Budget deficit to hit $1.48 trillion

by Charles Cherry

“debt held by the public will probably jump from 40 percent of GDP at the end of fiscal year 2008 to nearly 70 percent at the end of fiscal year 2011.”

What would happens at your house if your debt load was equal to 70% of your household income?

“As disturbing as those near-term deficits are, the long-term outlook is even worse,” Senate Budget Committee Chairman Kent Conrad said.”

Scary times ahead, I’m afraid.

via Budget deficit to hit $1.48 trillion.