Federal budget deficit hits a record $454 billion — not counting bailout

Federal budget deficit hits a record $454 billion — not counting bailout

blogs.usatoday.com

This year's federal budget deficit nearly tripled over the past 12 months to a record $454.8 billion. Last year's barrels of red ink totaled $161.5 billion.

The previous record was set just four years ago — $413 billion.

Know what? The deficit will be even bigger next year amid the mounting costs of the financial-system bailout and the recession .

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Something important to note is that not only is the $850B bailout not included in the deficit report, but neither are two other very important factors. According to one source:

As shocking as this deficit figure is, that's still not the true scope of our budget woes because it excludes $80 billion in war costs and $227 billion borrowed from the Social Security Trust Fund.
The real budget deficit is therefore $789 billion.

May our grandchildren forgive us for the legacy we're leaving.

blogs.usatoday.com
(visit the link for the full news article)