Non-existent U.S. Budget Deficit on Annualized Run Rate of $2.5 Trillion; Dems Will Blow New $14.3 Trillion Debt Ceiling Just Before Midterms

For the first time in modern history, Congress failed to perform its single most important task: it did not pass a budget.

On the first day of July, the House of Representatives passed a "budget enforcement resolution" that "deemed as passed" a $1.12 trillion budget.

Thirty-eight House Democrats voted no, perhaps because they sense in this year of the Tea Party Movement it isn't good politics to engage in such a sham. But pass it did... [but the] trio of President Obama, Senate Majority Leader Harry Reid and Pelosi is putting the finishing touches on a one-year deficit of $1.6 trillion, while setting in motion an expansion of the standing debt to well north of $14 trillion. This is no mean feat in an era when Democrats themselves denounced George W. Bush's deficit of a mere $160 billion in 2007.

The real reason that Democrats avoided the budget process? Tyler Durden bangs the magic abacus against the desk and comes up with some stunning figures.

In case one is wondering why the House Democrats attached a document to the emergency war supplemental bill that "deemed as passed" a non-existent $1.12 trillion budget, which basically allows the ruling party to start spending money for Fiscal Year 2011 without the constraint of an actual budget, here is the answer: ...on June 30, the US closed the books with just over $13.2 trillion in total debt, an increase of $210 billion in one month, or $2.5 trillion annualized. There is just $1.1 trillion left on the ceiling...

As we have long been warning, at the current run rate, the ceiling will be breached in under six months, or just around November 2. More disconcerting is that the monthly debt roll continues to be in the "ridiculous amount" category, hitting a total of $660 billion...

The sheer hatred that the modern Democrat Party has for America is evident in its every action. It despises its employer -- the taxpayer -- and it shows it by hurling massive new spending programs (like socialized medicine) onto a non-existent budget when the country can least afford it.

And what are the Democrats' plans for the next few months? Passing a real budget? Reining in spending? Listening to the American people who are trying to prevent their children from enslavement to trillions in debt? Why, no, of course not.

The loathsome Sen. Tom Harkin (D-IA) has already hinted at what comes next: even if Democrats are soundly defeated, they will use a lame-duck session of Congress to strap a suicide-belt to the American economy: card-check, cap-and-trade and massive new taxes will be on the agenda.

In other words, Democrats intend to wage fiscal Jihad on America. We must awaken our family, friends and neighbors. The time to stop this madness grows very short indeed.