Federal Government Hurting

The District of Columbia's largest employer is hurting. The federal government registered a record budget deficit for the month of November, reflecting the impact of a recession on tax receipts and the mounting costs of the $700 billion financial rescue program. We are on track to hit a record deficit of $1 trillion or more for the entire year, which would be more than double the previous all-time high set last year. The gap between the government's revenue collections and what it paid out last month totaled $164.4 billion, the largest deficit ever recorded for the month of November. In just the first two months of this budget year, the deficit now totals $401.6 billion. A deficit of $1 trillion for the year would set a new record-high in dollar terms, and would be the largest as a percentage of the overall economy since World War II. Scary.