The federal government’s fiscal year 2011 has come to a close, and CBO estimates, in its latest Monthly Budget Review that the federal budget deficit for the year was about $1.30 trillion, approximately the same dollar amount as the shortfall recorded in 2010. [link]
I have blogged about this several times before and frankly, there is nothing new or surprising here. It bears repeating that the deficit started to increase in 2001 shortly after the Iraq and Afghanistan invasions. And of course, all of the post-crisis government funding plans have not really helped the situation either – not that they were not necessary, but that’s for a different post.
The good news is that it has not increased from last year. Perhaps we’ll see an upturn next year? Maybe if Rick Perry is elected…KIDDING. The picture speaks for itself, so I’ll shut up now.