budet deficit

What's So Bad About a $1.4 Trillion Deficit?

The Obama administration recently trumpeted the fact that the federal government spent only $1.4 trillion dollars more than it took in during the last fiscal year. In a joint statement issued with Peter Orszag, the director of the Office of Management and Budget, Treasury Secretary Timothy Geithner said, "This year's deficit is lower than we had projected . . . in part because we are managing to repair the financial system at a lower cost to taxpayers." Just one month earlier, the administration had forecast a $1.8 trillion deficit. That's a $400 billion shrinkage, which is definitely good ...

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