The government will have to borrow nearly 50 cents for every dollar it spends this year, exploding the record federal deficit past .8 trillion under new White House estimates.

Budget office figures released Monday would add billion to the 2009 red ink — increasing it to more than four times last year’s all-time high as the government hands out billions more than expected for people who have lost jobs and takes in less tax revenue from people and companies making less money.

The unprecedented deficit figures flow from the deep recession, the Wall Street bailout and the cost of President Barack Obama’s economic stimulus bill — as well as a seemingly embedded structural imbalance between what the government spends and what it takes in.

http://finance.yahoo.com/news/White-House-Budget-deficit-to-apf-15199183.html?.v=8

Government spending is paid for 1 of 2 ways:

1)monetizing debt ("printing" money) which leads to more inflation (=each dollar bill has less purchasing power)

2)higher taxes & new hidden taxes (carbon taxes, etc)

Well since taxes won’t even begin to cover TRILLIONS in new spending, option one is being used to the max.

Now I want you to watch this 60 minutes interview from 2007. In it, the former comptroller general (nation’s top accountant) says the United States government is bankrupt and that if it were a company if would have failed by now. He also says that at CURRENT spending levels (2007 levels) the U.S. govt. could only afford to pay social security and some medicaid by 2040.

http://www.youtube.com/watch?v=OS2fI2p9iVs&feature=related

Since then we have passed trillion in bailouts, nearly trillion dollars in "stimulus", and Obama has proposed AN ADDITIONAL .5 trillion budget.

Now if the comptroller general thought the U.S. couldn’t afford to pay for Bush’s prescription drug bill (from many years back), HOW is Obama going to pay for all this new spending???

He’ll either have to raise taxes to levels undreamed or hyperinflate the dollar attempting to monetize more debt.
boss h……………probably higher than that.

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