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US budget deficit at $1 trillion
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by Babel-Fish | July 13, 2009 at 06:22 pm
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The US budget deficit has moved above $1 trillion (£616bn) for the first time - with three months of the financial year remaining, official data show.
The government stepped up spending to counter the recession, and the bailout of financial institutions has taken a huge chunk out of government finances.
This is no surprise and just really a reminder remember also a great deal of this deficit was also caused by two on going wars as well as the stimulant
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at 18:29 on July 13th, 2009
The deficit is also caused by collecting lesser tax revenues. As an example Corporate Income Tax is down 57% while Personal Income Tax was down 46%. As unemployment and small business bankruptcies increase this will only get worse. Pundits predict a deficit of 2 trillion by the end of this fiscal year.