10 aug 2011
In July alone, the government spent $129.38 billion more than it took in, down from $165 billion a year earlier, the Treasury Department said Wednesday. All but $8 billion of that $36 billion difference came from one-time transactions made in 2010.
In fiscal 2010, the deficit for the first 10 months of the year was $1.169 trillion.
The Obama administration has forecast that the deficit for the fiscal year, which ends Sep 30, would total $1.65 trillion. But unless spending is significantly higher or revenues are significantly lower in August and September, the total for the year will likely be below that level, Politico news site focusing on Presidential and Congressional politics noted.
The Congressional Budget Office, meanwhile, has projected that the deficit will hit $1.4 trillion this year.
US deficit hits $1.1 trillion
Washington: The US budget deficit has hit a staggering $1.1 trillion putting the federal government on track to finish the 2011 fiscal year with the second-largest gap between its incoming and outgoing cash.
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| Dr Sanjay Kumar Cardiac Cardiothoracic Heart Surgeon India |
In fiscal 2010, the deficit for the first 10 months of the year was $1.169 trillion.
The Obama administration has forecast that the deficit for the fiscal year, which ends Sep 30, would total $1.65 trillion. But unless spending is significantly higher or revenues are significantly lower in August and September, the total for the year will likely be below that level, Politico news site focusing on Presidential and Congressional politics noted.
The Congressional Budget Office, meanwhile, has projected that the deficit will hit $1.4 trillion this year.
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