Budget Deficit Reaches a Record $1.4T

" Perhaps the federal budget deficit reaching an all time hot for the fiscal year 2009. One point four trillion dollars is projected to hit nine trillion over the next decade. The president's budget director is addressing the issue today during a speech called rescue and recovery. And reining in the deficit. You're the cold hard facts and more bars in DC it --"

" Well heyday in the White House looking at deficits as far as the eye can see nine trillion and deficits over the next decade if Washington doesn't cut spending. Or raise taxes even more potentially. Doubling the national debt. White house budget director Peter Orszag delivering that speech in New York in about twenty minutes from now we'll be listening for specific proposals from Orszag gone. Controlling the deficit after the government spent one point four trillion more -- that it took yen in fiscal 2009. And we'll spent more than a trillion in the current fiscal year."

" Consumers I think wisely recognized that they can't get that overextended anymore businesses are going to be more cautious in terms of how they. Approach. Taking on. A lot of debt the government. Is going to have to get serious about reducing our debt levels."

" Now congress is getting ready to raise the ceiling on the national debt sometime in the next few weeks and as it considers that a group of moderate and conservative Democrats in the Senate. Want the administration to sign on to a proposal to create eight deficit commission. The study ways to cut deficit spending and then make specific recommendations. Or spending cuts and possibly tax increases than submit to congress for an up or down vote. On all the provisions on the entire package and as you know they get the national debt now stands at eleven point nine trillion the current ceiling is twelve point one trillion. Congress is expected to raise that by at least another trillion or so maybe by another two trillion. They came back here. Can go on from there Peter thank you for the."