CHESSNOID

Budget Deficit Tops $1 Trillion for First Time video

Just so we get an understanding of how much money the government is spending that we DON’T have. Even under the Bush administration, we never reached this TRILLION dollar deficit in a year. Obama and his administration were able to crack that number in less than a year. That is an accomplishment not worth celebrating.

Yahoo AP:

WASHINGTON – Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.

The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There’s also concern about trying to reverse the deficit — by reducing government spending or raising taxes — in the midst of a harsh recession.

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 nearly $1.1 trillion.

What does this all mean? In laymen terms, our government has spent over a trillion dollars that we don’t have. That is what makes it a deficit. These actions have consequences down the road. Under the Bush administration, all the wasteful spending got us to the economy we are in. Under the Obama administration, his even higher wasteful spending will put us in a worse situation. The funny thing is he is not finished with his wasteful projects.