The United States has grown accustomed to "yikes!" economic moments in the recent past, but Tuesday's news provided shock and awe beyond the ordinary.

Word from Washington had a new forecast for the current fiscal year's federal budget deficit: $1.6 trillion. That explodes the record deficit set in 2008, which was $455 billion.

The cumulative 10-year deficit released by the White House touches $9 trillion. (The Congressional Budget Office puts this estimate at $7.14 trillion, but what's a few dollars difference among federal kin?)

A Washington-based think tank called the Economic Policy Institute said Tuesday that the new deficit projection amounts to 11.2% of the nation's gross domestic product.

Along with the increasing deficits, the nation's debt will continue to grow. As of Tuesday, the national debt stood at $11.7 trillion.

Put into perspective, the money owed by the federal government amounts to $38,077 owed by every man, woman and child in the United States.

As additional perspective, that $38,077 figure roughly doubles the per capita annual income of residents of St. Joseph.

Yikes! And double yikes!