Thursday, September 13, 2012

Another Year, Another Trillion

The U.S. crossed the trillion dollar deficit level for the eleven months ended in August.

Since the country's fiscal year ends in September, we'll likely rack up another $100 billion or so in deficits this month, thereby easily surpassing a total of $1.2 trillion for the entire fiscal year 2012.

U.S. budget deficit crosses $1 trillion mark has the details:

"The U.S. government's budget deficit for fiscal 2012 crossed the $1 trillion mark in August, the Treasury Department said on Thursday, to stand at $1.16 trillion. The government ran a monthly deficit of $191 billion, Treasury said, spending $369 billion and taking in $179 billion. The year-to-date figure marks the fourth consecutive year of $1 trillion-plus deficits, all under President Barack Obama. The federal government's fiscal year runs from October to September."

Summing Up

As the years roll on, we continue to break records --- albeit the wrong kind.

Well, at least we're consistent. Consistently in the financial hole, that is.

As a result, we remain standing squarely behind the proverbial 8-ball.

Thanks. Bob.

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