What is $1.42 trillion?

It’s America’s 2009 federal budget deficit—which is almost as big as Canada’s entire economy, the Associated Press wrote yesterday. It’s also three times larger than any other budget deficit in American history.

Treasury figures released Friday showed that the government spent $46.6 billion more in September than it took in, a month that normally records a surplus. That boosted the shortfall for the full fiscal year ending September 30 to $1.42 trillion. The previous year’s deficit was $459 billion.

Incredibly, instead of tightening our financial belt during America’s economic downturn, President Obama has pledged to reduce the deficit only after the recession ends.