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Friday, October 8, 2010

Budget Deficit Fails to Set Record in FY2010

“The federal budget deficit fell to nearly $1.3 trillion this year — slightly lower than last year’s record of $1.4 trillion – as the cost of a federal bank bailout came in much lower than expected and corporate profits rebounded sharply, congressional budget analysts said Thursday.” (Washington Post)

Actually, the growth in the national debt during FY2010 was $1.65 trillion. The previous year it was $1.88 trillion.

FEE Timely Classic
“The Politics of Deficit Spending” by Hans F. Sennholz