The federal deficit has topped $1 trillion with three months still to go in the budget year, showing the lasting impact of the recession on the government's finances.
In its monthly budget report, the Treasury Department said Tuesday that through the first nine months of this budget year, the deficit totals $1 trillion. That's down 7.6 percent from the $1.09 trillion deficit run up during the same period a year ago.
Worries about the size of the deficit have created political problems for the Obama administration. Congressional Republicans and moderate Democrats have blocked more spending on job creation and other efforts. Republicans also have held up legislation to extend unemployment benefits for the long-term jobless because of its effect on the deficit. ...
The heads of the panel told the National Governors Association on Sunday that everything needs to be considered including curtailing popular tax breaks, such as the home mortgage deduction.
"The debt is like a cancer," Democrat Erskine Bowles told the governors. "It is going to destroy the country from within."
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Comment: It wasn't tax breaks that got us into this problem, it was irresponsible spending.
Restoring responsibility in government will only occur when the citizenry wakes up and checks and balances are restored.
At this point I would normally make a pitch for repealing the 17th Amendment, which is critically needed, but the truth of the matter is until America wakes up nothing is going to save us from these statists.