The Congressional Budget Office has released preliminary deficit numbers, which indicate that for the first half of 2009 the deficit has already hit $1 trillion, $640 billion more than the comparable 2008 period, when the deficit was $313 billion.
While the outlays can be explained by the massive TARP spending and other stimulus programs, the scariest piece of information is that receipts for March were $125 billion, $54 billion lower than the previous March. Additionally, receipts for H1 2009 were $986 billion, $160 billion lower than $1,146 billion in H1 2008.
It will be interesting how this massive drop on the income side of the budget will be explained by the photogenic President Obama.
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