CBO: Gov’t Ran $929B Deficit in First 8 Months of FY 2011, On Track to Hit $1.4T

$929 BILLION in eight months! Holy SHIT! These people are completely out of control!

In case you don't understand that, our government spent $929 BILLION dollars more than they had, in eight months. That is money that has to be borrowed, further increasing the $14 TRILLION dollar debt.

There is absolutely no one in washington with a clue. This is unsustainable. Our Country is headed for bankruptcy, and there isn't a country or institution on the planet that can bail us out. We need to run off every stinking idiot in washington, starting with obama...

By Terence P. Jeffrey - CNSNews

The federal government ran a deficit of $929 billion in just the first 8 months of fiscal 2011, which began on Oct. 1, 2010, according to the Congressional Budget Office’s monthly budget review for June.

“CBO estimates that the government recorded a deficit of $929 billion for the first eight months of the fiscaly year,” said CBO.

Last year, the government ran a deficit of $935 billion in the first 8 months of the year, according to CBO.

The $929 billion deficit the government ran up in the first 8 months of fiscal year 2011 puts the government on track to hit an annual budget deficit of approximately $1.4 trillion for the fiscal year, which is what the CBO projected this year’s deficit would be in its most recent analysis of President Obama’s budget proposal published April 15.

“CBO now projects that under current law, the deficit for this year will amount to $1.40 trillion,” the CBO said in that analysis.

With $929 billion in deficit spending in the first 8 months of the year, the government was running an average monthly deficit of $116.13 billion. At that pace, it would run an additional $464.5 billion in deficits in the June-Septemper period—bringing the total deficit for the fiscal year to $1.3935 trillion (or approximately the $1.4 trillion predicted by the CBO in April).

At the beginning of fiscal 2011, according to the U.S. Treasury, the debt subject to the legal limit of $14.294 trillion stood at $13.561623 trillion—or $926.76 billion below the limit.

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