The Obama administration added $70 billion more to the budget deficit in July, guaranteeing that the fiscal year, which ends September 30, will see the 5th straight trillion dollar plus deficit.

Associated Press:

The U.S. federal budget deficit increased $70 billion in July and is on track to top $1 trillion for the fourth straight year.

The deficit for the first 10 months of the 2012 budget year, which ends Sept. 30, totaled $974 billion, the Treasury Department said Friday. That's 11.5 percent less than in the same period last year. A slightly better economy has boosted income tax receipts.

Still, President Barack Obama will almost certainly face re-election after running $1 trillion deficits each year in office. Republican candidate Mitt Romney has criticized Obama for failing to cut the deficit in half, as he pledged to do during his 2008 campaign.

The White House last month forecast that the budget gap will total $1.2 trillion this year, down from $1.3 trillion in 2011.

This year's gap is equal to about 7.8 percent of the U.S. economy, down from 8.5 percent in 2011. The Obama administration expects the deficit to fall just under $1 trillion next year, to $991 billion.

I recall fondly my first year in Washington D.C. It was 1979 and President Carter was being heavily criticized for running a $60 billion deficit the previous year.

Now, Congress sneezes and they spend $60 billion blowing their noses.

This won't be the last budget deficit over a trillion. That $991 billion deficit projected for next year is pie in the sky. It is based on ridiculously high growth rates for the economy -- over 3%.

So we have that to look forward to next year.