In other news today, the totals for the deficits for the month of October and the year have come in. October cost $176.4 billion, and deficit for the 2009 budget year was $1.42 trillion. October was the 13th straight month to show a monthly deficit, and it was the fifth largest monthly deficit ever. Obama's administration expects this years deficit to reach $1.5 trillion. Economists are getting concerned that all this government borrowing will push interest rates higher as the economy begins to recover. China is beginning to get concerned about all of the U.S.'s debt, especially since they have bought lots of U.S. Treasury securities. Timothy Geithner told reporters that America will tackle its deficits as soon as our recovery is more secure. Republicans are upset with the Obama administration for not dealing with the deficits. The debate will get more intense as Congress is expected to decide on whether to raise the government's debt limit, which is currently at $12.1 million.
http://www.foxnews.com/politics/2009/11/12/federal-deficit-sets-october-record-billion/?test=latestnews
My opinion: I feel that the U.S. is spending way too much money. If individuals are in lots of debt, and they never get out of it, things happen like the bank takes their possessions. The government needs to stop spending so much money. They shouldn't do what Germany did when they were forced to pay for WWI.
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