Off the Deep Endby Tim Manni
This pretty much tells the sorry tale:
The nearby chart shows how the bill will increase the 2009 budget deficit, which is already the largest in modern history. … analysts at the Strategas Group estimate the deficit could hit nearly $2 trillion, or 13.5% of the U.S. economy.
We aren’t deficit scolds, but these levels are uncharted territory, especially if any economic recovery is weak because the spending doesn’t stimulate. The new spending means new federal debt in the trillions of dollars over the next few years, which will test the limits of America’s credit-worthiness.
(Hat tip: Greg Mankiw)