It's been said that a picture speaks a thousand words. Over at EconomPic Data, they often feature charts that say a bit more than that. In fact, the latest example, "Receipts Down, Outlays Up = Soaring Deficit," speaks billions (or, perhaps, trillions).
CNN Money reports:
The federal budget deficit expanded by $83.6 billion in December, the Treasury Department reported Tuesday, bringing the total deficit for the first three months of the 2009 fiscal year to $485.2 billion. By comparison, the budget deficit for all of fiscal year 2008 was $455 billion. In fiscal 2007, it was $161 billion.
Over the last 12 months, the deficit is an astounding $816 Billion, which will seem small all too soon.
It's unbelievable the amount of debt we're putting on the federal government's balance sheet. All this talk about banks and consumers decreasing leverage. What about the tone at the top? What kind of example is our treasury department setting? In 2008, 8% of the federal budget went to interest!
Posted by: Dan | January 14, 2009 at 10:24 AM
8% is nothing for the smart financial boys and girls, just look at the housing qualification ratios, no sweat until you hit about 20% of your income for the interest and then they will look at a negative amort for you. that is probably what they are thinking, we will go neg am, ha, ha, ha, ha. enjoy you trip on the Titanic, keep a life vest close by....
Posted by: gubbermint mule | January 16, 2009 at 10:15 AM