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Oops … About That Federal Budget Deficit




|| By FITSNEWS || Just yesterday, we reported on the “good news” regarding the federal budget deficit – which was supposed to clock in at “only” $425 billion for the fiscal year ending on September 30.

Yeah, about that …

According to data released today by the U.S. Treasury Department, the government’s deficit for the month of July clocked in at $149.2 billion – up 58 percent from the same period a year ago.

That puts Washington, D.C.’s year-to-date red ink at $465.5 billion …

As we noted in our previous post, attempts by the liberal mainstream press to paint U.S. president Barack Obama as some sort of “deficit hawk” are ludicrous.  After four years of $1 trillion or higher annual deficits – all accumulated under Obama’s watch – the fact we are still annually accumulating red ink in the $425-465 billion range is nothing to celebrate.  Especially not when interest payments on the nation’s $18.3 trillion (and counting) debt are expected to mushroom in the coming years … sending annual deficits soaring back over the $1 trillion mark as soon as 2021.

That’s wildly unsustainable in any economic climate … to say nothing of the one in which we’re currently mired.

It’s also a recipe for disaster given our nation’s ticking entitlement time bombs.