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:

Ann Coulter: Why Wall Street Loves the Democrats...

Dear Fellow Conservative,
What if you discovered that the vet who takes care of your dog was Michael Vick? Would you think twice about bringing Fido back for his annual shots?
Or what if you discovered that your auto mechanic was a member of Greenpeace? Would you think twice about having him work on your SUV?
Of course you would. Just as, I hope, you would think twice about trusting your retirement savings to someone who secretly despised -- or simply didn't understand -- the free-market capitalist system that makes profits and prosperity possible.
Yet that, believe it or not, is exactly the position millions of Americans are finding themselves in today -- as they discover that Wall Street, far from being a stronghold of "rich Republicans" and "laissez-faire capitalists," is actually dominated by liberal Democrats who support, overwhelmingly, the prosperity-wrecking big-government policies of Barack Obama and his merry band of neo-socialists.
Think I'm exaggerating? Consider the following facts and statistics:

• 
  According to an analysis of Federal Election Commission records by the Center for Responsive Politics, the 2008 Obama campaign received $12.6 million from Wall Street "Securities and Investment" firms versus McCain's $7.9 million


• 
  The top three corporate employers of donors to Barack Obama, Joe Biden, and Rahm Emanuel were Goldman Sachs, Citigroup, and JPMorgan


• 
  Employees of Lehman Brothers alone gave Obama $370,000, compared to about $117,000 to McCain. (No wonder Bush let them go under.)


• 
  Since 1998, the financial sector has given a total of $37.6 million to Obama, compared to $32.1 million to McCain. But Obama ran for his first national office only in 2004. So McCain got less from the financial industry in a decade that included two runs for president than Obama did in four years.

What's this all about? Well, you see, the fnancial industry takes care of Democrats -- and as we've seen in recent months, the Democrats take care of the financial industry. After all, it's a lot easier to get rich by taking money from taxpayers than to do it by choosing consistently profitable investments for your clients.