The federal budget deficit has ended the fiscal year with another record:
WASHINGTON (Bloomberg) — The federal budget deficit rose to $455 billion in the fiscal year that ended Sept. 30 as financial market strains slowed economic growth while spending rose the most since 1990.
By comparison, the deficit a year earlier was $162 billion, while the previous high was $413 billion in 2004, the Treasury said Tuesday. The gap was 3.2 percent of the gross domestic product, up from 1.2 percent last year, the Treasury said.
The 2008 deficit was the largest as a share of the economy since 2004, when it was 3.6 percent of the gross domestic product, the government’s principal measure of the country’s output of goods and services.
By comparison, under President Ronald Reagan and the first President Bush, the deficit was more than 4 percent of the gross domestic product.
The final total for 2008 was higher than the Congressional Budget Office’s Oct. 7 projection of $438 billion.
Of course it was.