“3. The Federal budget deficit for 2010 will exceed the projected $1.17 trillion.”
– December 28, 2009
It’s nine months too soon to declare victory, of course, but that prediction isn’t looking too bad as of January 13th.
The December figures bring to $388.5 billion the deficit for the first three months of Washington’s 2010 fiscal year. That’s on top of a staggering $1.4 trillion budget shortfall for fiscal 2009, more than three times the size of the deficit that the government ran in 2008.
In other words, the federal deficit is on a pace to hit $1.554 trillion in FY2010. Which is remarkably strange considering that we’re now six months into an economic recovery featuring 3.5 2.8 2.2% GDP growth. Say, doesn’t the GDP formula include government spending….