Tired of the record federal deficit? Records were made to be broken!
Uncle Sam: $407 billion in the hole
Deficit up by $246 billion in a year. Federal agency cites ‘substantial increase in spending’ and ‘halt’ in tax revenue growth. Also says it will add Fannie and Freddie to future estimates.
NEW YORK (CNNMoney.com) — The budget deficit will jump by $246 billion to $407 billion this year, the Congressional Budget Office estimates in a report released Tuesday.
“Over the long run, growing budget deficits and the resulting increases in federal debt would lead to slower economic growth,” the agency said.
Last year, the budget deficit was $161 billion. The government’s fiscal year ends Sept. 30. The agency attributes the jump to “a substantial increase in spending and a halt in the growth of tax revenues.”
Well, duh! Cut taxes, increase spending, borrow from everyone and guess what happens. It’s Weimar Republic time down on the Potomac. Good thing we have those fiscally responsible Republicans in office, isn’t it?