The U.S. current account deficit widened more than expected in the fourth quarter to a record $224.9 billion as the goods trade gap ballooned, pushing the current account gap to a record $804.9 billion in 2005, government data showed on Tuesday.
The quarterly shortfall was much larger than Wall Street forecasts for a deficit of $217.7 billion. The Commerce Department revised down the current account deficit in the third quarter to $185.4 billion, from the previously reported $195.8 billion.
Taken from Reuters, March 14, 2006: 10:17 AM EST
like I said, i hope they don't expect Canada to hold that bag
Have you watched "You've been warned!" on CNN last weekend? It predicted that the price of oil is going to to go up to $8 / gallon. Then they showed tar sand in Alberta and said that hopefully Canada will hook them up with oil. The problem with that is we will have to pay as much as Americans for our gas. Canada extracts 3 bil barrels / day, but consumes 2 bil barrels at the same time. As Americans need more oil, I predict that we will leave less and less to ourselves (= price goes way up) and more to our South neighbor. AND THAT SUX!