillion deficit for the entire year, more than double the previous all-time high.

And what is really cool, if we get that nice yummy salty pork….err stimulus spending everyone is salivating over, we will easily hit a trillion dollar deficit. What will we get out of it? Most likely a return to trend in terms of growth of GDP and jobs.

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Steve Verdon
About Steve Verdon
Steve has a B.A. in Economics from the University of California, Los Angeles and attended graduate school at The George Washington University, leaving school shortly before staring work on his dissertation when his first child was born. He works in the energy industry and prior to that worked at the Bureau of Labor Statistics in the Division of Price Index and Number Research. He joined the staff at OTB in November 2004.

Comments

  1. Wayne says:

    What will we get out of it? Massive inflation

  2. odograph says:

    Well, the Great Depression references keep on popping up. The ZIRP is in effect and investors still prefer Treasuries. That won’t make inflation … anytime soon. There is of course the reasonable fear that it might “flip” at some point … but that’s on the other side.

    See you on the other side.

  3. mike says:

    Are there any economic/fiscal conservatives alive? Is there such a thing? Can we perhaps have them run for office?

  4. anjin-san says:

    Gosh the Bush years have been swell!

  5. mike says:

    I agree that the Bush years have been pretty bad with spending considering the prescription drug plan, and pork upon pork but the trend goes back much further – if in trouble call on the gov’t – this seems very western european of us.

  6. odograph says:
  7. Barry says:

    mike:
    “I agree that the Bush years have been pretty bad with spending considering the prescription drug plan, and pork upon pork but the trend goes back much further – if in trouble call on the gov’t – this seems very western european of us.”

    It’s pretty much a Reagan-Bush II thing, and quite deliberate.