At $1.75T per year that is $6k per person of additional national debt.  


===========================================

http://finance.yahoo.com/news/Federal-budget-deficit-sets-apf-
14903063.html

Federal budget deficit sets March record $192.3B

Federal deficit hits March record $192.3 billion; near $1 trillion 
halfway through budget year 

Martin Crutsinger, AP Economics Writer 
Friday April 10, 2009, 7:02 pm EDT 
      
WASHINGTON (AP) -- The Treasury Department said Friday that the budget 
deficit increased by $192.3 billion in March, and is near $1 trillion 
just halfway through the budget year, as costs of the financial bailout 
and recession mount.

Last month's deficit, a record for March, was significantly higher than 
the $150 billion that economists expected.

The deficit already totals $956.8 billion for the first six months of 
the budget year, also a record for that period. The Obama administration 
projects the deficit for the entire year will hit $1.75 trillion.

A deficit at that level would nearly quadruple the previous annual 
record of $454.8 billion set last year. The March deficit was nearly 
four times the size of the imbalance in the same month last year.

Nearly $300 billion provided to the nation's banks and other companies 
to cope with the most severe financial crisis in seven decades has 
pushed government spending higher.

The Treasury report said that through the end of March, $293.4 billion 
had been provided to support companies through the $700 billion bailout 
fund Congress passed last October. That support has been provided 
primarily to banks, although insurance giant American International 
Group Inc. and auto companies General Motors Corp. and Chrysler LLC also 
have received assistance.

Besides the bailout fund, Fannie Mae and Freddie Mac received $46 
billion last month, bringing the total assistance provided to the 
mortgage finance companies to $59.8 billion since October. The 
government took control of both last September after they had suffered 
billions of dollars in losses on mortgage loans.

Through the first six months of the budget year that began Oct. 1, tax 
revenues have totaled $989.8 billion, down 13.6 percent from the year-
ago period. The government's receipts have been reduced sharply by the 
recession, which is shaping up to be the longest of the post World War 
II period. The downturn began in December 2007.

Government outlays totaled $1.95 trillion through March, 33.4 percent 
higher than the year-ago period. Besides higher payments for the 
financial rescue, the government is paying more in such areas as 
unemployment benefits and food stamps.

The Treasury report showed benefit payments from the unemployment trust 
fund totaled $44.6 billion so far this budget year, up from $19.4 
billion last year.

The Congressional Budget Office estimated last month that President 
Barack Obama's budget proposals would produce $9.3 trillion in deficits 
over the next decade, a figure $2.3 trillion higher than estimates made 
in February in the administration's first budget proposal.

The CBO review projected Obama's budget would generate deficits 
averaging almost $1 trillion annually over the decade ending in 2019.

The administration said it remained confident its forecasts for 
declining deficits over that same period could be achieved. But private 
economists have faulted those estimates for relying on economic 
assumptions they believe are too optimistic.

The administration projects that after hitting $1.75 trillion this year, 
the gap between spending and tax revenues will dip to $1.17 trillion in 
2010, and plunge to $533 billion in 2013. If accurate, that would 
fulfill Obama's pledge to cut the deficit he inherited in half by the 
end of his current term in office.

Some economists have expressed concerns that the massive deficits being 
forecast could push interest rates up sharply, especially if foreign 
investors worry about the size of the U.S. deficit projections.

Lawrence Summers, director of Obama's National Economic Council, said 
Thursday there have been no indications that investors are growing 
worried about the size of the deficits. On the contrary, he said yields 
on Treasury securities have been pushed lower by increased demand from 
investors seeking to hold Treasury bonds as a safe haven in uncertain 
economic times.

CMPQwk 1.42-21 9999 
Democrats --  The party of trickle-up poverty ....

--- PCBoard (R) v15.3/M 10