A new CBO report brings some bad news for President Obama: The budget deficit is likely to exceed one trillion dollars four the fourth year in a row. To make matters worse, the falling unemployment rates of the past few months are not expected to last, and the CBO predicts a return to 8.9 percent unemployment by election day. This would make Obama the first president to run trillion dollar deficits during each year in office.Younger readers may not appreciate this, but we at Via Meadia remember the days when trillions were numbers only discussed in astronomy class. This changed in the 1980s, when the word made its way into discussions of Japanese GDP — in yen and not long after that the total US national debt shocked us all by hitting a trillion.Now President Obama will be remembered as the man who brought trillions into America’s deficit discussions. It’s no comfort to be reminded that a trillion dollars today is only about $100 billion in 1950s dollars; that a dollar today is only as much as a dime was back then only goes to show just how destructive of value national profligacy can be.President Obama’s defenders can and do point out that much of our deficit results from policy decisions made by George W. Bush and the Republicans in Congress. Fair enough, though if the current President has proposed a balanced budget in the past four years, or even a plan to balance the budget anytime in the foreseeable future, Via Meadia somehow missed the announcement.It was back in the days of the second President Harrison (1889-1893) that Congress shocked the country with the first billion dollar peacetime budget — and in those days a Congressional budget still covered two years. House Speaker Thomas Reed defended the billion dollar budget by saying, “This is a billion dollar country.”At the rate we are going, we will soon be a quadrillion dollar country — but don’t worry. The money will be worth so little that a gazillion dollar deficit will be no problem at all.