Budget Deficit Soars, Won't Stop Here
According to figures just release by the Bush administration, the U.S. budget deficit has jumped from $161.5 billion last year to $454.8 billion this year, the highest figure in U.S. history.
The figures were through September, the end of the fiscal year.
Economists predict that the number will climb even higher next year, as the government's various bailout/rescue plans are funded.
The $700 billion Wall Street rescue/bailout plan alone will push the U.S. national debt -- the sum of all deficits since the founding of the nation -- significantly upward.
To accommodate the bailout, the U.S. has raised the statutory ceiling on the debt from $10.6 trillion to $11.3 trillion. It now stands at $10.2 trillion. As you may recall, last week the national debt clock in New York City ran out of digits.
-- Frank Ahrens
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