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Federal Deficit Highest Since 1940s

Posted By admin On August 1, 2012 @ 8:41 am In Money Watch | Comments Disabled

Elizabeth Flock
U.S. News & World Report [1]
Wednesday, August 1, 2012

The federal deficit is higher than it has been since the 1940s, in the years immediately after World War II.

A new visual from the “Face the Facts USA,” a non-partisan election project from George Washington University, shows the federal deficit has risen significantly under President Barack Obama, and that the government is increasingly spending money it doesn’t have.

In every second of 2011, for example, the government spent $114,253—even though it was only taking in $73,043 in revenue. According to Face the Facts, that means the federal government spent $41,210 every second that it didn’t actually have.

The deficit this year, however, looks as if it will be lower than it was the day President Obama assumed office.

Full story here. [1]

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[1] U.S. News & World Report: http://www.usnews.com/news/blogs/washington-whispers/2012/08/01/federal-deficit-highest-since-1940s

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