Spending Spree

White House Expects $1.47 Trillion Deficit

How’s this for ominous economic news? New estimates, released from the White House on Friday, predict the budget deficit will hit a record $1.47 trillion this year—which is slightly better than the U.S. government predicted in February, but still paints a worrisome economic picture. Put differently: For every dollar the U.S. government currently spends, it borrows 41 cents. Then there's unemployment, too, which will continue to average at about 9 percent next year. What’s more, 2011’s fiscal predictions don’t look much better: a $1.42 trillion deficit, or 37 cents borrowed for each dollar spent. Of the bleak budget numbers, White House budget director Peter Orszag said, it’s a “fiscal situation that requires attention.”