Yikes

An eye-popping $1.75 trillion deficit for the 2009 fiscal year is projected in Obama's first budget, according to U.S. officials who briefed reporters on the numbers.

That is equal to 12.3 percent of U.S. gross domestic product -- the largest share since 1945 when the country ran a shortfall of 21.5 percent of GDP.

Sounds like something you'd see in Argentina or some other country on the verge of collapse. And yet the U.S. appears to be in better shape than many, given that the dollar is strengthening against the other major currencies.

I don't know how this is going to turn out, but it's very scary.