Ladies and Gentlemen, welcome to Obamanomics:
WASHINGTON – The federal deficit hit a record for October as the new budget year began where the old one ended: with the government awash in red ink.
Economists worry that if such deficits continue it could push up interest rates, further dragging on the fragile economic recovery.
The Treasury Department said Thursday that the deficit for October totaled $176.4 billion, even higher than the $150 billion imbalance that economists expected.
The deficit for the 2009 budget year, which ended on Sept. 30, set an all-time record in dollar terms of $1.42 trillion. That was $958 billion above the 2008 deficit, the previous record holder.
October was the 13th straight month to show a monthly deficit — another record. It was the fifth-largest monthly deficit ever.
Three words………
This. Cannot. Continue.
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