At what point do the numbers get so large that they become meaningless? We may have hit that point.
The federal deficit climbed higher into record territory in July, hitting $1.27 trillion with two months remaining in the budget year.
The Treasury Department said Wednesday that the July deficit totaled $180.7 billion, slightly more than the $177.5 billion economists had expected.
The Obama administration is projecting that when the current budget year ends on Sept. 30, the imbalance will total $1.84 trillion, more than four times last year's record-high.
The July deficit reflected government spending of $332.2 billion, a record amount for any month and up from outlays of $263.3 billion in July 2008.
Government receipts totaled $151.5 billion, down 5.6 percent from a year ago. It marked the 15th consecutive month that government receipts have been lower than the same month in the prior year, illustrating how deep the recession has cut into tax receipts.
Through the first 10 months of the budget year, receipts total $1.74 trillion, down 16.9 percent from the same period in 2008.
Outlays totaled $3 trillion over the past 10 months.
The deficit for all of last year was $454.8 Billion, a record at the time.
The thing to take away from this is: receipts are $1.74 Trillion. Outlays are $3 Trillion.
That is a condition that can't continue for long.