Despite the urgent "breaking news" tone I'm hearing on MSNBC, a large $1.2 trillion federal budget deficit is good news right now. Not bad news. The government has to spend, or we're all screwed. That's the reality. History has proved the theory.
The other thing is this:
WASHINGTON — Congressional estimators are projecting an unparalleled budget deficit of $1.2 trillion for the 2009 budget year.
A top congressional aide briefed on the estimate says the Congressional Budget Office also sees a $703 billion deficit for 2010.
I know this doesn't exactly add up, but if any Republicans (who don't know anything about history or economics) complain to you about the "big spending" Obama administration, it can be said that Obama and the Democrats have already cut the deficit by 30 percent. Amazing!