Thursday, December 4, 2008

All zee monies

Tonight's bedtime story, a late filing from the Times:
WASHINGTON (AP) -- Payments from the Wall Street bailout fund and slumping tax revenues will ensure a record federal budget deficit, based on congressional estimates released on Thursday.

The Congressional Budget Office said that the government has run a $408 billion deficit -- under Treasury Department accounting rules -- in just the first two months of the 2009 budget year, which started Oct. 1.

Many economists say the deficit will soar above $1 trillion in 2009 as Congress passes a new economic stimulus measure and money pours from the Troubled Assets Relief Fund, or TARP, as the government hopes to right the economy.
That's a trillion. With a T. 10^12. A million million.

h/t Atrios

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