Red alert: “CBO: Budget deficit hit record $1.4T in 2009″

Article:

“The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there was almost $200 billion in costs from President Barack Obama’s economic stimulus bill.

The previous record deficit was $459 billion and was set just last year.”

Related Posts:

• Fannie, Freddie bailout triggers credit default swaps; More than $1 trillion of derivative contracts will need to be settled
• Politics, shaky economy create no rush to restructure Fannie and Freddie
• Let’s try to take an objective view on the situation. (1929 vs 2010)
• Dear bank CEOs: If your bank fails, you should go broke.
• The whole article as always from John Galt is superb, but just a portion to post here, read the rest at the link below

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