Liberty Maven

The White House released a budget deficit projection today for 2009 at $490 billion. In more shocking news, the Democrats and Republicans blamed each other for the mess. Bush inherited a budget deficit of $128 billion from Bill Clinton in 2001. This after Clinton was praised the year before for showing a budget surplus. What a wonderful gift George Bush and his Congress are leaving for the next administration and America. It’s like receiving a mugging for Christmas.

The  two major parties continue to rearrange deck chairs on the Titanic while truly fiscally responsible Third Party candidates are waving their arms wildly holding up life preservers trying their best to show the economic geniuses the way to salvation. Maybe someday they will pay attention.

The White House on Monday predicted a record deficit of $490 billion for the 2009 budget year, a senior government official told CNN.

The deficit would amount to roughly 3.5 percent of the nation’s $14 trillion economy.

The official pointed to a faltering economy and the bipartisan $170 billion stimulus package that passed earlier this year for the record deficit.

The fiscal year begins October 1, 2008.

The federal deficit is the difference between what the government spends and what it takes in from taxes and other revenue sources. The government must borrow money to make up the difference.

The official spoke on the condition of anonymity, citing a lack of authorization to speak publicly ahead of an official briefing later Monday by Office of Management and Budget Director Jim Nussle.

White House spokeswoman Dana Perino said the stimulus package was necessary, even if it increased the deficit.

Read the full rather disgusting article at CNN.