This is what happens when you throw a billion here and a billion there...

 

...Yet the Federal Deficit is not reported as the true Deficit of about $125 Trillion as John Browne explains above, which should include all the Federal Government's outstanding liabilities. Here's the "officially reported" deficit....

 

The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending huge amounts to stabilize the financial system and jump-start the economy.

The imbalance for the budget year ended Sept. 30 more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade without corrective action.

As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to data released yesterday.

...and the biggest problem will be when we head back into the economic abyss in the next few months due to the disingenuous reporting of our nation's debt problems.  Certainly the Democrats are not going to be the ones calling the public's attention to this matter because it will limit their ability to spend more - especially in healthcare reform.

There are massive asset bubbles in all areas right now because we've not cured the problem of excessive leverage in the market - in many ways all we've done is just transfer a large amount of private leverage to public balance sheets.  Once the Federal government pulls back support for these asset bubbles, through the ending of the "stimulus" and other debt increasing measures, the unemployment situation will take a massive short-term turn for the worse.

What is needed now is for the President to prepare the people of this country for the inevitable approaching economic contraction and start the process of unwinding our national debt embarrassment.  Our future depends on honesty and decisive action today...

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