U.S. Deficit Reaches $1 Trillion for First Half of 2009

From Seekingalpha.com

The Congressional Budget Office has released preliminary deficit numbers, which indicate that for the first half of 2009 the deficit has already hit $1 trillion, $640 billion more than the comparable 2008 period, when the deficit was $313 billion.

While the outlays can be explained by the massive TARP spending and other stimulus programs, the scariest piece of information is that receipts for March were $125 billion, $54 billion lower than the previous March. Additionally, receipts for H1 2009 were $986 billion, $160 billion lower than $1,146 billion in H1 2008.

It will be interesting how this massive drop on the income side of the budget will be explained by the photogenic President Obama.