From my 2011 economic predictions: The 2011 federal deficit will exceed the projected $1.27 trillion despite the Republican House majority. This will likely be the result of emergency spending required for an economic or military crisis.
Treasury announces 2011 deficit is second highest in history. The U.S budget deficit for fiscal year 2011 is $1.299 trillion, the second largest shortfall in history.
I’m only surprised that they exceeded it by so little. Imagine how big the deficit would be if the new military crisis was war with China instead of Uganda.