In “We f*cking up the money baby” news, the big homies The Feds are back at it again, this time they’re spending cash like it’s going out of style and pushing the federal budget deficit soaring to a record for May of $189.7 billion, pushing the tide of red ink close to $1 trillion with four months left in the budget year.

Oh for real EbenGregory…I guess it doesn’t matter because the President’s black huh man?

Wrong.

And now…here’s Yahoo.com Finance breaking down how ‘Bama and ‘em is spending the money all willy-nilly: The rising deficit reflects increased government spending due to the recession, and billions of dollars spent on bailouts for banks and other troubled companies. The Treasury Department reported Wednesday that the red ink so far this year totals $991.9 billion. The administration is projecting the deficit for the budget year that began Oct. 1, will total an all-time record of $1.84 trillion. That would be more than four times the amount of last year’s record deficit. Because of the recession, spending has increased for benefit programs such as unemployment compensation and food stamps. Outlays also have risen because of the $787 billion economic stimulus package that President Barack Obama pushed through Congress earlier this year.

And now…here’s more Yahoo.com Finance breaking down how ‘Bama and ‘em is kinda f*cking up: The $991.9 billion deficit so far this budget year is more than triple the amount of red ink incurred during the year-ago period. Under the administration’s budget estimates, the $1.84 trillion deficit for this year will be followed by a $1.26 trillion deficit in 2010, and will never dip below $500 billion over the next decade. The administration estimates the deficits will total $7.1 trillion from 2010 to 2019. Economists are worried that such large borrowing needs could trigger steep increases in interest rates if domestic and foreign investors start demanding a higher return for holding Treasury debt.

And now…here’s even more Yahoo.com Finance breaking down what ‘Bama and ‘em is doing to fix it: Treasury Secretary Timothy Geithner traveled to Beijing last week to reassure officials in China, the single-largest holder of U.S. Treasury debt, that the administration is serious about getting control of the deficits once the current downturn and financial crisis have passed.

And now. That’s it. I thought you needed to know what’s happening.

This is EbenGregory.com…telling you that everybody wants to eat at the government’s table, but nobody wants to do the dishes.