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News Link • Government Debt & Financing

2011 Budget Deficit $1.6 Trillion: Obama Truly Believes In Fairy Tales

• TheHourlyG.blogspot.com & EconomicPolicyJournal
 
So the Obama administration is submitting its fiscal year 2012 budget today—and along the way, the administration revises its FY 2011 budget deficit. The current projected deficit for FY 2011? $1.6 trillion. This comes after last month’s announcement by the Congressional Budget Office, which put the FY 2011 deficit at $1.48 trillion—which in turn was a revision over last year’s deficit projection of “only” $1.3 trillion. So in other words, in less than six months, the FY 2011 budget—which has still yet to pass, scheduled for a vote this coming March 4—has had a deficit which has risen 23%.

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