The federal budget deficit has surged to an all-time high of $1.42 trillion as the recession caused tax revenues to plunge while the government was spending massive amounts to stabilize the financial system and jump-start the economy.
The imbalance for the budget year ended Sept. 30, more than tripled last year's record. The Obama administration projects deficits will total $9.1 trillion over the next decade unless corrective action is taken.
As a portion of the economy, the budget deficit stood at 10 percent, the highest since World War II, according to government data released yesterday.
We've Moved- Please Come See Us
Saturday, October 17, 2009
Setting the wrong kind of records
The Concord Monitor rans an AP article chronicling the staggering amount by which the federal budget deficit set a new record.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment