U.S. Federal Deficit $430.69 billion through 4 months

The federal deficit through the first four months of the budget year is sprinting at a record-breaking pace.

The Treasury Department said Wednesday that the deficit for January totaled $42.63 billion. The total red ink so far this budget year is $430.69 billion, 8.8 percent higher than last year when the deficit soared to an unprecedented level of $1.42 trillion.

Obama sent Congress a new budget plan on Feb. 1, projected that this year's deficit would hit $1.56 trillion and would remain above $1 trillion for three consecutive years. He forecast the 2011 deficit, for the budget year that begins next Oct. 1, would total $1.27 trillion.

The January 2010 deficit gap marked a record 16th straight month that the government's books have been in the red (since October 2008).

Through the first four months of the current budget year, outlays totaled $1.12 trillion, down 3.9 percent from the spending through the same period in 2009. Revenues (a.k.a. tax receipts) were down 10.4 percent to $693.02 trillion for the period from October through January.

Grandpa...
Ironically, this is the same day the administration was pounding their chests on the success of the 1st anniversary of the $787 billion stimulus package. The administration states that the stimulus bill staved off a 2nd Great Depression.

Once again, the generation in control continues their self absorbed policies of making sure their needs are taken care of regardless of the burden and financial ruin placed on future generations. The debt load continues to be allocated to our grandchildren while they learn to crawl and walk.

Meanwhile the “grown ups” in D.C. continue to regress.