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U.S. Budget Gap Exceeds $1 Trillion for Fiscal Year

Posted By admin On July 14, 2009 @ 8:54 am In Money Watch | Comments Disabled

Vincent Del Giudice
Bloomberg [1]
Tuesday, July 14, 2009

July 13 (Bloomberg) — The U.S. budget deficit topped $1 trillion for the first nine months of the fiscal year and broke a monthly record for June as the recession subtracted from revenue and the government spent to rejuvenate the economy.

The shortfall for the fiscal year that began Oct. 1 totaled $1.1 trillion, the first time that the gap for the period surpassed $1 trillion, Treasury figures showed today in Washington. The excess of spending over revenue for June was $94.3 billion, the first deficit for that month since 1991, according to data compiled by Bloomberg.

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U.S. Budget Gap Exceeds $1 Trillion for Fiscal Year 250509BANNER [2]

Individual and corporate tax receipts are sliding even as the worst recession in five decades shows signs of easing because the jobless rate continues to rise — reaching a 26-year high in June — and companies have yet to see a sustained increase in demand. The shortfall is also widening as the government ramps up spending from the $787 billion stimulus program President Barack Obama signed into law in February.

“This is a difficult pill to have to swallow,” said Richard Yamarone, director of economic research at Argus Research Corp. in New York. “The economy and banking system need these funds to recover, yet it will ultimately hit Americans’ wallets hard. It’s a necessary evil.”


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[1] Bloomberg: http://www.bloomberg.com/apps/news?pid=20601087&sid=aiaDbSX1Ziwg

[2] Image: http://prisonplanet.tv/signup.html

[3] Obama Budget Office Forecasts $1.47 Trillion Deficit This Year: http://www.prisonplanet.com/obama-budget-office-forecasts-1-47-trillion-deficit-this-year.html

[4] U.S. budget gap widens, tops $1 trillion for third year: http://www.prisonplanet.com/u-s-budget-gap-widens-tops-1-trillion-for-third-year.html

[5] US August Budget Deficit Soars To $192 Billion, $1.17 Trillion In Fiscal 2012: http://www.prisonplanet.com/us-august-budget-deficit-soars-to-192-billion-1-17-trillion-in-fiscal-2012.html

[6] US budget deficit hits record $1.4 trillion: govt: http://www.prisonplanet.com/us-budget-deficit-hits-record-1-4-trillion-govt.html

[7] US Starts New Fiscal Year With $14.837 Trillion In Debt, $142 Billion Increase In Two Days: http://www.prisonplanet.com/us-starts-new-fiscal-year-with-14-837-trillion-in-debt-142-billion-increase-in-two-days.html

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