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.