The White House announced last Tuesday that our cumulative budget deficits over the upcoming 10 years are projected to be $9.1 trillion and that the smallest single year deficit in the approaching decade will be $739 billion.  Given that last year's $455 billion deficit is our largest actual shortfall ever, these new estimates cross into areas considered improbable just a year ago (source: Office of Management and Budget). 
 
Today would have been "5 months and counting" in the time remaining for Ben Bernanke's first term as Fed Chairman had President Obama not decided to nominate the 55-year old last Tuesday to a 2nd term in office (his initial term expires on 1/31/10).  Bernanke's job going forward is to unwind the Fed's multi-trillion stimulus action that began in October 2008 and to accomplish this without igniting any negative side effects for our economy.  His work has been complicated by the fact that his 7-member Fed committee has been 2 members short for the last year (source: Federal Reserve).   
 
Barring a major tumble today (the final trading day of the month), the S&P 500 has its sights set on finishing August with its 6th consecutive monthly gain.  The stock index is up +15.9% (total return) YTD (source: BTN Research).