This actually came out on Friday – you know, in a data dump designed to get it out there, but not have anyone notice it:
In October and November, the government spent $292 billion more than it took in, the nonpartisan Congressional Budget Office said.
That was even worse than the same period last year, when the government was on its way to posting a record $1.4 trillion deficit for the fiscal year that ended Sept. 30.
According to the linked report, outlays were down, so the extra deficit comes from lower revenues – naturally, they look for a tax cutting culprit (in this case, an easement on corporate write-offs), but that is just idiotic – a 9% decline in revenues doesn’t come from such things. Not even close. The real deal is that economic activity is vastly less than it was in the Oct-Nov 2008 time frame – and its not like the economy was going gang-busters in late 2008.
Its all a smoke a mirrors recovery, good people – and things like idle ships, idle trucks, lowering tax revenues are what to pay attention to…not banker/bureaucrat reports on bogus profits at bailed out corporations.
UPDATE, by Matt Margolis: Obama’s two-month deficit Is more than the Bush deficit For the entire 2006 calendar year
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