A Really Big Deficit
The message from the end of the year deficit number is clear: we must start planning how to get the deficit under control. A $1.4 TRILLION deficit is nothing if not a trumpeting wake up call.
All the finger pointing about who is to blame for the deficit* is a lame excuse for not taking action to fix the problem. Congress and the White House must work together to quickly announce a deficit reduction plan to be phased in slowly so that it will not disrupt the economic recovery. Further delay could easily lead to a fiscal crisis. Happy Fiscal New Year.
* This administration inherited a dismal economic and fiscal situation, and their policies are making it worse. Bottom line: there is plenty of blame to go around.