Federal deficit on pace to reach record $1T

[babylonsister]

Federal deficit on pace to reach record $1T

By CHRISTOPHER S. RUGABER
AP Economics Writer


WASHINGTON (AP) -- The federal government ran a record budget deficit in November, putting Uncle Sam on track to post an all-time high annual shortfall of $1 trillion or more.

In just the first two months of the budget year that started Oct. 1, the deficit totaled $401.6 billion, nearly matching the record gap of $455 billion posted for all of last year, according to Treasury Department data released Wednesday. If the deficit does top $1 trillion for the current budget year, it also would be a post-World War II high when measured as a percentage of the economy.

The increased red ink stems from both lower tax revenue and increased spending that is a result of the recessionary economy. The government is receiving less in business and personal income taxes while spending more on programs such as unemployment insurance and food stamps.

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http://hosted.ap.org/dynamic/stories/F/FINANCIAL_MELTDOWN?SITE=CONGRA&SECTION=HOME&TEMPLATE=DEFAULT

[RB TexLa]

1. And if PE Obama says it's not important in the near future, then when?

[RB TexLa]

2. dupe