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Wednesday, June 10, 2009

Obama Sets Another Record: Highest Federal May Deficit Ever Recorded

For the second time in three months, Obama goes in the record books but not in the good way:

The federal budget deficit soared to a record for May of $189.7 billion, pushing the tide of red ink close to $1 trillion with four months left in the budget year.

The rising deficit reflects increased government spending due to the recession, and billions of dollars spent on bailouts for banks and other troubled companies.

The Treasury Department reported Wednesday that the red ink so far this year totals $991.9 billion. The administration is projecting the deficit for the budget year that began Oct. 1, will total an all-time record of $1.84 trillion. That would be more than four times the amount of last year's record deficit.

Not only has he set a record in March and May, he had, also, managed to be in the red in April for the first time in 26 years.

This is an ominous start to his presidency. For a man who ran on a platform of financial responsibility and going "line by line" taking out waste, he isn't off to a good start.

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