CBO: New Record Deficit of $1.5 Trillion Predicted for This Year

A trillion here, a trillion there and pretty soon it will be real money.

Washington (AP) – New budget estimates released Wednesday predict the government’s deficit will hit almost $1.5 trillion this year, a new record.

The daunting numbers mean that the government will have to borrow 40 cents for every dollar it spends.

The new Congressional Budget Office estimates will add fuel to a raging debate over cutting spending and looming legislation that’s required to allow the government to borrow more money as the national debt nears the $14.3 trillion cap set by law. Republicans controlling the House say there’s no way they’ll raise the limit without significant cuts in spending, starting with a government funding bill that will advance next month.

If you spent 40% more than you made every year, how long would it be before you had to go bankrupt?