U.S. Budget Deficit Tops $1 Trillion for First Time
Uncle Sam’s checkbook is seriously out of whack. With still three months to go in the current fiscal year, the federal government has already hit the trillion-dollar deficit mark for the first time ever in a yearly budget. According to figures released by the Department of the Treasury, the budget was $1.1 trillion in the hole as of the end of June, which was a particularly bad month that deepened the fiscal hole.
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