House of cards.
(CNS News) — The federal government ran a deficit of $929 billion in just the first 8 months of fiscal 2011, which began on Oct. 1, 2010, according to the Congressional Budget Office’s monthly budget review for June.
“CBO estimates that the government recorded a deficit of $929 billion for the first eight months of the fiscaly year,” said CBO.
Last year, the government ran a deficit of $935 billion in the first 8 months of the year, according to CBO.
The $929 billion deficit the government ran up in the first 8 months of fiscal year 2011 puts the government on track to hit an annual budget deficit of approximately $1.4 trillion for the fiscal year, which is what the CBO projected this year’s deficit would be in its most recent analysis of President Obama’s budget proposal published April 15.