Its yet another record deficit ?

[dogtowner]

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Sounds like its time to do some serious cutting in DC and just say 'no' to new spending.

Nah, I'm not holding my breath either.

WASHINGTON (Reuters) - The White House will predict a record budget deficit in the current fiscal year and more big shortfalls for the next decade in its upcoming budget proposal, a congressional source told Reuters on Sunday.


In its budget proposal to be released on Monday, the White House predicts a record $1.6 trillion budget deficit for the fiscal year that ends September 30, the Capitol Hill source said.

According to the estimate, deficits will narrow to $700 billion by fiscal 2013 before gradually rising back to $1.0 trillion by the end of the decade, the source said.


President Barack Obama will seek to strike a balance between reducing the deficit over the long term and stimulating the economy in the short term to ease the pain of double-digit unemployment.

Perhaps he'll have no choice ?

Obama has warned that the burgeoning U.S. debt could unnerve U.S. financial markets, driving up borrowing costs and putting future economic growth at risk.


China, the biggest foreign holder of U.S. Treasuries, has urged the United States to get its fiscal house in order.