Can you imagine $1 Trillion dollars? How about $2 Trillion?

Start imagining. Apparently the U.S. federal deficit is poised to top the $1 trillion mark for the first time ever, and may quickly rise to over $2 Trillion by the fall.

I don’t really know what to say. A $2 trillion deficit? Is that even possible? How can the media be talking about the recession turning around or abating and the government is TRILLIONS of dollars off on the federal budget this year. I mean, California already dropped down to almost junk status as far as credit goes- where does the U.S. government stand?

So far this year the deficit is 1$1.09 trillion- last year at this time it was $285.85 billion. Last year’s total deficit was $454.8 billion. Yes, that’s less than half for all of last year than this year so far. And last year’s deficit was a record high- meaning this year’s deficit will be 4x the record high. Not so good. The current administration estimates that the total deficits between now and 2019 will be $7.1 trillion.

Understandably, China and other foreign U.S. debt buyers are nervous. To keep people buying U.S. debt, the U.S. treasury may need to pay higher interest rates.

"These are mind-boggling numbers. Our foreign investors from China and elsewhere are starting to have concerns about not only the value of the dollar but how safe their investments will be in the long run." said Sung Won Sohn, economist at the Smith School of Business at California State University.

The government is spending, borrowing and creating money at these astonishingly record rates in the face of our financial crisis, crumbling on all sides.

We have already had a $700 billion bailout and a $787 billion economic stimulus package. So what do we do now? The Obama administration is talking about the distinct possibility of a second stimulus package, which has many, including the Republican Party, as well as I’m sure those foreign investors, worried about rising interest rates and inflation.

Current U.S. debt is at $11.5 trillion and cost us $452 billion in interest last year, making interest on our debt the 4th largest federal expense last year, following Medicare-Medicaid, Social Security and National Defense.

But can we stop spending money on stimulus packages? Not really.

"We have a deep recession hammering tax revenues and forcing the government to provide a lot of help to the economy. But without this help, the downturn would be even more severe." said Mark Zandi, Moody's Economy.com chief economist.

Both FDR in the late 1930’s and the Japanese government in the 1990’s withdrew stimulus and moved toward balanced budgets, leaving their countries to suffer drawn out recessions. But…

We don’t have any money.

"Washington Democrats keep borrowing and spending money we don't have," said John Boehner (R-Ohio), House Republican Leader.

U.S. officials are jetting around the world reassuring countries and investors that their money is safe in U.S. debt, that inflation will not get out of control and that there is nothing to worry about. Nothing to see here! Nothing to see here! Remain calm! All is well!

Nothing…to see here.