We also have 30 year rates near record levels and yet Home sales in Novemember were the record lowest EVER. iTS BAD AND STILL NO RECOVERY. These lower rates will help many but the ones that have high credit (16%) and damaged credit (20%) and another 9% that couldn't refinance because the home isn't worth what owed
The deficit will be well over the 1 trillion level thanks to the economy which our dear George. W. Bush will leave us. Do not forget there is alway hundred of millions of dollars of more cost to replace the military equipment used up attacking Gaz*a. We will have to pay all those thousands reservist dragged from their jobs as ille*gal settlers to soldier.
'WASHINGTON (AP) -- The federal budget deficit will hit an unparalleled $1.2 trillion for the 2009 budget year, according to a Capitol Hill aide briefed on new Congressional Budget office figures.
The aide says the CBO also sees a $703 billion deficit for 2010.
The dismal figures come a day after President-elect Barack Obama warned of "trillion-dollar deficits for years to come."
CBO's figures don't account for the huge economic stimulus bill that Obama is expected to propose soon to try to jolt the economy. At the same time, they do not reflect the immediate cost of the Wall St. bailout.
The shrinking economy has led to a sharp drop in tax revenues, which is largely responsible for the deficit, along with about $350 billion in spending so far for the Wall St. bailout.