The United States' budget deficit for the fiscal year 2006 is now likely to balloon to more than 400 billion dollars, smashing a prior estimate of 341 billion dollars, a top US budget official said. (Agence France-Presse)
Wow. And I remember when having a total national debt of $1 trillion seemed like a lot. Now we're going to add $400 million to it in one year.
[Senator Judd] Gregg said government spending had to be controlled, especially because of looming retirement costs facing the country.
The senator urged the passing of the Deficit Reduction Act, which seeks to save 40 billion dollars over five years, pending before the House of Representatives.
Let's see: $400 million more in the hole this year. Save $40 billion over five years. That'd be $9 billion/year? Oh yeah, that'll help a lot. I guess it's the thought that counts.
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