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U.S. budget gap widens, tops $1 trillion for third year

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Pedro Nicolaci da Costa
October 5, 2011

The U.S. budget gap widened slightly in fiscal 2011, staying above $1 trillion for a third straight year and providing fodder for a political battle over taxes and spending ahead of next year’s presidential election.

The Treasury Department report on Friday comes just over two months after an epic showdown over the nation’s debt ceiling that pushed the United States close to a debt default and led to a downgrade of America’s prized AAA credit rating.

The shortfall in September, the final month of the fiscal year, widened to $64.57 billion compared to the same month a year earlier, although it came in at a few billion dollars less than economists had projected. The annual deficit was $1.299 trillion, up from 1.294 trillion in fiscal 2010.

The U.S. economy, the world’s largest, has escaped the painful sovereign debt crisis the euro zone is now suffering, although the deterioration in its fiscal stance has roiled domestic politics.

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This article was posted: Saturday, October 15, 2011 at 5:50 am

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