D.C. created its billion-dollar deficit

Chief Financial Officer Natwar Gandhi delivered more bad news about D.C. finances last week. In his latest revenue projections, the chief bean counter told Mayor Adrian Fenty and the city council that the government faces more red ink, much more, as in $340 million over the next two years.

Add that to the $800 million shortfall city leaders have already had to cut from the budget, and you arrive at a deficit of more than $1 billion.