Friday, April 10, 2009

Budget Deficit Close to $1 Trillion in First Six Months

Marketwatch reports:

The U.S. federal budget deficit rose to a record $956.8 billion in the first six months of the fiscal year after the government stepped up spending to cope with a recession that has depressed tax receipts, the Treasury Department reported Friday.
The deficit is well on its way to the $1.75 trillion -- or 12.3% of gross domestic product -- that the White House has estimated for the full fiscal year, which ends in September.

The deficit through the first six months is more than three times higher than it was at this time last year. The government has borrowed $1 trillion from the public so far this fiscal year.


Source: Treasury

4 comments:

Anonymous said...

Typo in the subject line, should be close to $1 TRILLION...

ngogerty said...

wish the heading were correct but it probably closer to the 1905 level than the 2009 level. http://en.wikipedia.org/wiki/United_States_public_debt

ngogerty said...

woops, I mean 1863, which was when the US first crossed the $1b mark. Any bets on when we hit the quad level based on historical extrapolations.

Jake said...

whoops is right...

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