TheHill.com - Deficit grew by $181 billion in July
Bailouts for financial firms and billions in tax revenue lost because of the recession drove the deficit to a record $1.3 trillion in July, according to the independent Congressional Budget Office (CBO).
Tax receipts that have fallen due to the poor economy and increased spending to save car companies, banks and mortgage firms were major contributors to the federal deficit, according to CBO, which provides official budget numbers for Congress. The federal deficit grew by another $181 billion in July.Some of this is due to the poor response of the Bush Administration last fall to the financial crisis, but the ongoing bailouts of Government Motors, AIG, and banks are all on the current Administration.The independent budget scorekeeper has projected the deficit to reach $1.8 trillion by the end of the fiscal year, Sept. 30. The deficit in 2008 reached $455 billion, which was a record at the time.
Dear Leader is spending faster that Helicopter Ben Bernanke can print. Dear Leader needs to get help for his shopalism and soon, before Bernanke runs out of ink for printing greenbacks.