“While the outlays can be explained by the massive TARP spending and other stimulus programs, the scariest piece of information is that receipts for March were $125 billion, $54 billion lower than the previous March. Additionally, receipts for H1 2009 were $986 billion, $160 billion lower than $1,146 billion in H1 2008.”
Zero Hedge: US Deficit Reaches $1 Trillion For First Half Of 2009
Wow. I’m pretty surprised by how much worse that implies economic activity was in March than in October through February.
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