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.