Already a record deficit, and year not over

We officially have the worst budget deficit in the nation's history, and we still have two more months to go in the fiscal year.

The year-to-date deficit, still with August and September to go in the budget year, rose to $323.98 billion, Treasury said in its monthly budget statement. July's deficit, at $54.24 billion, was close to expectations and wider than in July 2002, when it was $29.16 billion.

The 1992 budget year holds the record for the largest annual shortfall, at $290 billion. The 2003 is gap is expected to easily surpass that by coming in above $400 billion.

My warmest congratulations to the Bush Administration for this stunning achievement. Rank incompetence wasn't enough. You have to work hard to achieve results this extraordinary.

Posted August 19, 2003 01:26 PM | Comments (46)