CBO Says Federal Deficit Hit Record $1.4 Trillion for Fiscal Year 2009

While this year was an extraordinary year, obviously these type of deficits will not continue. In fact this country had better start running some budget surpluses pretty soon to bring down and hopefully one day eliminate the federal debt. Get ready to see your taxes increase substantially along with massive spending cuts, including social security and medicare.

Obama never promised to reduce or deal with the deficit and so it is no surprise that the deficit has been sky rocketing. The spending has only increased and the cost of government operations has not seen any decline. It is therefore not a surprise that the deficit is at record levels. What is shocking is that neither the congress or the treasury secretary seem to be concerned even one bit. We are hearing about private companies have returned to profitability and only way they have managed that is by reducing operating costs by a significant numbers while accepting a reduction of revenues. Tax increases are not the solution

Before everyone starts blaming Obama for this, remember that the FY 2009 budget went into affect on 10/1/08 which would have been approved by Bush.

Eight years ago and,for the first time in its history, America went to, not one, but two wars without a tax increase. Then we all stood by and watched Bush and friends, with help from congressional Dems, drive the economy off the cliff in the name of "deregulation." To be sure, cut spending as much as possible. But, when the top 5% of the population has more wealth than the rest of comibined, its well past time for a substantial TAX INCREASE. Of course, that won't happen because those "5% ers" and their corporations "own" the government.

Including the spending for the recovery programs for many have been praising President Obama, d11670? I don't blame him for the deficit outright, but I don't believe that all the spending was in the budget that Bush signed in '08, nor do I believe that the president can blame all of this on Bush.

Spend, spend, spend... 4 more years of this and all our money will be going straight to the Government. Somebody needs to get this out of control spending under control. It`s almost as if they are 'trying' to destroy the Country.

Who cares. I'm so giddy with Hope and Change. I'm sure everything will work out just fine.

Almost every Republican has voted against TARP and stimulus. This debt belongs to Bush and the Democrats. Don't get me wrong...Bush still sucks.

Obama during Third Presidential Debate..."Now, what I've done throughout this campaign is to propose a net spending cut."

I'm tired of hearing excuses from people trying to defend Obama. Americans need to stand up to this out of control Welfare State spending. Obama does not have to spend all this money!

What's not to like? Higher taxes, devalued dollar, higher taxes, eventually double digit interest rates, high taxes, unemployment that will approach 15% and won't see even 8% for 7 years, higher taxes, 3/4 of homes with mortgages worth more than the home, higher taxes, hope and change, higher taxes!!!!

I'm surprised that it appears like it is actually coming in UNDER the Administration's prediction. It's not a pretty figure (budgets in a recession never are), but it is incredibly refreshing that it appears that we're back to a Whitehouse that doesn't play games to hide it (how many 'emergency' bills does it take to fund ongoing war operations after 4 or 5 years???). I would be curious if it is under the predicted deficit due to lower spending or higher receipts.

Too bad we can't have the $3 Trillion back that were spending on Iraq!

We can always sell Alaska.

Just Obama's "Era of Responsibility" in play. Nothing to see here. Move along.

Hasn't anyone heard that "The road to hell is paved with good intentions"? Throwing money at problems does not solve the problem. Handing fist fulls of money to community organizers does not mean the money will get past their own pockets. What ever happened to personal accountability? It does not have a price tag. The thieves and crooks have played the whoa me violin to get the sympathies of our gullible or complicit politicians. Consequences are no longer dealt out to the offenders it's being laid on the backs of those that strive to live lives of civility and self-reliance.

Obama is looking to spend 10 TRILLION on welfare spending not including Healthcare and Cap n' Trade. 3 Trillion on Iraq over a period of years is not good, but wake up America!!!.

This is just the first 8 months!!!

Hey Obama and Dems...Stop CHOKING small business, cut taxes, regulations, and STOP THE SPENDING!

Just keep shoveling that money out of the printing presses there Obama... You'll get yourself out of office in one term and it won't be soon enough for we who live in the real world.

"Obama is looking to spend 10 TRILLION on welfare spending not including Healthcare and Cap n' Trade."
Let's Get Real | Oct 7, 2009 11:17:59 PM

As long as you're making up numbers out of thin air why not say 10 QUINTILLION or something?

"Stop CHOKING small business, cut taxes, regulations, and STOP THE SPENDING!"
Don | Oct 7, 2009 11:28:50 PM

Yeah, because those 8 years of tax cuts and muzzled regulators under Bush and the Republican Congress have worked out so well. Do you think we're too stupid to remember the last 8 years? Taxes for the highest earners are lower than the last year of Reagan's cuts, overall lower than since the age of the robber barons, and so low that over 40% of people have fallen off the income tax roles entirely (thanks in large part to the earned income credit created by Reagan). We've been seeing tax cuts for 28 years - tax cut and charge it to the national debt is the Republican dogma. And yes, we're going to have to pay for their failed dogma now.