The Deficit Is Getting Bigger

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Photo: SAUL LOEB/AFP/Getty Images

When President Obama unveils his $3.8 trillion budget tomorrow, he might want to be wearing an old suit, because someone will almost certainly throw a tomato at him. Obama will announce the deficit for the current fiscal year, which ends in September, will be projected to reach an all-time high of $1.6 trillion, more than the $1.4 trillion of the last fiscal year. The increase is due to spending on a jobs package and funding for states struggling to pay for programs like Medicaid. Obama has a little hope of winning back the haters when he announces that the deficit for the next fiscal year should be $1.3 trillion and, if all of his magic tricks do what they're supposed to, the deficit will be down to around $700 billion in 2013. Sadly, in the world we live in, that's cause for celebration.

Deficit to Hit All-Time High
[WSJ]