Deficit of $490 billion for 2009

This is just grotesque.

The White House on Monday predicted a record deficit of $490 billion for the 2009 budget year, a senior government official told CNN.

The White House blames a faltering economy and the stimulus package for the increased budget deficit.

The deficit would amount to roughly 3.5 percent of the nation’s $14 trillion economy.

The official pointed to a faltering economy and the bipartisan $170 billion stimulus package that passed earlier this year for the record deficit.

The fiscal year begins October 1, 2008.

[...]

“I remember that back when we were discussing the stimulus package, both parties recognized that the deficit would increase, and that would be the price that we pay in order to help improve the economy,” she said.

Bear in mind that such a deficit is not inevitable.  When they do the budget next time, there is absolutely nothing preventing the Congress and the President from enacting a balanced budget.  Well, nothing except the political will to do so.