According to the Congressional Budget Office, our federal budget deficit will nearly triple to an unprecedented $1.2 trillion for the 2009 budget year, figures. The 2008 deficit was $455 billion.
The eye-popping includes about $400 billion spent to bail out the financial industry and take over Fannie Mae and Freddie Mac. The $700 billion bailout for the financial industry is expected to actually cost taxpayers $189 billion over this year and next.
Obama and his transition team are pressing an economy stimulus plan, which will blend up to $300 billion in tax cuts with big new spending programs and could cost up to $775 billion over the next few years.
Where would the government get all the money? The simple answer is: "Just Print It, Baby!"
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Excellent cartoon! Fun to read.
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