And we’re not even a full six months into the presidency of Barack Obama. Just imagine what that figure will look like in, say, November 2012.

Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.

The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There’s also concern about trying to reverse the deficit — by reducing government spending or raising taxes — in the midst of a harsh recession.

The Treasury Department said Monday that the deficit in June totaled $94.3 billion, pushing the total since the budget year started in October to nearly $1.1 trillion.

The deficit has been propelled by the huge sum the government has spent to combat the recession and financial crisis, combined with a sharp decline in tax revenues. Paying for wars in Iraq and Afghanistan also is a major factor.

The country’s soaring deficits are making Chinese and other foreign buyers of U.S. debt nervous, which could make them reluctant lenders down the road. It could force the Treasury Department to pay higher interest rates to make U.S. debt attractive longer-term.

Would now be a bad time to point out that the White House and Congressional Democrats are toying with the idea of a second multi-billion dollar stimulus to nowhere? Or bring up their plans to spend over $1.4 trillion we don’t have on the socialization of health-care? Or maybe even the trillion dollar+ plan they have on climate change?

And let’s not forget the job-killing cap-and-trade, protectionist measures passed by the House that will cost American industry hundreds of billion of dollars every year, and the continued subsidization of recently-nationalized industries.

We’re on our way to hell and we’re traveling there in a hand-basket. Look down and you’ll see a road paved with good, and not-so good, intentions. Thanks, Obama. You really are making history; just not the kind fifty-two percent of Americans expected.

Via Michelle Malkin.