Today marks the beginning of the new fiscal year, so budgeteers are all greeting each other with a cheery “happy new year.”
I think I speak for everyone when I say good riddance to fiscal 2009. Let’s hope that we never again see deficits of more than 10% of GDP.
I am still guessing that the 2009 deficit came in around $1.4 trillion. As for fiscal 2010, the only thing we can safely say is that the deficit, thus far, is less than $1 billion. But the day is young.