U.S economy's constant recession, increasing deficits: Bolt from the blue
U.S.A's federal deficit has topped $1 trillion with three months still to go in the current budget year, showing the continued impact of a deep recession.
U.S.A’s FEDERAL deficit has topped $1 trillion with three months still to go in the current budget year, showing the continued impact of a deep recession on the government's finances.
In its monthly budget report, the Treasury Department said on Tuesday, July 12 that till the first nine months of this budget year, the deficit totals $1 trillion, down by 7.6% from the $1.09 trillion in red ink run up during the same period a year ago.
June is normally a surplus month as the government collects tax payments from corporations and individuals who make quarterly payments. Only seven years in the past 56 have seen deficits in June.Many private economists are forecasting that the deficit for the entire budget year, which ends on Sept. 30, will come in around $1.3 trillion. That would be the second highest deficit on record, but it would be down slightly from last year's all-time high of $1.4 trillion. The Obama administration is forecasting that the deficit for the 2011 budget year, which begins Oct. 1, will remain above $1 trillion, projecting an imbalance of $1.27 trillion. And the administration predicts that the imbalances over the next decade will total $8.5 trillion.
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