Dems bankrupt us

Budget Analysts See 2010 Deficit at $1.3 Trillion
Thursday, 19 Aug 2010 10:27 AM Article Font Size
This year's federal deficit will exceed $1.3 trillion, Congress' official budget analysts projected Thursday in a report underscoring election year perils both parties face as they struggle to balance conflicting demands to trim budget shortfalls, spark the economy and cut taxes.

The nonpartisan Congressional Budget Office said this year's budget gap would be $71 billion less than last year's red ink, thanks to a reversal of recent trends that have seen years of steadily rising government spending and falling federal revenues.

Even so, that would leave this year's deficit as the second largest ever in dollars, trailing only last year's $1.4 trillion. To put those numbers in perspective, the shortfalls for 2009 and 2010 are each three times as big as the government's annual deficit had ever been previously.

The report immediately became fodder for partisan finger-pointing over the deficit, a concern of voters in the shadow of this fall's elections, which will determine control of Congress.