US Deficit to Quadruple to $1.8T, Top 2008 Record
pls. try to get into head/deck that this figure is 4x the record, set in 2008
By Newser Editors and Wire Services
Posted May 11, 2009 11:14 AM CDT
Copies of President Barack Obama's fiscal 2010 federal budget books are seen at the White House in Washington, Thursday, May 7, 20009.   (AP Photo/Ron Edmonds)
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(Newser) – With the economy performing worse than hoped, revised White House figures point to deepening budget deficits, with the government borrowing almost 50 cents for every dollar it spends this year. The deficit for the current budget year will rise by $89 billion to above $1.8 trillion—about four times the record set just last year.

The unprecedented red ink flows from the deep recession, the Wall Street bailout, the cost of President Barack Obama's economic stimulus bill, as well as a structural imbalance between what the government spends and what it takes in. As the economy performs worse than expected, the deficit for the 2010 budget year beginning in October will worsen by $87 billion to $1.3 trillion, the White House says. The deterioration also reflects lower tax revenues and higher costs for bank failures, unemployment benefits, and food stamps.