Our borrowing binge continues to spin out of control. No nation can continue to borrow at these rates for long. Especially when our trade deficits is falling like a rock, thus reducing the amount of dollars that can be recycled back to our shores.
(AP) -- The Treasury Department said Friday that the budget deficit soared to $192.3 billion in March, and is near $1 trillion just halfway through the budget year, as costs of the financial bailout and recession mount.
Last month's deficit, a record for March, was significantly higher than the $150 billion that economists expected.
The deficit already totals $956.8 billion for the first six months of the budget year, also a record for that period. The Obama administration projects the deficit for the entire year will hit $1.75 trillion.
A deficit at that level would nearly quadruple the previous annual record of $454.8 billion set last year. The March deficit was four times the size of the imbalance in the same month last year.