October Deficit = $120 Billion

Technically, the federal government doesn't have a budget deficit, because in order to have a budget deficit, one first needs a budget.  And we haven't had one of those since 2009.  In more practical terms however, the federal government spent $120 Billion more than it took from tax payers in October 2012, the first month of fiscal year 2013.

The Treasury said on Tuesday the October deficit was $120 billion, larger than economist forecasts for a $114 billion gap and up from $98 billion in October of 2011.

And it's not as though they took less money from tax payers.

Growth in expenditures outpaced rising receipts, deepening the deficit. Outlays grew to $304 billion from around $262 billion in the same month last year while receipts rose to $184 billion from $163 billion.

Got that?  The more DC takes the more DC spends. 

Remember when Pres Obama promised...

...today I’m pledging to cut the deficit we inherited in half by the end of my first term in office. This will not be easy. It will require us to make difficult decisions and face challenges we’ve long neglected. But I refuse to leave our children with a debt that they cannot repay — and that means taking responsibility right now, in this administration, for getting our spending under control.

In case you haven't heard, that didn't happen.  Instead, our federal government ran without a budget for three years, spent over $1,100,000,000,000 more than it took each year for four years straight, and added $5,000,000,000,000 to the national debt in those four years.

And it's on track to do it again. 

And it'll be George Bush's fault.