The federal budget deficit was an estimated $1.265 trillion for the first 11 months of fiscal year 2010, the Congressional Budget Office reported on Sept. 7. Relative to the size of the economy, the deficit for the entire fiscal year will likely be the second-largest in the past 65 years, coming in at 9.1% of gross domestic product (GDP). Which just missed the record set by last year, when the deficit was 9.9% of GDP.
From Conrad Aiken:
And youth, that’s now so bravely spending,
Will beg a penny by and by.