Treasury announces $165 billion monthly deficit
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The Treasury Department announced today a monthly budget deficit of $165 billion for July. The budget year-to-date deficit is now amounts to $1.17 trillion.
According to the Office of Management and Budget, the total deficit for the 2010 budget year is expected to be $1.47 trillion, the highest since WWII, adjusted for inflation. This is simply unsustainable. As numerous economists have warned, we face an unprecedented fiscal disaster if overspending is not reined in.