The numbers are FINALLY in folks.
Merry Christmas kiddies
Tax receipts for the year fell 16.6% overall, while spending soared 18.2% compared to fiscal year 2008. The causes: rising unemployment, the economic slowdown and the extraordinary measures taken by lawmakers to stem the economic meltdown that hit in fall 2008.
Consequently, the annual deficit rose 212% to the record dollar amount of $1.42 trillion, from $455 billion a year earlier.
But let me guess, this is all the previous administrations fault, forget earmarks, lobbying etc, etc
So of course the mouth peice out of the white house says:
“It was critical that we acted to bring the economy back from the brink earlier this year. As we move from rescue to recovery, the president recognizes that we need to put the nation back on a fiscally sustainable path,” said OMB director Peter Orszag in a statement. “As part of the FY2011 budget policy process, we are considering proposals to put our country back on firm fiscal footing.”
But O-man himself? I’m sure on airforce one somewhere heading to Oprahs house for dinner. NomNomNom.