Thursday, July 16, 2009

Budget Deficit Tops $1,000,000,000,000 #tcot #tlot

From U.S. budget deficit rises above $1 trillion

WASHINGTON (MarketWatch) -- The U.S. recorded a federal budget deficit of $94.3 billion in June, pushing the cumulative deficit so far this year to a record $1.08 trillion, the Treasury Department reported Monday.

Outlays rose in June to $309.6 billion, while receipts climbed to $215.3 billion in the month.

Among the outlays for June is $11.3 billion in Troubled Asset Relief Program funds, the bailout program for banks and U.S. automakers.

At this time last year, the cumulative federal budget deficit was just $285.8 billion.

The Obama administration expects a deficit of $1.84 trillion for the full fiscal year, which ends in September. However, that number is likely to be revised higher later this month, since the economy has been much weaker than when the original estimate was made.

The budget deficit for June is down from the $189.7 billion figure in May but was still enough to push the fiscal year-to-date deficit past the $1 trillion mark.

For fiscal year 2010, which begins in October, the administration is projecting a $1.26 trillion deficit.

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