Obama’s Budget: Record High Deficit of $1.56 trillion

Obama: We can’t continue to spend as if … the hard-earned tax dollars of the American people can be treated like Monopoly money.

Blaming the extraordinary levels of government debt on his predecessor’s “profligacy”, President Barack Obama said that the deficit would reach nearly $1.6 trillion this year, exceeding the amount the White House predicted last year. The record high debt is alienating voters.

Most economists say that a budget deficit of more than 3 per cent of gross domestic product is unsustainable over the long term. This year’s deficit is projected in the budget to reach nearly 11 per cent.

SOURCE: TIMESONLINE Obama gambles on spending spree to save jobs as deficit hits new high