U.S. Budget Deficit HIts Record
By: RNS
Updated: October 17, 2009
(Washington, DC) -- The federal government says the U.S. budget deficit hit a record one-point-four-trillion dollars in the just-ended fiscal year.
The sea of red ink, brought on by the recession and a series of bank rescues, is the most for any budget shortfall since World War Two.
The figure was smaller than the one-point-58-trillion dollars the White House had predicted in August, but was still ten-percent of total U.S. economic output.
However, it was more than three times as big as the $459-billion deficit recorded in the last fiscal year.
