March 25, 2011 | 38 comments
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The federal deficit reached nearly $1.3 trillion in fiscal year 2010, according to an estimate the Congressional Budget Office released Thursday afternoon.
The shortfall for the fiscal year ended Sept. 30 was $125 billon smaller than a year ago, making it the second highest ever recorded since World War II (2009 being the highest).
Despite the extrardinary deficit, it was actually $50 billion lower than the CBO had forecast in August, due to higher than expected tax revenue, and lower outlays for TARP, Fannie and Freddie, and federal deposit insurance. Other spending actually rose by 9 percent in 2010.
More details here.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
The debacle of this president’s administration is both a cause and a symptom of the decline of American values. Unless Congress impeaches him, that decline will go on unchecked. An eminent jurist surveys the damage and assesses the chances for the recovery of our culture.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
The American Christmas, like the songs that celebrate it, makes room for everybody under the rainbow. Is that why so many people seem to be hostile to it?
Was the President done in by the economy, or by the politics of the economy?