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Both spending and tax receipts put in double-digit performances to produce a US ten-digit deficit (actually $1.1 trillion) for the first nine months of the fiscal year and broke a monthly record of $94 billion in June. Spending came in at +20% compared to over a year ago and receipts were down 18%. "No doubt where this train is going," said John Sylvia, chief economist of Wells Fargo Securities. His additional comments follow below.
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