HT: TaxGuru
Today begins the federal government's new fiscal year: Happy New Year! From the Wall Street Journal's Washington Wire blog:
The FY 2010 deficit of about $1.3 trillion is $70 billion or so better than last year's total, but still represents a huge 9.1% of gross domestic product. That would make 2010 the second-largest shortfall in the past 65 years, CBO said, bested (or worsted) only by last year’s deficit of 9.9% of GDP.
Thankfully, Congress is still hard at work trying to solve our nation's problems.