President Bush may have been the first president to bring us to a $3 trillion budget, but his successor seems well on his way to beating that record. The national debt already tops $10 trillion – which amounts to more than $30,000 per citizen – and the next budget will add to it significantly:
Obama’s spending plans would push the 2009 budget deficit to a massive $1.75 trillion, officials said this morning. The government’s yearly shortfall would equal 12.3 percent of the nation’s annual economic output. Such a percentage has not been seen since the end of World War II, when the deficit came to 21.5 percent of GDP.
Read more details of the proposal here.Published in