"This year's deficit will hit $1.19 trillion, a figure that does not include the cost of Obama's stimulus package."
That's for ONE YEAR, folks!!
Time to END the WARS and CEASE the TAXPAYER-FUNDED GIVEAWAYS to corporations!
"Treasury sees need to borrow $493b in current quarter" by Associated Press | February 3, 2009
WASHINGTON - The Treasury Department said yesterday it will need to borrow $493 billion in the first three months of this year, a record amount for the January-March period.
The Treasury Department figure comes on top of $569 billion the government borrowed from October through December, the record high for any quarter. The huge amounts of borrowing in the first six months of the budget year reflect the impact of soaring costs to cover the $700 billion financial rescue program and a deepening recession that has cut into tax revenues.
The department estimated its borrowing needs will drop to $165 billion in the April-June quarter. Treasury's estimates include the cost of funding the $700 billion financial bailout program that Congress passed on Oct. 3, but do not include the cost of President Obama's more than $800 billion stimulus plan.
Where is all this money coming from, and who is going to have to pay it back?
For the budget year that began Oct. 1, the Treasury's borrowing needs are expected to reach a record, reflecting a budget deficit projected to hit a record above $1 trillion. That will far exceed the current record, a deficit of $454.8 billion in the budget year ended Sept. 30.
The nonpartisan Congressional Budget Office has estimated this year's deficit will hit $1.19 trillion, a figure that does not include the cost of Obama's stimulus package....
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