Congratulations! 2011 deficit second highest in history
Well, at least we beat out 2010 - now that's an achievement!
The U.S budget deficit for fiscal year 2011 is $1.299 trillion, the second largest shortfall in history.
The nation only ran a larger deficit for the 2009 fiscal year, which included the dramatic collapse of financial markets and a huge bailout effort by the government. The nation's deficit that year was $1.412 trillion.
This year's deficit is slightly higher than fiscal year 2010, when the nation ran a $1.293 trillion deficit. Fiscal years run through Sept. 30.
Republicans have criticized President Obama for deficits that have skyrocketed since he took office. Much of the shortfall is from smaller tax returns, a result of high unemployment and falling incomes during the recession and a slow recovery.
The GOP has also criticized spending programs, notably the $787 billion stimulus package of 2009, that were backed by the White House and congressional Democrats for rising deficits.
A celebratory dinner will be held at the White House tomorrow with President Obama as the guest of honor. Tickets for the event will cost $47,771.81 each - the amount you now owe the government to pay for our national debt. All proceeds will go to The American Dream Memorial Fund and the president's re-election campaign.