Congratulations! You have just notched another record... deficit.
April's deficit for the federal government was the largest ever on record for that month, $82.7 billion. Or, as we like to say around here at FatCratz, $82,700,000,000.00.
Last year's deficit for April was only $20 billion, and forecasts for this year were for $30 billion. But the folks at club fed blew that mark out of the water.
April is usually a good month for the folks at the Treasury. Something to do with millions of Americans cutting checks to the Fed by the Ides of April to avoid penalties. But this April, remittances were down. Almost 10% of us are out of work (17.1% by the more comprehensive count), and it seems that unemployment benefits don't generate the same level of income tax revenue as salaries.
And other records are set to fall. In the first seven months of the fiscal year we are $799.7 billion in the hole, and we are still on track to beat last year's record deficit of $1,400,000,000,000.00. The Obama administration is projecting a 2010 deficit of $1.56 trillion, though it's unclear whether they've set that mark high so they can claim to have created or saved a surplus on their projection.
Gotta love the Post:
It seems that elected officials have nothing to do with spending.
April's deficit for the federal government was the largest ever on record for that month, $82.7 billion. Or, as we like to say around here at FatCratz, $82,700,000,000.00.
Last year's deficit for April was only $20 billion, and forecasts for this year were for $30 billion. But the folks at club fed blew that mark out of the water.
April is usually a good month for the folks at the Treasury. Something to do with millions of Americans cutting checks to the Fed by the Ides of April to avoid penalties. But this April, remittances were down. Almost 10% of us are out of work (17.1% by the more comprehensive count), and it seems that unemployment benefits don't generate the same level of income tax revenue as salaries.
And other records are set to fall. In the first seven months of the fiscal year we are $799.7 billion in the hole, and we are still on track to beat last year's record deficit of $1,400,000,000,000.00. The Obama administration is projecting a 2010 deficit of $1.56 trillion, though it's unclear whether they've set that mark high so they can claim to have created or saved a surplus on their projection.
Gotta love the Post:
The trillion-dollar-plus deficits are being driven by the effects of the recession, which has cut government tax revenue while driving up spending.
It seems that elected officials have nothing to do with spending.
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