U.S. Deficit Tops $1 Trillion

Is this what an economic recovery looks like? The U.S. deficit for 2009 has risen to $1.08 trillion, setting a new record. In June alone, the U.S. accrued an additional $94.3 billion of debt. Last year at this time, the cumulative deficit was at a paltry $285.8 billion. President Obama's economic prognosticators forecast a deficit of $1.84 for the 2009 fiscal year--that number will likely be due for an upgrade. MarketWatch says that the fiscal year of 2010 doesn't look much better: "The administration is projecting a $1.26 trillion deficit." Ouch.