Home > posts > US Posts Record 18th Consecutive Budget Deficit in March
April 13th, 2010 9:35 am
US Posts Record 18th Consecutive Budget Deficit in March
Posted by Print

Recall the flimsy, grand promises that candidate Barack Obama used to get himself elected in 2008:

We’ve been living beyond our means, and we’re going to have to make some adjustments.  Now, what I’ve done throughout this campaign is to propose a net spending cut.”

Obama made that promise during the third presidential debate in October 2008, well after the onset of the financial crisis that he now uses as an all-purpose alibi.  Accordingly, Obama’s apologists cannot claim that current realities were unforeseen when he made that statement.  Indeed, Obama himself pronounced during that same debate, “I think everybody understands at this point that we are experiencing the worst financial crisis since the Great Depression.”  One wonders whether Obama thought for even a moment about what would happen if he ultimately won and was forced to make good on his “hope and change” promises.

Regardless, the collision between Obama’s frivolous promises and reality continued this week.  The Treasury Department has announced that March 2010 marked a record 18th consecutive month in which the federal government posted a budget deficit.  This despite the fact that federal “bailout” spending has declined, meaning not even that can be scapegoated by the Obama Administration.  March’s $65 billion deficit also exceeded the Congressional Budget Office’s projected $62 billion deficit, and the first half 2010 fiscal year deficit now stands at $717 billion, only slightly below last year’s $781 billion first half deficit.

We’re witnessing “change,” but certainly not of the “hopeful” variety.

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