Friday, August 7, 2009

US Deficit Hit $1.3 Trillion in July

The federal budget deficit hit $1.3 trillion for the fiscal year in July. That is the deficit for ten months.

"The US budget deficit reached 1.3 trillion dollars for the current fiscal year in July, official data showed...

The deficit for the first 10 months of fiscal year 2009, which began October 1, reached 1.3 trillion dollars, close to 880 billion dollars greater than the deficit recorded through July 2008, said the US Congressional Budget Office (CBO).

Outlays rose by almost 530 billion dollars, or 21 percent, and revenues fell by more than 350 billion dollars, or 17 percent, compared with the amounts recorded during the same period last year, the non-partisan CBO said.

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