$1.3 trillion deficit for FY 2011, as “Obama” Continues Spending Our Way to Riches!

 

Brother Malcolm, er, Barack, lectures the people on the creation of wealth.

 
CBO estimates $1.3 trillion deficit for 2011
By Anonymous
October 7, 2011
The Associated Press/Arkansas Democrat-Gazette

WASHINGTON — A new government report says the budget deficit hit $1.3 trillion in the just-completed fiscal year, matching last year’s flood of red ink but showing slight improvement over the record set two years ago.

The Congressional Budget Office analysis is in line with previous estimates but offers yet another reminder of the government’s precarious fiscal position — just as a congressional “supercommittee” is working to produce at least $1.2 trillion in deficit savings over the coming decade.

The biggest-ever deficit of $1.4 trillion was registered in 2009 as the country struggled through a recession and was in the midst of the Wall Street bailout.

The Treasury Department will issue the government’s official deficit tally later this month, but it’s unlikely to differ much from the CBO tally.

This article was published October 7, 2011 at 1:31 p.m.