American Empire Spending Its Way to Oblivion

The U.S. Congressional Budget Office today announced, to a stunned audience of financial observers, that the federal government would run a $1.2 trillion budget deficit in calendar 2009. Why is the number so staggering? Because $1.2 trillion is equal to nearly the entire GDP of the nation of Canada.

The biggest flood of red ink the world has ever known

How much is $1.186 trillion — or $1,186,000,000,000, written out the long way?

Why do I bring this up? Because that $1.186 trillion figure is the projected 2009 deficit, according to the latest report from the Congressional Budget Office (CBO).

And it is downright scary.