Obama’s Deficit Hits All Time High

Under the leadership and guidance of President Obama, our Dear Leader, the federal budget deficit has soared to an all time high.

AP: The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year’s record for the full year.

The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year.

The deficit through the first five months of this budget year totals $651.6 billion, 10.5 percent higher than a year ago.

The Obama administration is projecting that the deficit for the 2010 budget year will hit an all-time high of $1.56 trillion, surpassing last year’s $1.4 trillion total. The administration is forecasting that the deficit will remain above $1 trillion in 2011, giving the country thrree straight years of $1 trillion-plus deficits.

The administration says the huge deficits are necessary to get the country out of the deepest recession since the 1930s. But Republicans have attacked the stimulus spending as wasteful and a failure at the primary objective of lowering unemployment.

What have we gotten for all the spending? The highest unemployment rate since Jimmy Carter. Thanks, Obama.

This entry was posted on Wednesday, March 10th, 2010 at 7:06 pm and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.