And that’s just what’s projected for the first six months.
The deficit is well on its way to the $1.75 trillion — or 12.3% of gross domestic product — that the White House has estimated for the full fiscal year, which ends in September.
The deficit through the first six months is more than three times higher than it was at this time last year. The government has borrowed $1 trillion from the public so far this fiscal year.
In March, the deficit widened to $192.3 billion from $48.2 billion in March 2008. Outlays rose 41% to $321.2 billion from $227 billion, while receipts dropped 28% to $129 billion from $178.8 billion.
Between unemployment and tax receipts falling 27% over the same time last year, we’re really taking a beating here. Of course the budget wouldn’t be this much in the hole if not for the bailouts, but we’d still be hurting.
To put this in perspective, here are the tax receipts compared year-over-year for the past 27 years (from Calculated Risk)…