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Treasury: deficit hits new record in just 3 months
WASHINGTON (AP) - The Treasury Department says the federal government already has run up a record deficit of $485.2 billion in just the first three months of the current budget year.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
The deficit is on track to surpass $1 trillion for all of fiscal 2009 and some economists believe it could go much higher.
The Treasury says the deficit for December totaled $83.6 billion, a sharp deterioration from a year ago when the government managed a surplus of $48.3 billion.
All the red ink is occurring because of the massive spending on the $700 billion financial rescue program and a prolonged recession which has depressed tax revenues.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
