The federal government's fiscal year ended on September 30. As has been the administration's habit for years with news that might draw negative attention, the Treasury Department conveniently released its year-end Monthly Budget Review Friday afternoon to minimize the discussion of its grim news.
The government ran a $587 billion deficit, up from $414 billion the previous year. Andrew Taylor's coverage at the Associated Press glossed over why this occurred, because to do so would call into doubt the questionable Congressional Budget Office projections for future years he relied on to reassure readers that the situation is, in the words of an economist he quoted, "totally manageable." The other two main business wire services performed a bit better, but still missed several key items.