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US deficit reaches record $1.4 trillion

Friday, October 9, 2009

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According to the US Congressional Budget Office (CBO), the US budget deficit reached a record $1.4 trillion in the fiscal year to September 30.

The deficit was about 9.9% of the country's GDP, over three times the level in 2008 and the highest since the Second World War ended. Economical analysts had initially predicted a deficit of $1.6 trillion.

The deficit was blamed on decreased tax revenues and higher government spending. The CBO also said on Wednesday that tax revenue dropped by 17%, or $420 billion, to its lowest level for over half a century.

The previous record deficit was in 2008, at $459 billion.


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  This page is archived, and is no longer publicly editable.
Articles presented on Wikinews reflect the specific time at which they were written and published, and do not attempt to encompass events or knowledge which occur or become known after their publication.

Got a correction? Add the template {{editprotected}} to the talk page along with your corrections, and it will be brought to the attention of the administrators.

Please note that due to our archival policy, we will not alter or update the content of articles that are archived, but will only accept requests to make grammatical and formatting corrections.

Note that some listed sources or external links may no longer be available online due to age.


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