The current projected deficit for FY 2011? $1.6 trillion.
This comes after last month’s announcement by the Congressional Budget Office, which put the FY 2011 deficit at $1.48 trillion—which in turn was a revision over last year’s deficit projection of “only” $1.3 trillion.
So in other words, in less than six months, the FY 2011 budget—which has still yet to pass, scheduled for a vote this coming March 4—has had a deficit which has risen 23%.
The Wall Street Journal has a long, frankly tedious discussion about the ins and outs of the FY 2011 budget, and how we got here—but the money-paragraph is this:
For now, Mr. Obama and the Republicans are choosing to clash over a narrow slice of federal spending—the 15% devoted to discretionary programs unrelated to security and defense—while the entitlement programs that are driving projected federal deficits remain unaddressed by either party.
That pretty much covers it.
What ought to be noted is, today the Obama administration will release its FY 2012 budget proposal (FY 2012 runs October 2011 through September 2012)—yet as mentioned above, the FY 2011 budget has yet to pass. March 4 is the date when the continuing resolution ends, but who’s to say if the Congress and the administration kick the can further down the road.
This is the government the people elected. Jeez . . .