The final accounting for fiscal 2008 produced a larger shortfall than had been projected, reflecting the start of federal efforts to address the economic emergency... The deficit is likely to be even bigger next year as the country copes with the worst financial crisis since the Depression. The new figure breaks the previous record deficit of $413 billion in 2004 and more than doubles the 2007 deficit of $162 billion. It has focused new attention on government spending, coming just days after the National Debt Clock in New York City ran out of digits to record the overall national debt, which passed $10 trillion.
The deficit is likely to be even bigger next year as the country copes with the worst financial crisis since the Depression.
The new figure breaks the previous record deficit of $413 billion in 2004 and more than doubles the 2007 deficit of $162 billion. It has focused new attention on government spending, coming just days after the National Debt Clock in New York City ran out of digits to record the overall national debt, which passed $10 trillion.
The LA Times thinks this will become a "key issue as the presidential race winds down", but I doubt it. Neither candidate will say the obvious, the U.S. must raise taxes and only McCain has hinted at cutting defense spending.
