Annual Budget Deficit Reaches $1 Trillion For The First Time...

And could reach $2 trillion by the fall!

Budget deficit tops $1 trillion for first time

The federal deficit has topped $1 trillion for the first time ever and could grow to nearly $2 trillion by this fall, intensifying fears about higher interest rates, inflation and the strength of the dollar.

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to $1.09 trillion. The administration forecasts that the deficit for the entire year will hit $1.84 trillion in October.

We are in deep, and it's only getting deeper.