The federal budget deficit is on pace to break the $1 trillion mark for a third straight year. Record deficits are putting pressure on Congress and the Obama administration to come up with a plan to rein in government spending.
Already, the deficit through the first eight months of this budget year is $927.4 billion, according to the latest report from the Treasury Department released Friday.
Three years ago that would have ranked as the highest ever for a full year. Instead, this year’s deficit will likely exceed last year’s $1.29 trillion imbalance and nearly match the $1.41 trillion record reached in 2009. The budget year ends on Sept. 30.
In the article is AP’s Economics Writer, Martin Crutsinger, frequently references the growth of the budget deficit in early years of the Bush Administration, without addressing the increased security costs in the aftermath of 9/11.
He also doesn’t mention that inthe three years preceding the swearing-in of a Democratic Congress in 2007, deficits were declining. Despite Mr. Crutsinger’s attempt to blame Bush for these deficits, Democrats controlled Congress for each of the three fiscal years the federal government ran trillion-dollar deficits, including the current one. And for the last two, there has been a Democrat in the White House with the power to veto their spending bills.
A power he failed to exercise.
UPDATE: In case, you don’t believe me, take a gander at this chart: