CBO: Budget deficit hit record $1.4T in 2009

WASHINGTON — The federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week, congressional analysts said Wednesday.
The Congressional Budget Office estimate, while expected, is bad news for the White House and its allies in Congress as they press ahead with health care overhaul legislation that could cost $900 billion over the next decade.

The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac. Then there is almost $200 billion in costs from President Barack Obama's economic stimulus bill, as well as increases in programs such as unemployment benefits and food stamps.

The previous record deficit was $459 billion and was set just last year. Read more:

Dear Mr. President,

written by Sherry Mowery
Please find below my suggestion for fixing America 's economy. Instead of giving billions of dollars to companies that will squander the money on lavish parties and unearned bonuses, use the following plan.
You can call it the "Patriotic Retirement Plan": There are about 40 million people over 50 in the work force. Pay them $1 million apiece severance for early retirement with the following stipulations:
1) They MUST retire. Forty million job openings - Unemployment fixed.
2) They MUST buy a new American CAR. Forty million cars ordered. Auto Industry fixed.
3) They MUST either buy a house or pay off their mortgage. Housing Crisis fixed.
It can't get any easier than that!! And so simple to do. Let's fix it NOW!!!!
P.S. If more money is needed, have all members in Congress pay their taxes... Mr. President, while you're at it, make Congress retire on Social Security and Medicare. I'll bet both programs would be fixed pronto!