While you were busy reading about the latest twists and turns in the alleged Petreaus email scandal, you might have missed the following really frightening, really scandalous news.
The U.S. racked up a $120 billion deficit in October, the first month in fiscal 2013, the Treasury Department reported on Tuesday. The government spent $304 billion and collected only $184 billion in revenue.
That is a fast start to the new fiscal year. By comparison, the deficit in the first month of 2012 was $98 billion; According to the White House, the U.S. will have a $990 billion deficit this year, down slightly from the $1.1 trillion deficit in the year that ended Sept. 30.
The deficit has topped $1 trillion for each year of the Obama administration, more than double the amount in the last year of the Bush administration, prior to the Great Recession and Obama stimulus package.
President Barack Obama (D) has been in office for almost four years. Falsely blaming his predecessor President George W. Bush (R) for the problem is getting stale. Man up, admit it, own it.