US deficit reaches record $1.4 trillion
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According to the US Congressional Budget Office (CBO), the US budget deficit reached a record $1.4 trillion in the fiscal year to September 30. The deficit was about 9.9% of the country's GDP, over three times the level in 2008 and the highest since the Second World War ended. Economical analysts had initially predicted a deficit of $1.6 trillion. The deficit was blamed on decreased tax revenues and higher government spending. The CBO also said on Wednesday that tax revenue dropped by 17%, or $420 billion, to its lowest level for over half a
According to the US Congressional Budget Office (CBO), the US budget deficit reached a record $1.4 trillion in the fiscal year to September 30.
The deficit was about 9.9% of the country's GDP, over three times the level in 2008 and the highest since the Second World War ended. Economical analysts had initially predicted a deficit of $1.6 trillion.
The deficit was blamed on decreased tax revenues and higher government spending. The CBO also said on Wednesday that tax revenue dropped by 17%, or $420 billion, to its lowest level for over half a century.
The previous record deficit was in 2008, at $459 billion.
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Licensed archive reporting by Wikinews contributors. Text: CC BY 2.5 (https://creativecommons.org/licenses/by/2.5/). Original source date retained. 411 has not independently verified this archive report.
Read the source: Wikinews ↗Source published 9 Oct 2009, 05:30 am IST
