Treasury announces $68 billion monthly deficit
The Treasury Department announced today a monthly budget deficit of $68 billion for June. The budget year-to-date deficit is now amounts to just over $1 trillion.
According to the CBO, the total deficit for the 2010 budget year is expected to be $1.37 trillion, the second highest since WWII (last year’s $1.4 trillion deficit was the highest). As numerous economists have warned, we face an unprecedented fiscal disaster if overspending is not reigned in.