Historic: Obama Records Another Trillion-Dollar Deficit

If you're wondering what we've got to show for it, so am I.

The federal budget deficit reached $1.23 trillion in August. The third straight $1 trillion-plus deficit adds pressure on Congress and the White House to reach agreement on a long-term plan to trim government spending.

The Treasury Department says the deficit grew by $134.2 billion last month. At that rate, the nonpartisan Congressional Budget Office projects the deficit will total $1.28 trillion when the budget year ends in September. That would nearly match last year's $1.29 trillion imbalance and come in below the record $1.41 trillion hit in fiscal 2009.

A congressional panel is seeking $1.2 trillion in savings later this year.

Heh. They said savings.

Just watch. Obama will claim he's now "reduced" the deficit.