Federal deficit on pace to surpass last year's $1.4 trillion record

How much more damage can Obama do to the U.S. economy?

From The Hill:

The 2010 federal deficit is on pace to top last year's record budget shortfall of $1.4 trillion, according to a Congressional Budget Office report.

The independent budget office said Thursday the deficit for the first five months of the fiscal year, which started in October, was $655 billion, an 11 percent increase over the deficit five months into fiscal 2009.

The larger deficit so far is due almost entirely to a drop in tax revenue. The level of government spending was unchanged from last year to this year, but tax receipts went from $861 billion to $796 billion.

Read the full story at the link below:

Federal deficit on pace to surpass last year's $1.4 trillion record - The Hill's Blog Briefing Room