Isn’t this exponentially more of the same handling that Bush 43 did? That was one of the chief complaints about W is the deficit he was running up, right?
The U.S. federal budget deficit broke through the $1 trillion mark in June, potentially complicating the Obama administration’s efforts to revive the economy and enact its longer-term policy agenda.
The U.S. Treasury Department on Monday said the government’s annual deficit reached almost $1.1 trillion by the end of June, a once-unthinkable level that could threaten any nascent economic recovery by undermining the dollar and driving up interest rates.
Surging deficits could also tie the administration’s hands in responding to the economy’s problems, by eroding support among voters and making Congress leery of adopting policies — such as an overhaul of the health-care system — that the administration believes are necessary for sustainable growth.