USA Today reports that the feds are borrowing 46 cents for every buck they spend this year.
As Veronique de Rugy noted in a recent issue of Reason, there's been something like a three-part response to deficit-spending over the past couple of generations.
At first, any deficit was seen as a horror-show waiting to happen (hence the outrage over Ronald Reagan's then-large, now-quaintly tiny budget deficits); then a period where relatively small, persistent deficits seemingly had little to no effect on the larger economy (and hell there was even a budget surplus from time to time); to an era spearheaded by the Bush admin (whose vice president exclaimed that Reagan proved deficits didn't matter) that laid out a big fat line of deficit on the table and proceeded to snort away like Al Pacino in Scarface.
And clearly, the Obama crew wants to keep on bumping like there's no tomorrow. Which there won't be when it comes to spending. Right up until the moment it all goes kerblooey.
See you all on the morning when all the coke/money is gone and somebody has to pay/clean up for the party. But you know what, at least we'll have a fistful of shovel-ready projects to keep us warm.