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April 11, 2009
Obama Administration's Deficit Aims for Guinness Book of Records
Eileen McDevitt and Larrey Anderson
They can’t blame all of this one on Bush. According to Reuters the U.S. Treasury Department has announced a March 2009 deficit of $192.3 billion dollars.
That’s right. The Obama Administration overspent almost a fifth of a trillion dollars in one month:
The Treasury Department today reported a $192.3 bln deficit for March, the sixth consecutive monthly deficit and the largest on record for the month of March. Economists were expecting a deficit of $150 bln.Outlays totaled $321.2 bln, a record for the month of March even though approximately $15 bln in last month's benefit payments were added to February's deficit because of a calendar shift. Receipts in March totaled $129 bln, down 52.6% from the same month in FY 2008.The deficit for the first six months of the fiscal year 2009 totaled a record $956.8 bln. Outlays in the FYTD 2009 totaled a record $1.95 trln, while revenues totaled $990 bln.Approximately $2.9 bln in March outlays were related to Treasury's Troubled Asset Relief Program. Over the fiscal year to date, TARP outlays totaled $293.4 bln, but Treasury noted that it has received about $3 bln in dividends from the program. The administration's Housing and Economic Recovery Act contributed $46 bln to March outlays, with Fannie Mae (FNM - news - people) receiving $15.2 bln of the money and Freddie Mac (FRE - news - people) receiving $30.8 bln.
It was not initially clear why Reuters wrote “bln” instead of "billion" in this report. But I have since discovered that the American government is spending so much money so quickly that the world is not only running out of “zeros” -- it is running out of the letter “O” [pronounced "Oh!" as in "Oh!Bama!"] because "O" closely resembles “0" [as in "Oh. Zero."].
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