Deficit Hits $1.42 Trillion, Democrats Yawn

Used to be a time when the Democrats pretended to care about the deficit. Well, that was when they could use it to bash the GOP. Those days are long over, my friends.

The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending huge amounts to stabilize the financial system and jump-start the economy.

The imbalance for the budget year ended Sept. 30 more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade without corrective action.

As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to data released yesterday.

How's that hope and change working out?