Obama To Quadruple Deficit THIS YEAR!

That is one ugly chart. It illustrates how Barack Obama and the spendaholics in Congress will quadruple our deficit THIS YEAR! 4 times the Bush deficit in 12 months. That’s some change you can believe in, and it isn’t chump-change. Unbelievable. What’s even MORE unbelievable is that for every dollar that is spent, 50 cents will be BORROWED, and will raise the deficit to approximately 12.9% of GDP. This puts us ahead of Hungary, Pakistan and even the U.K. on the highest deficit-to-GDP list. We’re number one! We’re number one! Yes we can! Yahoo Finance elaborates:

The White House on Monday pushed up its forecast for the U.S. budget deficit for this year by $89 billion, reflecting the recession, a raft of new unemployment claims and corporate bailouts.

A fresh estimate of the deficit showed it coming in at $1.84 trillion — representing a massive 12.9 percent of gross domestic product — in the current 2009 fiscal year that ends on September 30. A prior White House forecast released in February projected a deficit of $1.75 trillion, or 12.3 percent of GDP.

The report may add to the political challenges facing President Barack Obama as he seeks to push through a new healthcare plan and other big domestic initiatives.

A White House official said the gloomier deficit picture reflected weaker tax receipts as the economy declined and higher costs for social safety-net programs such as unemployment insurance. Spending on the government rescues for the financial and automobile industries was also a factor in the higher deficit, said the official, who spoke to reporters on condition of anonymity.

While the Democratic-led Congress has given its approval to the broad outline of Obama’s proposed budget for the 2010 fiscal year that includes initiatives on healthcare, education and other items, some moderate Democrats and a number of Republicans have expressed wariness about the deficit outlook.

Here’s the ironic video of the day…Obama lecturing McCain about spending. Conservatives weren’t fooled then, and sadly are saying “I told you so” now. Tea parties are being planned for the Fourth of July…join social-networking site Teaparty Nation today and keep the spending protests going. Pay no mind to CNN, MSNBC and the other haters. It’s about the SPENDING, stupid. And the economy. Period.