Federal Tax Receipts & Deficits Develop as Expected; Obama Administration on Solid Track to Post Largest Deficits Ever

Annual federal tax receipts are dropping toward the 2 trillion mark:

Meanwhile deficits reaching absolute record levels:

Here are my estimates from earlier this year which I believe our government is more or less on track to meet or even surpass:

Federal tax receipts will fall to $2.25 trillion in 2009, to $2 trillion in 2010, to $1.75 trillion in 2011, and to $1.5 trillion in 2012.
Now that we have updated figures on coming expenses it’s time to update the deficit predictions:

* $1.65 trillion for 2009
* $1.6 trillion for 2010
* $1.95 trillion for 2011
* $2.2 trillion for 2012

… record deficits everywhere and no end in sight.

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