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January 8th, 2010 11:32 am
CBO Paints Grim Budget Picture
Posted by Print

The Congressional Budget Office (CBO) has released its monthly budget review, and once again, the results are not pretty for taxpayers.

For the first quarter of Fiscal Year 2010 alone, CBO estimates a $390 billion budget deficit, or $56 billion more than the record shortfall last year.  This year is scheduled to be the largest budget deficit in history, but you wouldn’t know it the way Congress is spending.

The November and December results were actually worse than CBO had originally predicted.  The U.S. ended November with a $120 billion shortfall, or $5 billion more than original projections.  In December, CBO estimates a $92 billion deficit but that figure is likely to grow larger when the actual numbers are released next month.

The response from Congress and the White House?  Crickets.  It appears that accelerating our national debt and printing more money is still the raison d’être in our nation’s capital.

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