Federal Deficit Breaks Annual Record…In Just 3 Months

Thursday, January 15, 2009

The U.S. deficit is doing its best impression of Jamaican sprinter Usain Bolt, racing to set new records with little visible effort. Last year’s record-setting annual budget deficit of $454.8 billion has already been broken by fiscal year 2009’s first 3 months’ deficit of $485.2 billion. Tax revenues are down 9.7% to $547.4 billion, and spending has skyrocketed to $1.03 trillion, largely on account of the $350 billion that has been released so far out of the $700 billion bailout. The Congressional Budget Office estimates that the 2009 deficit will be $1.2 trillion, but that does not include Barack Obama’s planned two-year $800 billion stimulus package.

Treasury: Deficit Hits New Record in Just Three Months (by Martin Crutsinger, Associated Press)


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