Monthly deficit hits $220 billion, highest in U.S. history
posted at 7:23 pm on March 10, 2010 by Allahpundit
The government racked up a record-high monthly budget deficit of $220.9 billion in February, the Treasury Department announced today.
The latest flood of red ink brings the total deficit for the first five months of the current fiscal year to $651 billion, far exceeding the $589 billion shortfall for the same timeframe in the last fiscal year.
The government ended the 2009 fiscal year with a record $1.4 trillion shortfall. The Obama administration has forecast a $1.56 trillion deficit for this year.
What’s left to say at this point? All I can do is try to contextualize this for you: According to CBO, based on an analysis of the deeply deceitful numbers presented to it by Reid and Obama, the national panacea of health-care reform will save us $132 billion over the next 10 years. Which means the feds blew through our big decade-long ObamaCare refund in about … 17 days last month. (Savings from 2020 to 2029 are estimated to be $1 trillion, but follow the “deeply deceitful” link for insight into that. Even CBO scoffs at trying to predict any numbers that far out.)
Would it make you feel better to read about a Republican yelling at Geithner? Okay, let’s do it!
“It just defies common sense for this administration to pretend that you’re paying any attention at all to deficit reduction,” Rep. John Culberson, R-TX, told Geithner. “It doesn’t square with reality.”…
“If you care about fiscal responsibility, there is no way you could have argued that the response from the government should have been to stand back and let this economy collapse – that would have been far more costly,” Geithner said…
“You’ve spent more money in less time than any administration in history, you have driven the deficits to unprecedented levels, and you’re trying to sell a bill of goods to the country claiming that you’re going to create the mother of all entitlements, insure 30 million more Americans, and we’re going to save you money,” he continued. “Nobody believes that.”
Normally I like to set up a clip with a brief intro, but not this one. It speaks for itself. Click the image to watch.