Congress and the White House are driving up the deficit
Wednesday, July 16, 2008
from The Hill
The White House Office of Management and Budget (OMB) projected in February the country would have a $410 billion deficit at the end of fiscal 2008, but that will likely be a larger figure when it releases revised numbers later this month.
The national debt, which refers to the cumulative amount the government has borrowed and not repaid, is almost $9.5 trillion, the highest level in U.S. history, according to the Treasury Department.
The deficit is the amount of spending that exceeds tax revenue in a fiscal year.
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The White House Office of Management and Budget (OMB) projected in February the country would have a $410 billion deficit at the end of fiscal 2008, but that will likely be a larger figure when it releases revised numbers later this month.
The national debt, which refers to the cumulative amount the government has borrowed and not repaid, is almost $9.5 trillion, the highest level in U.S. history, according to the Treasury Department.
The deficit is the amount of spending that exceeds tax revenue in a fiscal year.
Click here to read more.
