Federal deficit soaring, but McCain, Obama offer no answers
WASHINGTON — Just weeks before the government's fiscal year ends Sept. 30 , the nonpartisan Congressional Budget Office on Tuesday projected a near-record federal budget deficit of $407 billion , sharply higher than White House projections six weeks ago and more than double last year's figure.
Mammoth federal-budget deficits feed inflation, make America dependent on foreign lenders, cost taxpayers hundreds of billions of dollars in interest payments on the growing national debt and drain capital savings from more productive investments.
The widening gap between what the government spends and the revenue it brings in is sure to weigh on the next president and impede his efforts to spend on new or larger programs or to cut taxes.
Yet John McCain and Barack Obama show few signs that they're ready to take tough steps to curb deficits, according to budget analysts... http://news.yahoo.com/s/mcclatchy/20080909/pl_mcclatchy/3040652