The Obama administration is set to announce today, October 15th, that the federal budget will exceed $1 trillion for the second straight year.
The Congressional Budget Office projects a budget deficit of $1.29 trillion for the 2010 fiscal year which ended on September 30th.
With all of the spending going on with "shovel-ready" projects and earmarks for all, I would have figured our income would be roaring down the road at breakneck speeds. No, it is quite the opposite. With first time jobless claims increasing by 13,000 which was reported yesterday, it seems that all of the money that was spent did not do much to stimulate the economy. It did, however, stimulate a spending frenzy with Congress and the President. $50 billion for teachers and more his union buddies.
Additionally, Congress has not submitted a budget. I guess they do not want the public to know what we are in store for prior to the mid-term elections. I hope and pray that the American public rises up and votes them all out of office.
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