Forecast: Federal budget gap will exceed $1.4 trillion in 2010, 2011

The Washington Post reports:

A new White House forecast predicts that the federal budget deficit, which hit a record $1.4 trillion last year, will exceed that figure this year and again in 2011.

The $1.47 trillion budget gap predicted for 2010 -- when 41 cents of every dollar spent by the federal government would be borrowed -- represents a slight improvement over the administration's February forecast. The estimated gap for next year, $1.42 trillion, is larger than what was predicted in February, primarily because of a drop in expected tax receipts from capital gains.

We aren't that many years away from the end of Bismark's welfare state in America.