Federal Government Will Borrow 40 Percent of the Money It pends Next Year

According to the Obama administration’s mid-session budget update, the federal government will have to borrow nearly 40 percent of its total expenditures in 2010, a level not seen since World War II.

This level of borrowing is unprecedented even during recessions.

During the long recession of the 1970’s, federal borrowing never rose above 20 percent of total expenditures despite nearly a decade of sluggish economic growth..

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image toon - 1st hcare mny = Hcare to open debt gates