“We Owe How Much?”: Waiting for The Big Splatter

Last week, a bit of news came out that—weirdly—didn’t garner the attention or the reaction one would have thought it would: 

The U.S. Federal government deficit for fiscal year 2011 was revised to $1.645 trillion. That revision was up from the previous estimate of $1.4 trillion, which itself was a revision just a couple-three weeks ago by the Congressional Budget Office from the White House’s earlier projection of $1.267 trillion in December. 

The additional $378 billion in deficit spending comes from loss of tax revenue: Both from the fall in tax receipts due to the ongoing depression we’re experiencing, as well as from the idiotic budget deal with the Republicans, whereby the Bush-era tax cuts were extended. 

These deficit numbers are huge. Huge. HUGE. 

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