In October and November, the government spent $292 billion more than it took in, the nonpartisan Congressional Budget Office said.
That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.
The federal budget has been battered by the worst economic downturn since the Great Depression of the 1930s, as tax revenues have plunged and spending on safety-net programs like unemployment insurance have skyrocketed.
The budget deficit was $176.4 billion in October, according to Treasury Department records, and the CBO estimated the deficit for November will have come in at $115 billion.
We keep hearing from the Obama administration how Obama's $787 stimulus package is actually working, even though the deficit projections are quadrupled and unemployment is the highest it has been in over 20 some odd years, but the Congressional Budget Office's report says differently.
Ross reminds us of other details as well:
Oh, and recall that these totals don't even include state and local governments -- like the Blue State Utopias of California, Michigan, New York and New Jersey -- that are hemorrhaging revenues and residents as fast as they can pack their belongings, stuff them in U-Hauls and clear out for greener pastures.
That deficit represents a 25% overshoot.
Congratulations, Mr. President: your strategy is working.
NewsBusters has a few points of their own to add:
On the spending side, CBO says that outlays through the first two months are $559 billion, meaning that the government has thus far spent more than double what it has taken in.
CBO's monthly advance estimates usually closely track the actual Monthly Treasury Statements, which are released on the eighth business day of each month.
Meanwhile in Washington:
- The Senate is trying to push through a statist health care bill that would more than likely add trillions to future deficits.
- Nancy Pelosi want to redirect Trouble Asset Relief Program repayments to other items -- in effect turning it into a permanent revolving slush fund.
- John Kerry says that President Obama needs to put up a few billion dollars of good-faith money at Copenhagen to "jump start" the talks and show the world that we're serious about supporting the worldwide carbon emission reductions to support an idea (human-caused global warming) that in the wake of Climategate has no convincing scientific basis.
- The incredible shrinking revenue base is a virtual non-story.
Starting to get that warm fuzzy feeling again?