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US deficit climbs to 1.3 trillion dollars

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AFP
Friday, August 7, 2009

WASHINGTON — The US budget deficit reached 1.3 trillion dollars for the current fiscal year in July, official data showed, news set to fuel opposition to US President Barack Obama’s ambitious health care and climate change proposals.

The deficit for the first 10 months of fiscal year 2009, which began October 1, reached 1.3 trillion dollars, close to 880 billion dollars greater than the deficit recorded through July 2008, said the US Congressional Budget Office (CBO).

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Outlays rose by almost 530 billion dollars, or 21 percent, and revenues fell by more than 350 billion dollars, or 17 percent, compared with the amounts recorded during the same period last year, the non-partisan CBO said.

The new data was likely to stoke Republican opposition to Obama’s plans to remake the US health care system and enact sweeping legislation to battle climate change, as well as fuel criticism of his handling of the economy.

Full story here.

This article was posted: Friday, August 7, 2009 at 9:16 am





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