For all of you libs out there who are constantly repeating like trained parrots that George W. Bush brought us a $1 trillion deficit, the truth has come out. The honor of the first $1 trillion deficit goes to Barack Obama.
From Martin Crutsinger of the Associated Press:
|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 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 was $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.
The Dems and Obama could have prevented this by cutting spending, but they didn't.
|The deficit has been propelled by the huge sum the government has spent to combat the recession and financial crisis, combined with a sharp decline in tax revenues.|
I learned back in the 4th grade that one cannot spend more money than one makes. Companies go bankrupt, families lose homes and businesses close when that type of money mismanagement occurs. But the danger here is that the dollar might very well collapse and cause our entire economy to crash down around us.
You have to wonder if the Dems realize this, or do they live in a fantasy world where they believe that spending like drunken sailors is a good thing?
You can access the complete article on-line here:
Budget Deficit Tops $1 Trillion For First Time
Associated Press via KansasCity.com
July 13, 2009