Created: 2009-07-20 00:45:36

Just few days ago the US federal deficit hit the enormous mark of $1 trillion. Such number is reached for the first time and some economists predict that it could grow to nearly $2 trillion by the end of the budget year.

US federal deficit skyrocketed mainly because of massive government spending on easing down the recession, also tax revenues declined sharply and let's do not forget the cost of the wars in Iraq and Afghanistan.

The deficit of this year hits the sky compared to one of $285.85bn for the same period a year ago.

The federal deficit is not the only financial problem of US. The country also has huge overall debt that now stands at $11.5 trillion, with interest payments on it alone costing $452bn in 2008.

Wait, but we have Obama now. Yes we can decrease those debts, can't we? Barack committed to bringing down the federal deficit once the economy and financial sector recover, and set a goal of halving it by the end of his first term in office.

Economists say that it is normal to have massive deficits when trying to stabilize the economy and get it growing again. However, they are fearful that the administration and the Congress will not be able to keep future deficits under control, despite Obama's pledge. In fact, they project that the deficits will remain huge for several years, coming in at $1.43 trillion next year and never going down below $500 billion over the next decade.

What are your thoughts on this brave promise? Will Barack the Great prove his words and make the federal deficit of US head down? Moreover, will he be able to half it till his first term in office is over? Vote and tell us!